Marine Products Corporation

Good morning and thank you for joining us for Marine Products Corporation's fourth quarter and year-end 2021 Financial Earnings Conference call. Today's call will be hosted by Rick Hubbell, President and CEO, and Ben Palmer, Chief Financial Officer. Also present is Jim Landers, Vice President of Corporate Services. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions. I would like to advise everyone that this conference call is being recorded. Jim will get us started by reading the forward-looking disclaimer.

Thank you, April. Good morning. Before we get started today, I'd like to remind everyone that some of the statements that we will make on this call may be forward-looking in nature and reflect a number of known and unknown risks. I'd like to refer you to our press release issue today, our 2020 10-K, and other SEC filings that outline those risks. All of these are available on our website at marineproductscorp.com. Also in today's earnings release and conference call, we'll refer to EBITDA, which is a non-GAAP measure of operating performance. We use this non-GAAP measure because it allows us to compare performance consistently over various periods without regard to changes in our capital structure. Our press release and our website contain a reconciliation of this non-GAAP financial measure to net income, which is the nearest GAAP financial measure. Please review this disclosure if you're interested in seeing how it's calculated. If you have not received our press release, please visit our website, again, at marineproductscorp.com or copy. We'll make a few comments about the quarter, and then we'll be available for your questions. Now I will turn the call over to our President and CEO, Rick Hubbell.

Jim, thank you. Excuse me. We issued our earnings press release for the fourth quarter of 2021 this morning. Ben Palmer, our CFO, will discuss the financial results in more detail in a moment. Now a few highlights for the quarter. Marine Products Corporation's fourth quarter 2021 results reflect the strength and appeal of our 2022 model lineup. Model year prices increased and an improved model mix generated a 7.6 increase in net sales compared to the fourth quarter of 2020. dealer and consumer demand once again exceeded extended beyond the traditional selling season for recreational boats but our retail sales did not reflect the continuation of this positive trend because supply chain problems curtailed our production and deliveries the updated market share statistics for the 12 months ended September 30, 2021 indicates that the combination of Revalo and Chaparral outboards had a market share of 6.3%, the highest in the 18- to 36-foot outboard category, while the Revalo brand holding the second highest market share in this category. Chaparral held a market share of 19.4% in the 20- to 34-foot Stern Drive category, which is the second highest in this category. We also announced this morning that our board of directors declared a quarterly cash dividend of 12 cents per share. And I'm also pleased to report record 2021 net income of over $29 million, or 85 cents diluted earnings per share. With that overview, I will turn it over to our CFO, Ben Palmer.