Marine Products Corporation

Good morning, and thank you for joining us for Marine Product Corporation's Third Quarter 2022 Financial Earnings Conference Call. Today's call will be hosted by Ben Palmer, President and CEO, and Mike Schmidt, Chief Financial Officer. Also hosting 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.

Good morning, and thank you. Before we get started today, I'd like to remind everyone that some of the statements that we'll 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 2021 Form 10-K, and other SEC filings that outline those risks. all of which are available on our website at MarineProductsCorp.com. If you have not received our press release, please visit our website. In today's earnings release and conference call, we will 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 issued this morning 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. We'll make a few comments about this quarter and then be available for your questions. I will turn the call over to our President and CEO, Ben Palmer.

Ben Palmer Jim, thanks, and thank you all for joining our call this morning. Let me begin with a few highlights regarding our third quarter 2022 earnings press release that was issued this morning. Marine Products Corporation recorded record quarterly net sales during the third quarter, as our average selling prices for the boats increased by 33% compared to the third quarter of 2021. This improvement in average selling prices was due to a favorable model mix, as well as price increases we instituted to cover higher costs of primarily materials and components. The unit sales volume this quarter was essentially the same as in the prior year third quarter. The backlog of firm orders, coupled with other strong purchase indications from dealers, remains high as we continue to exercise our best efforts to meet extraordinary levels of demand. Dealer inventory levels remain at historic lows. We also announced this morning that our board of directors declared an increased regular quarterly cash dividend of 14 cents per share. This 17% increase represents an immediate and tangible means of sharing our financial success with our shareholders and expresses confidence in our business to the investment community. With that overview, I'd like to turn the call over to Mike Smith, our CFO.