Marine Products Corporation

Good morning, and thank you for joining us for Marine Products Corporation's fourth quarter and year-end 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 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 today's conference call is being recorded. Jim will get us started by reading the forward-looking statement.

Thank you, and 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 issued 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've not received our press release, please visit our website. In today's earnings release and conference call, we 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 the quarter, and then we'll be available for your questions. I will now turn the call over to our President and CEO, Ben Palmer.

Jim, thanks, and thank you for everyone for joining the call this morning. Let me begin with a few highlights regarding our fourth quarter 2022 earnings press release that was issued this morning. Marine Products Corporation generated record quarterly net sales during the fourth quarter as we experienced improvement in our supply chain issues and transportation availability. This allowed us to finish a larger number of substantially completed boats that were in our inventory and deliver them to our dealers. This also led to more efficient production in our manufacturing plants, which should benefit us in future quarters. Average selling prices increased due to a favorable model mix, and price increases implemented to cover increased costs, including labor, materials, and components. Our fourth quarter unit sales were the highest of any quarter in 2022, despite the impact of two holidays. In addition, the increased unit shipments during the quarter allowed our dealers to begin building their inventory to accommodate the winter boat shows and prepare for the upcoming 2023 spring retail selling season. We also announced this morning that yesterday our board of directors declared a regular quarterly cash dividend of 14 cents per share. And with that overview, I would like to turn the call over to Mike Schmidt, our CFO.