Marine Products Corporation (NYSE:MPX) Q1 2022 Results Conference Call April 27, 2022 8:00 AM ET

Company Participants

Rick Hubbell - President and CEO

Ben Palmer - CFO

Jim Landers - VP, Corporate Services

Conference Call Participants

Fred Wightman - Wolfe Research

Craig Kennison - Baird

Operator

Good morning, and thank you for joining us for Marine Products Corporation's First Quarter 2022 Financial Earnings Conference Call.

Today's call will be hosted by Rick Hubbell, President and CEO; and Ben Palmer, Chief Financial Officer. Also to present is Jim Landers, Vice President of Corporate Services. [Operator Instructions] I would now like to advise everyone that this conference call is being recorded.

Jim will get us started by reading the forward-looking disclaimer.

Jim Landers

Thank you, operator, 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 10-K and our other SEC filings that outline these risks. All of these are available on our website at marineproductscorp.com.

Also, 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 today 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've not received our press release, please visit our website again at marineproductscorp.com for a 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.

Rick Hubbell

Jim, thank you. We issued our earnings press release for the first quarter of 2022 this morning. Ben Palmer, our CFO, will discuss the financial results in more detail in a moment.

Now for a few highlights in the quarter. Marine Products Corporation continues to be impacted by significant supply chain challenges. As a result, we shipped fewer units during the first quarter of 2022 than in the prior year, as we continue to experience the effect of ongoing supply chain challenges related to delays in receiving key components required to efficiently complete final assembly of many boats. These delays, coupled with driver shortages are impacting our ability to deliver boats on a normal schedule.