Marine Products (NYSE: MPX) reported Q1 EPS of $0.12, versus $0.22 reported last year. Revenue for the quarter came in at $59.12 million versus the consensus estimate of $85.16 million.

Richard A. Hubbell, Marine Products' President and Chief Executive Officer stated, "We decreased production during the first quarter of 2020 in order to reduce dealer inventories. We accomplished this goal, as dealer inventories are almost 10 percent lower at the end of the first quarter of 2020 compared to the prior year. I am pleased to report that Chaparral continues to be a market share leader in its sterndrive recreational boat category. Robalo also continues to be market share leader in the outboard category, and the combination of Chaparral and Robalo outboard models held the highest outboard boat market share in their size category.

"Early during the first quarter, there were many indications that the 2020 retail selling season would be strong, and we had initially made plans to increase production in February. During March, however, it became clear that the COVID-19 pandemic would cause short-term disruptions in the 2020 retail selling season. As we announced at the end of the quarter, we temporarily suspended our manufacturing operations out of concern for the well-being of our employees and their families, and at the recommendation of local and state authorities. We have closely monitored our dealers\' activities and are communicating with their floorplan lenders frequently. During this time, we are providing consistent communication to our dealer network and have assisted their efforts to conduct virtual walkthroughs and private viewing appointments. We are pleased to note that our web traffic and number of social media engagements have increased significantly during the past few weeks. Since the collapse in economic activity caused by the global pandemic occurred at the beginning of the boating retail selling season, we are managing our operations to balance the tremendous near-term decline in demand against the needs of our dealers whose customers want to purchase a boat during the retail selling season. At this time, we plan to resume operations in our manufacturing facility on May 4, though this decision will be influenced by the recommendations of state and local authorities, our assessment of our production supply chain, and indications of market demand.

"In spite of clear near-term weakness in our financial results, we have an enduring belief in the long-term appeal of recreational boating to the American consumer. In fact, several of our dealers reported extremely strong sales in March and April, as customers temporarily left homes in urban areas to shelter in place at lake vacation homes and engage in outdoor activities that did not involve large groups of people in uncontrolled environments. We believe that crises such as the present one reinforce the appeal of our products. We appreciate the short-term concessions that have been granted by our dealers' floorplan lenders which will assist them in the current retail selling environment, and we continue to conduct our new product development efforts so that we maintain our position as a market leader. We appreciate the support of our employees and community as we navigate this unprecedented environment, and as we announced several weeks ago, a foundation controlled and funded by our majority shareholder made a significant contribution to the community in which our production facilities operate," concluded Hubbell.

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