MergerApr 29, 2026, 04:39 PM
MPX to Merge with MasterCraft; 2025 Net Income Down 36%
AI Summary
Marine Products Corporation filed an Amendment No. 1 to its Annual Report on Form 10-K to include previously omitted Part III information and update its exhibit list. The filing disclosed that the company entered into a Merger Agreement with MasterCraft Boat Holdings, Inc. on February 5, 2026, for a stock-and-cash transaction. For fiscal year 2025, MPX reported net sales of $244.4 million, a 3% increase, but net income decreased 36% to $11.4 million, with diluted EPS of $0.32.
Key Highlights
- MPX entered a Merger Agreement with MasterCraft Boat Holdings, Inc. on February 5, 2026.
- The merger is structured as a stock-and-cash transaction involving two merger subsidiaries.
- Fiscal 2025 net sales increased 3% year-over-year to $244.4 million.
- Fiscal 2025 net income decreased 36% year-over-year to $11.4 million; diluted EPS was $0.32.
- Fiscal 2025 EBITDA decreased 18% year-over-year to $17.2 million.
- Amendment No. 1 to 10-K filed to include omitted Part III information (Items 10-14) and update exhibits.
- CEO Ben M. Palmer's 2025 base salary was $463,500, up from $450,000 in 2024.
- Non-Employee Directors received a $75,000 annual cash retainer and a $50,000 annual equity grant.