Boating Industry

March 2017

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www.BoatingIndustry.com INDUSTRY NEWS 12 | Boating Industry | March 2017 of 2016. Selling, general and administrative expenses were 12.2 percent of net sales dur- ing the fourth quarter of 2016 compared to 11.4 percent during the same period of the prior year. Net income for the quarter ended De- cember 31, 2016 was $3,722,000, a decrease of $123,000 or 3.2 percent, compared to net income of $3,845,000 for the fourth quarter of 2015. Diluted earnings per share were $0.10 in both the fourth quarters of 2016 and 2015. Net sales for the 12 months ended De- cember 31, 2016, were $241,330,000, an in- crease of 16.6 percent compared to the prior year. Net income for the 12 months ended December 31, 2016, was $16,745,000 or $0.44 earnings per diluted share, compared to net income of $14,306,000, or $0.39 earnings per diluted share in the prior year. Richard A. Hubbell, Marine Products' president and chief executive officer stated, "Our fourth quarter financial results reflect a continued strong selling season for rec- reational boating as well as the appeal of a number of our successful models. Sales of our Robalo outboard sport fishing boats con- tinued to be strong across this product's size range, and our largest Chaparral H2O mod- els continue to be popular. We were pleased with the favorable product mix within all of our model lines during the fourth quarter, and we note that our Chaparral sterndrive models recorded a slight increase in unit sales dur- ing 2016 in spite of preliminary reports that overall industry retail unit sales of sterndrives continued to decline year over year. Chap- arral sterndrives continue to hold the largest market share within its size category, and our other product categories hold significant market share as well." OneWater Marine acquires Marina Mike's Atlanta-based OneWater Marine Holdings, LLC has acquired Marina Mike's of Fort Myers, Fla. Terms of the acquisition were not disclosed. "Since 1972, Gary and Mike Murphy have been sharing their passion for boating and fishing in the South Fort Myers area," said Austin Singleton, CEO of OneWater Marine. "The addition of Marina Mike's to our grow- ing portfolio of dealerships expands our cov- erage of Florida to the Southern Gulf Coast." Marina Mike's sells new Bennington, Blue Wave, Carolina Skiff and Sea Fox boat brands and is also the world's largest Yamaha outboard dealer. OneWater will introduce Ranger fishing boats to the Marina Mike's lineup for the 2017 model year. "The addition of Marina Mike's allows us to build upon our already strong relation- ships with Bennington, Ranger and Yamaha while introducing new brands to our port- folio in Blue Wave, Carolina Skiff and Sea Fox," said OneWater Chief Operating Of- ficer Anthony Aisquith. "As the largest Ya- maha outboard dealer worldwide, coupled with the popularity of boating and fishing on the Southern Gulf Coast, we believe adding Marina Mike's allows us to immediately and

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