Marine Products Corp (MPX) 2022 Q4 法說會逐字稿

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 Schmit, Chief Financial Officer. Also hosting is Jim Landers, Vice President of Corporate Services. (Operator Instructions) I would like to advise everyone that today's conference call is being recorded.

早上好，感謝您加入我們的 Marine Products Corporation 2022 年第四季度和年終財務收益電話會議。今天的電話會議將由總裁兼首席執行官 Ben Palmer 主持；和首席財務官 Mike Schmit。主持會議的還有企業服務副總裁 Jim Landers。 （操作員說明）我想通知大家，今天的電話會議正在錄製中。

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

吉姆將讓我們開始記錄——閱讀前瞻性聲明。

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.

謝謝，早上好。在今天開始之前，我想提醒大家，我們將在本次電話會議上發表的一些聲明可能具有前瞻性，並反映了一些已知和未知的風險。我想向您推薦我們今天發布的新聞稿、我們的 2021 年 10-K 表格和概述這些風險的其他 SEC 文件，所有這些都可以在我們的網站 marineproductscorp.com 上找到。如果您還沒有收到我們的新聞稿，請訪問我們的網站。

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.

在今天的收益發布和電話會議中，我們提到了 EBITDA，這是一種非 GAAP 經營業績衡量標準。我們使用這種非 GAAP 衡量標準，因為它使我們能夠在不考慮資本結構變化的情況下，對不同時期的業績進行一致的比較。我們今天上午發布的新聞稿和我們的網站包含此非 GAAP 財務指標與淨收入的對賬，這是最接近的 GAAP 財務指標。

Please review this disclosure if you're interested in seeing how it's calculated.

如果您有興趣了解它是如何計算的，請查看此披露。

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.

我們將對本季度發表一些評論，然後我們將回答您的問題。我現在將把電話轉給我們的總裁兼首席執行官 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.

吉姆，謝謝，感謝大家今天早上加入電話會議。讓我先談談今天上午發布的 2022 年第四季度收益新聞稿的一些要點。

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.

Marine Products Corporation 在第四季度創造了創紀錄的季度淨銷售額，因為我們的供應鏈問題和運輸可用性有所改善。這使我們能夠完成庫存中大量已基本完成的船隻，並將它們交付給我們的經銷商。這也提高了我們製造工廠的生產效率，這將使我們在未來幾個季度受益。由於有利的模型組合和為彌補成本增加而實施的價格上漲，包括勞動力、材料和零部件，平均售價有所上漲。

Our fourth quarter unit sales were the highest of any quarter in 2022 despite the impact of 2 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 $0.14 per share.

儘管有 2 個假期的影響，我們第四季度的單位銷售額是 2022 年所有季度中最高的。此外，本季度增加的單位出貨量使我們的經銷商能夠開始建立庫存以適應冬季船展並為即將到來的 2023 年春季零售銷售季做準備。我們今天上午還宣布，昨天，我們的董事會宣布定期派發每股 0.14 美元的季度現金股息。

And with that overview, I would like to turn the call over to Mike Schmit, our CFO.

有了這個概述，我想把電話轉給我們的首席財務官 Mike Schmit。

Thanks, Ben. I'll start with an overview of the company's fourth quarter 2022 financial results. Net sales for the fourth quarter were a record $108.5 million, a 42% increase compared to the fourth quarter last year. Unit sales increased by 29%, and average selling prices of our boats increased by 12%.

謝謝，本。我將首先概述公司 2022 年第四季度的財務業績。第四季度的淨銷售額達到創紀錄的 1.085 億美元，比去年第四季度增長 42%。單位銷售額增長了 29%，我們船隻的平均售價增長了 12%。

Gross profit in the fourth quarter was $27.3 million, a 43% increase compared to the fourth quarter of 2021. Gross margin during the fourth quarters of both 2022 and 2021 was 25%. Selling, general and administrative expenses were $12.5 million, an increase of 47% compared to $8.5 million in the fourth quarter of last year. This increase is due to costs that typically increase with higher sales and profitability, such as incentive compensation, sales commissions and warranty expenses.

第四季度毛利潤為 2730 萬美元，比 2021 年第四季度增長 43%。2022 年和 2021 年第四季度的毛利率均為 25%。銷售、一般和管理費用為 1250 萬美元，與去年第四季度的 850 萬美元相比增長了 47%。這一增長是由於成本通常隨著銷售額和盈利能力的提高而增加，例如激勵補償、銷售佣金和保修費用。

We also recorded a $1.2 million defined benefit pension plan charge related to a lump sum settlement offer to plan participants during the quarter. During Q1 2023, we expect to record a settlement charge of approximately $2.6 million associated with the final termination of this plan. We do not expect to make any cash contributions in connection with the transfer of the plan liability to a third party because of the plan's fully funded status.

我們還記錄了 120 萬美元的固定收益養老金計劃費用，該費用與本季度向計劃參與者提供的一次性結算要約有關。在 2023 年第一季度，我們預計將記錄與該計劃的最終終止相關的約 260 萬美元的結算費用。由於該計劃資金充足，我們預計不會就將計劃負債轉移給第三方做出任何現金捐助。

EBITDA in the fourth quarter was $15.3 million, an increase of $4.2 million or 38% compared to the fourth quarter of last year. We reported a quarterly net income of $11.9 million, a 40% increase compared to $8.4 million in the fourth quarter of 2021. Diluted earnings per share were $0.35, also a quarterly record compared to $0.25 in the fourth quarter of last year. Our full year financial results were also records with net sales of $381 million, net income of $40.3 million and diluted earnings per share of $1.18. Our international sales, which account for approximately 8% of our total sales increased by 71% compared to the fourth quarter of last year.

第四季度的 EBITDA 為 1530 萬美元，比去年第四季度增加 420 萬美元或 38%。我們公佈的季度淨收入為 1190 萬美元，與 2021 年第四季度的 840 萬美元相比增長了 40%。稀釋後每股收益為 0.35 美元，與去年第四季度的 0.25 美元相比也創下了季度記錄。我們的全年財務業績也創歷史新高，淨銷售額為 3.81 億美元，淨收入為 4030 萬美元，稀釋後每股收益為 1.18 美元。我們的國際銷售額約占我們總銷售額的 8%，與去年第四季度相比增長了 71%。

Our cash balance at the end of the year was $43.2 million, a $29.1 million increase compared to the cash balance at the end of last year. Our cash balance increased significantly during the year because of profitable operations and diligent working capital management with a particular emphasis on the completion and shipment of substantially completed boats in our inventory towards the end of the year.

我們年末的現金餘額為 4320 萬美元，比去年年底的現金餘額增加了 2910 萬美元。由於有利可圖的運營和勤勉的營運資金管理，我們的現金餘額在年內顯著增加，特別強調在年底前完成和裝運我們庫存中基本完成的船隻。

Dealer inventories continue to be at lower-than-normalized levels, but have increased compared to the third quarter of 2022. As the 2023 retail season approaches, demand remains strong, and our dealers continue to restock inventory. We, therefore, have fully allocated our scheduled production for the first quarter of 2023 to our dealers to meet this demand.

經銷商庫存繼續低於正常水平，但與 2022 年第三季度相比有所增加。隨著 2023 年零售季的臨近，需求依然強勁，我們的經銷商繼續補充庫存。因此，我們已將 2023 年第一季度的計劃生產全部分配給我們的經銷商，以滿足這一需求。

I'll now turn it back over to Ben for a few closing remarks.

現在我將把它轉回給 Ben 做一些結束語。

Our market share remains strong. Chaparral sterndrive market share remains #2 in its size category. And the combination of Chaparral and Robalo's outboards held the third highest market share in their size category as well. Indications from the early winter boat shows together with feedback from our dealers remain positive. We're not seeing any reason to modify our current level of production. However, we will continue to monitor market indications for any change in retail demand, which could occur as a result of higher interest rates or increased -- increases in economic uncertainty or softness in dealer demand for higher levels of inventory.

我們的市場份額依然強勁。 Chaparral 尾機驅動市場份額在其尺寸類別中仍然排名第二。 Chaparral 和 Robalo 的舷外機組合在其尺寸類別中也佔據了第三高的市場份額。初冬船展的跡像以及我們經銷商的反饋仍然是積極的。我們沒有看到任何修改當前生產水平的理由。然而，我們將繼續監測市場跡象，了解零售需求的任何變化，這可能是由於利率上升或經濟不確定性增加或經銷商對更高庫存水平的需求疲軟而導致的。

A second successive quarter of record financial performance are the result of the hard work of the Chaparral and Robalo management team and other dedicated employees who are continuing to confront and successfully navigate a challenging operating environment.

Chaparral 和 Robalo 管理團隊以及其他敬業的員工繼續面對並成功駕馭充滿挑戰的經營環境，其連續第二個季度創紀錄的財務業績是辛勤工作的結果。

Thank you again for joining us this morning, and we'll be happy to take any questions that you might have.

再次感謝您今天早上加入我們，我們很樂意回答您可能提出的任何問題。

(Operator Instructions) And there are no questions at this time -- I apologize, the line just came in from the line of Craig Kennison from Baird.

（操作員說明）此時沒有問題——抱歉，這條線剛從 Baird 的克雷格·肯尼森 (Craig Kennison) 那裡打進來。

I'm just curious that if you're seeing any variance on the demand side at the high end versus the low end?

我很好奇，如果您看到高端需求端與低端需求端有任何差異？

Craig, this is Ben. I would say up to this point, we really haven't seen anything significant. I think we do hear anecdotes actually that on the lower end, which are more the probability or usually those are more often financed by the consumer that there's probably a little bit of hesitation there, but the larger boats, there seems to be less push back. Those continue to stay quite strong. So at this point, we ourselves have not seen much change, which is good to see in here.

克雷格，這是本。我想說到目前為止，我們真的沒有看到任何重要的東西。我想我們確實聽到過一些軼事，在低端，更有可能或者通常是由消費者資助的，那裡可能會有一點猶豫，但是更大的船，似乎沒有那麼多的阻力.那些繼續保持相當強勁。所以在這一點上，我們自己沒有看到太大的變化，這很高興在這裡看到。

Yes. Yes, that's great. And just on the inventory front, it sounds like you've made a lot of progress with your supply chain and are catching up. How would you say the current level of inventory compares to, let's say, 2019 or whatever the most normal environment was with respect to inventory?

是的。是的，那太好了。就庫存方面而言，聽起來您在供應鏈方面取得了很大進步，並且正在迎頭趕上。你怎麼說當前的庫存水平與 2019 年或任何與庫存有關的最正常環境相比？

For our inventory?

為了我們的存貨？

Yes.

是的。

Dealer inventory, Craig?

經銷商庫存，克雷格？

For our inventory.

對於我們的庫存。

I'm sorry, yes, I mean dealer inventory, your dealer inventory.

對不起，是的，我的意思是經銷商庫存，您的經銷商庫存。

Oh, dealer inventory.

哦，經銷商庫存。

Dealer inventory.

經銷商庫存。

It has only recently begun to build. So there's -- it's still well below '19 levels, well, well below '19 levels. So it's only begun, as I said, to increase just a little bit. But clearly, that's something we'll watch. And we think that's healthy, right? We think that's normal. Things are beginning to become a little more normalized. So that's to be expected and not troublesome. But again, we'll continue to monitor that.

它最近才開始建設。所以——它仍然遠低於 19 年的水平，好吧，遠低於 19 年的水平。所以正如我所說，它只是開始增加一點點。但很明顯，這是我們會看到的。我們認為這是健康的，對吧？我們認為這很正常。事情開始變得更加正常化。所以這是可以預料的，並不麻煩。但同樣，我們將繼續對此進行監控。

And then I had a question on your input costs. I'm just curious, I'm sure some input costs have lowered and some still remain high. But when you look at the total bill of materials and your typical boat, what is the trend in your inflationary pressure?

然後我有一個關於你的投入成本的問題。我只是好奇，我確定一些投入成本已經降低，而一些仍然很高。但是，當您查看總材料清單和您的典型船隻時，通貨膨脹壓力的趨勢如何？

Craig, this is Jim. We'll probably agree with what you just characterized. In other words, cost of materials has been -- has increased a lot, but it is starting to moderate a little bit. A lot of our materials have hydrocarbon feedstocks. So that's moderated some. And just supply chain easing has helped costs moderate a little bit. That does not count labor. Labor continues to be high, but cost of materials is moderating some.

克雷格，這是吉姆。我們可能會同意您剛才描述的內容。換句話說，材料成本已經增加了很多，但開始有所緩和。我們的許多材料都含有碳氫化合物原料。所以這緩和了一些。只是供應鏈的放鬆已經幫助成本降低了一點。那還不算人工。勞動力仍然很高，但材料成本正在緩和一些。

Yes, I think it's more -- it hasn't -- the constant increases have stopped, but hasn't come down a lot.

是的，我認為它更多 - 它沒有 - 持續增長已經停止，但並沒有下降很多。

Yes. The rate of increase has decreased.

是的。增長率有所下降。

Yes.

是的。

The first derivative is now negative, I guess.

我猜一階導數現在是負的。

And more -- probably more on the material side, the commodities, as Jim referred to, those have come down a bit. I think it's still with components -- key components that have labor associated with them, and there's a lot of -- still there's more supply chain -- tends to be more supply chain issues there. That that's probably more along the lines that it's stabilized, not necessarily declined at this point.

還有更多——可能更多是在物質方面，正如吉姆所提到的，商品已經有所下降。我認為它仍然與組件有關 - 與勞動力相關的關鍵組件，而且還有很多 - 仍然有更多的供應鏈 - 往往會有更多的供應鏈問題。這可能更符合穩定的趨勢，此時不一定下降。

Yes. And to be clear, we still have surprises -- negative surprises. There still may be things that -- that are -- that we have to wait on or price increases happen. But in general, it is moderating a bit better, yes.

是的。需要明確的是，我們仍然有驚喜——負面的驚喜。可能仍然有一些事情 - 即 - 我們必須等待或價格上漲發生。但總的來說，它正在緩和一點，是的。

Yes. Maybe lastly, I was curious, where are you still seeing supply chain surprises, if you will?

是的。也許最後，我很好奇，如果你願意的話，你還能在哪裡看到供應鏈的驚喜？

It's a great question, and we talk about it often, and it really varies. It's kind of maybe not day-to-day, but it's week to week. Sometimes it can be day-to-day, but it's the same opening, sometimes it's engines, wiring harnesses and controls, gauges...

這是一個很好的問題，我們經常談論它，而且它確實有所不同。這可能不是每天，而是每週。有時它可以是日常的，但它是相同的開口，有時它是發動機、線束和控制裝置、儀表……

Windshields.

擋風玻璃。

Windshields. It's a lot of the same sort of things, but it's just not constant, which is what makes it really, really challenging. And I'm sure you've heard stories from other people as well. There's not really anything new that's come along and all the things that have been a problem from time to time continue to creep up. I think.

擋風玻璃。它有很多相同的東西，但它不是恆定的，這就是它真正非常具有挑戰性的原因。我相信你也聽過其他人的故事。並沒有什麼新的東西出現，所有不時出現的問題都在繼續蔓延。我認為。

And toilets.

還有廁所。

And toilets sometimes. So...

有時還有廁所。所以...

Yes. We had a glue shortage, but that's not developed, yes.

是的。我們有膠水短缺，但沒有開發，是的。

That's right. That's right. No problem there.

這是正確的。這是正確的。沒問題。

Yes, adhesive.

是的，粘合劑。

Right. Kind of more of the same old, same old, unpredictable.

正確的。有點像舊的，舊的，不可預測的。

Unpredictable Yes. Yes. Well, it seems like you're making progress there, which is great. I guess one more question, if I could. Since dealers have struggled to get inventory of your votes and, frankly, every other brand out there, I imagine you've not been pursuing the addition of -- additional distribution. And so I'm wondering, like as your production starts to normalize, as dealers start to rebuild inventories those core dealers become happy and they're set. Is there an opportunity for you to expand your dealer network? Is that something that may be a dormant strategy that could reignite as production normalizes?

不可預測 是的。是的。嗯，看起來你在這方面取得了進展，這很好。如果可以的話，我想還有一個問題。由於經銷商一直在努力獲取您的投票清單，坦率地說，還有其他所有品牌，我想您並沒有追求增加——額外的分銷。所以我想知道，就像你的生產開始正常化一樣，隨著經銷商開始重建庫存，那些核心經銷商會變得很高興並且他們已經準備好了。您是否有機會擴大您的經銷商網絡？這是否可能是一種休眠策略，可以隨著生產正常化而重新點燃？

Well, let me answer it or provide the following that we've been very straightforward with our dealers and our strategy has been -- our team has adopted the strategy, which I think is very, very smart that we have -- we have not catered to particular dealers. We said we like our dealer network. It's key to us. It's important to us. They're all important to us in the geographic regions where they are. So we have allocated our production, right? We have the amount of production we're able to generate. And we're working with the dealers to allocate that production out. And it's very, very similar to what historical deliveries have been from a percentage basis to those dealers.

好吧，讓我回答或提供以下內容，我們一直對我們的經銷商非常直截了當，我們的策略是——我們的團隊已經採用了我認為非常非常聰明的策略——我們沒有迎合特定的經銷商。我們說我們喜歡我們的經銷商網絡。這對我們很關鍵。這對我們很重要。在他們所在的地理區域，他們對我們都很重要。所以我們已經分配了生產，對嗎？我們有我們能夠產生的產量。我們正在與經銷商合作分配生產。這與從百分比基礎到這些經銷商的歷史交付量非常非常相似。

So we have not taken away from our smaller dealers and try to direct significantly more production to the larger dealers. We think that's fair and appropriate. I think that has served us well, and I think that will serve us well into the future. Your question is a good one. And you're right. We have -- we are always where necessary, where we have a dealer that bows out or whatever, we're normally prepared to -- with another dealer to insert into an open spot from a geographic perspective. So -- but our dealers are loyal to us and we try to be loyal to them and allocating out our production is just one example of that loyalty that I think has and will serve us well.

因此，我們並沒有放棄我們較小的經銷商，而是試圖將更多的生產直接交給較大的經銷商。我們認為這是公平和適當的。我認為這對我們很有幫助，而且我認為這對我們的未來也有好處。你的問題很好。你是對的。我們有 - 我們總是在必要的地方，我們有一個經銷商退出或其他什麼，我們通常準備 - 與另一個經銷商從地理角度插入一個空位。所以 - 但我們的經銷商忠於我們，我們努力忠於他們，分配我們的生產只是我認為已經並將為我們服務的忠誠度的一個例子。

And I guess I'd just add, our main focus right now is to take care of our existing dealer network. So we don't really have a focus on expanding that at this time. So right now, just getting through the remaining supply chain issues, making sure their inventories are up. So that's really our main focus right now, taking care of our existing dealer network.

而且我想我只是補充說，我們現在的主要重點是照顧我們現有的經銷商網絡。所以我們現在並沒有真正專注於擴展它。所以現在，只需解決剩餘的供應鏈問題，確保他們的庫存充足。所以這真的是我們現在的主要重點，照顧我們現有的經銷商網絡。

Yes. Until there's -- until -- if and until there's any pushback from dealers saying, I have enough, right? And if we can't redirect those to other existing dealers. So until existing dealers says, no more. Then we have to decide, is there additional geographic areas, and there's not significant ones. But there may be very selected opportunities to direct some available production. But at this point in time, our dealers are saying, send me as many as you can.

是的。直到 - 直到 - 如果和直到經銷商有任何阻力說，我有足夠的，對嗎？如果我們不能將它們重定向到其他現有經銷商。因此，除非現有經銷商表示，否則不會再有。然後我們必須決定，是否有額外的地理區域，並且沒有重要的地理區域。但是可能會有非常有選擇的機會來指導一些可用的生產。但在這個時候，我們的經銷商說，盡可能多地寄給我。

Great. And I keep promising to stop, but I have one more question.

偉大的。我一直承諾停止，但我還有一個問題。

That's fine, Craig.

很好，克雷格。

In terms of dealer -- I'm sorry, in terms of your consumer demand, is there any backlog with consumers, any preorders that have yet to be satisfied? Or has any of that demand -- has all of that demand been fulfilled at this point?

經銷商方面——抱歉，就您的消費者需求而言，是否有消費者積壓的情況，是否有尚未滿足的預購單？或者是否有任何需求——此時所有需求都已得到滿足？

I would say no, there still are -- we still have unfulfilled orders, but certainly that's moderated us. And an indication of that is dealer inventory is building, right? And that varies some by region or by dealer. But no, there still are orders to be fulfilled. And like I indicated, almost virtually every dealer saying, send me as many as you can.

我會說不，還有 - 我們仍然有未完成的訂單，但肯定會緩和我們。這表明經銷商庫存正在增加，對嗎？這因地區或經銷商而異。但是不行，還有任務要完成。就像我指出的那樣，幾乎每個經銷商都說，盡可能多地寄給我。

A lot of our production is still retail sold, which the industry pre-COVID that was usually not the case.

我們的很多產品仍然是零售的，而在 COVID 之前行業通常不是這樣。

And have you seen any changes in that presold demand? Any cancellations of previous orders or just any slowdown there?

您是否看到預售需求有任何變化？以前的訂單有沒有取消或只是有任何放緩？

To this point, not a significant amount of cancellations. Certainly, the orders, retail orders on hand certainly are less than they were 6 to 12 months ago. But it's still -- the demand is still quite strong. We've not yet seen -- we've not yet ourselves seen any softness there. Now we are certainly mindful. As we indicated in our comments, we're always watching and monitoring and are prepared to adjust production as necessary if demand were to weaken. But the dealer field inventory continues to remain low by historical standards.

到目前為止，取消的數量並不多。當然，手頭的訂單、零售訂單肯定比 6 到 12 個月前少。但它仍然 - 需求仍然非常強勁。我們還沒有看到——我們自己還沒有看到那裡有任何軟化。現在我們當然很注意。正如我們在評論中指出的那樣，我們一直在觀察和監控，並準備在需求減弱時根據需要調整生產。但按照歷史標準，經銷商現場庫存繼續保持在較低水平。

So even if things softened a bit, I don't expect there's going to be any hard stop or a significant decline in demand. But if demand were to weaken, we'll step back and reassess and decide if and when we need to adjust production, and we're prepared to do that. We've always done that to try to obviously align our production to what reasonable demand and reasonable and appropriate dealer inventory levels would be.

因此，即使情況有所緩和，我也不認為會有任何硬停或需求大幅下降。但如果需求減弱，我們將退後一步，重新評估並決定是否以及何時需要調整生產，我們已準備好這樣做。我們一直這樣做是為了讓我們的生產明顯符合合理的需求以及合理和適當的經銷商庫存水平。

And there are no further questions at this time. Mr. Jim Landers, I'll turn the call back over to you for some closing remarks.

目前沒有其他問題。吉姆蘭德斯先生，我會把電話轉回給你，請你做一些結束語。

Okay. Rob, thank you. Thanks for everybody who called in to listen. And we appreciate it. And hope everybody has a good day. We'll talk to you soon. Thank you.

好的。羅布，謝謝你。感謝所有打電話來聽的人。我們很感激。並希望每個人都有美好的一天。我們會盡快與您聯繫。謝謝。

This concludes today's conference call. Today's conference call will be replayed on marineproductscorp.com within 2 hours following the completion of the call. You may now disconnect.

今天的電話會議到此結束。今天的電話會議將在電話會議結束後 2 小時內在 marineproductscorp.com 上重播。您現在可以斷開連接。