Marine Products Corp (MPX) 2023 Q1 法說會逐字稿

Good morning, and thank you for joining us for Marine Products Corporation's First Quarter 2023 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 this conference call is being recorded.

早上好，感謝您參加 Marine Products Corporation 2023 年第一季度財務收益電話會議。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，這個電話會議正在錄製中。

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

吉姆將通過閱讀前瞻性免責聲明讓我們開始。

Thank you, Audra, 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, reflect a number of known and unknown risks. I'd like to refer you to our press release issued today, our 2022 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.

謝謝你，奧德拉，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本質上可能是前瞻性的，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 2022 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。

On 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. We're also required to use EBITDA to report compliance with financial covenants under our credit facility. Our press release issued this morning in 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. We'll make a few comments about this quarter and then be available for your questions.

在今天的收益發布和電話會議上，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。我們還需要使用 EBITDA 來報告對我們信貸額度下財務契約的遵守情況。我們今天上午在我們網站上發布的新聞稿包含了這一非 GAAP 財務指標與淨收入的調節，這是最接近的 GAAP 財務指標。如果您有興趣了解它是如何計算的，請查看此披露。我們將對本季度發表一些評論，然後回答您的問題。

I will now turn the call over to our President and CEO, Ben Palmer.

我現在將把電話轉給我們的總裁兼首席執行官 Ben Palmer。

Thanks, Jim, and thank you all for joining our call this morning. I'll begin with a few highlights regarding our first quarter 2023 earnings press release that was issued this morning.

謝謝吉姆，感謝大家今天早上加入我們的電話會議。我將從今天上午發布的 2023 年第一季度收益新聞稿的一些亮點開始。

Marine Products Corporation once again generated record net sales during the first quarter as we experienced improvement in our supply chain issues and transportation availability relative to the prior year period. We were able to complete and ship a larger number and substantially completed boats in our inventory and deliver them to our dealers. Average selling prices increased primarily due to a favorable model mix at both Chaparral and Robalo. In addition, the increased unit shipments during the quarter allowed our dealers to begin building their inventory to prepare for the upcoming 2023 spring retail selling season. Dealer inventories are trending towards more normalized levels. However, inventory remains below pre-pandemic levels. We also announced this morning that our Board of Directors declared a regular quarterly cash dividend of $0.14 per share.

Marine Products Corporation 在第一季度再次創造了創紀錄的淨銷售額，因為我們的供應鏈問題和運輸可用性與去年同期相比有所改善。我們能夠在我們的庫存中完成和運送更多和基本完成的船隻，並將它們交付給我們的經銷商。平均售價的上漲主要是由於 Chaparral 和 Robalo 的車型組合良好。此外，本季度單位出貨量的增加使我們的經銷商能夠開始建立庫存，為即將到來的 2023 年春季零售銷售旺季做準備。經銷商庫存趨向於更正常化的水平。但是，庫存仍低於大流行前的水平。我們今天上午還宣布，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 will now turn the call over to Mike Schmit, our CFO.

有了這個概述，我現在將把電話轉給我們的首席財務官 Mike Schmit。

Thanks, Ben. I'll begin with an overview of the company's first quarter 2023 financial results. Net sales for the first quarter of 2023 were a record $118.9 million, a 55% increase compared to the first quarter of last year. Unit sales increased by 40%, and the average selling prices of our boats increased by 12%. As Ben mentioned, the increases were driven by our ability to complete a ship, a favorable mix of boat to satisfy both dealer and retail demand as we continue to see significant improvements in our supply chain.

謝謝，本。我將首先概述公司 2023 年第一季度的財務業績。 2023 年第一季度的淨銷售額達到創紀錄的 1.189 億美元，比去年第一季度增長 55%。單位銷售額增長了 40%，我們船隻的平均售價增長了 12%。正如 Ben 所提到的，增長是由我們完成船舶的能力推動的，這是一種有利的船舶組合，可以滿足經銷商和零售需求，因為我們繼續看到我們的供應鏈得到顯著改善。

Gross profit in the first quarter of '23 was $29 million, a 58% increase compared to the first quarter of last year. Gross margin for the first quarter of '23 was 24.4%, a slight improvement over the 24.0% for the first quarter of '22 as we saw some benefits from manufacturing efficiencies.

23 年第一季度的毛利潤為 2900 萬美元，比去年第一季度增長 58%。 23 年第一季度的毛利率為 24.4%，比 22 年第一季度的 24.0% 略有改善，因為我們看到了製造效率帶來的一些好處。

Selling and general and administrative expenses for the first quarter of '23 were $14.5 million, an increase of 57% compared to $9.2 million in the first 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. These first quarter 2023 expenses also included a noncash pension settlement charge of $2.1 million. Selling, general and administrative expenses were 12% of net sales in the first quarter of both years, but they were 10% of net sales in the first quarter of this year, excluding a noncash pension settlement charge.

23 年第一季度的銷售和一般及行政費用為 1450 萬美元，與去年第一季度的 920 萬美元相比增長了 57%。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。這些 2023 年第一季度的支出還包括 210 萬美元的非現金養老金結算費用。銷售、一般和管理費用在這兩年第一季度占淨銷售額的 12%，但在今年第一季度占淨銷售額的 10%，不包括非現金養老金結算費用。

As we complete the final termination of our pension plan, which is expected in the second quarter, we do not expect to make any cash contributions in connection with the transfer of the plan liabilities to a third-party because of the plan's fully funded status. EBITDA in the first quarter of 2023 was $15 million, an increase of $5.4 million or 56% compared to the first quarter of last year. We reported a record quarterly net income of $11.5 million in the first quarter of this year, a 64% increase compared to $7.1 million in the same quarter of last year. Diluted earnings per share were $0.34 in the first quarter of this year compared to $0.21 in the first quarter of last year. Our international sales, which account for approximately 7% of our total sales, decreased by 89% compared to last year.

由於我們預計在第二季度完成養老金計劃的最終終止，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。 2023 年第一季度的 EBITDA 為 1500 萬美元，比去年第一季度增加 540 萬美元或 56%。今年第一季度，我們公佈了創紀錄的季度淨收入 1150 萬美元，與去年同期的 710 萬美元相比增長了 64%。今年第一季度的稀釋後每股收益為 0.34 美元，而去年第一季度為 0.21 美元。我們的國際銷售額約占我們總銷售額的 7%，與去年相比下降了 89%。

Our cash balance at the end of the first quarter of '23 was $62.6 million, a $19.4 million increase compared to the cash balance at the end of last year. This strong cash balance is the result of improvements in our logistical processes and availability of materials and components, which allow us to ship more boats than we produced during the quarter.

我們在 2023 年第一季度末的現金餘額為 6260 萬美元，與去年年底的現金餘額相比增加了 1940 萬美元。這種強勁的現金餘額是我們物流流程改進以及材料和組件可用性的結果，這使我們能夠運送比本季度生產的更多的船隻。

Dealer inventories are increasing towards more normalized levels but continue to be lower than pre-pandemic levels. These moderately higher inventories will benefit our dealers as we enter into the height of the retail selling season. The outcome of the winter boat shows was generally favorable and our dealers continue to request boats they have already sold to retail customers as well as additional inventory for the upcoming selling season. Having said that, we continue to monitor macro indicators such as consumer confidence, slowing economic activity and increasing interest rates, all of which could weaken demand for recreational boats.

經銷商庫存正朝著更正常的水平增加，但仍低於大流行前的水平。隨著我們進入零售銷售旺季，這些適度增加的庫存將使我們的經銷商受益。冬季船展的結果總體上是有利的，我們的經銷商繼續要求他們已經出售給零售客戶的船以及即將到來的銷售季節的額外庫存。話雖如此，我們將繼續監測消費者信心、經濟活動放緩和利率上升等宏觀指標，所有這些都可能削弱對休閒船的需求。

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。

Thanks, Mike. Our market share remains strong. Chaparral's sterndrive market share remains #2 in its size category. The combination of Chaparral and Robalo's outboard sell the third highest market share in their size category. Our successive quarters of record sales as a result of the hard work of the Chaparral and Robalo management team and our other decade employees as well as our strong dealer network as well as the appeal of the quality and design of our products.

謝謝，邁克。我們的市場份額依然強勁。 Chaparral 的艉機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的市場份額排名第三。由於 Chaparral 和 Robalo 管理團隊以及我們其他十年員工的辛勤工作，以及我們強大的經銷商網絡以及我們產品質量和設計的吸引力，我們連續幾個季度的銷售額創下歷史新高。

I'd like to thank you for joining us this morning, and we'll be happy to take any questions that you have.

我要感謝你今天早上加入我們，我們很樂意回答你的任何問題。

(Operator Instructions) We'll go first to Craig Kennison at Baird.

（操作員說明）我們將首先聯繫 Baird 的 Craig Kennison。

Congratulations on the progress on your pension as well. My question was just the availability of credit. I'm wondering if there's been any change in credit availability in the wake of the recent bank collapses.

祝賀您的養老金也取得了進展。我的問題只是信貸的可用性。我想知道在最近的銀行倒閉之後，信貸可用性是否有任何變化。

Craig, this is Ben. We -- certainly, the credit line providers to the dealers have -- I would describe it as they've not been proactive in increasing the lines, but we've been successful in coordinating with them the service line providers to increase them as appropriate. We have not heard that there's any particular references or delays in increase in credit lines because of the issues in the market. But that's not to say that there may be some of that going on in the background, but we're not hearing that directly.

克雷格，這是本。我們——當然，經銷商的信用額度提供者——我會描述它，因為他們沒有積極主動地增加額度，但我們已經成功地與他們協調服務線提供者以適當地增加它們.我們沒有聽說由於市場上的問題，有任何特別的參考或延遲增加信貸額度。但這並不是說在後台可能會發生一些事情，但我們沒有直接聽到。

Anything on the consumer side in terms of either significantly higher rates in the wake of that collapse or just not approving at the same rate on applications?

就崩潰後顯著更高的利率或只是不以相同的利率批准申請而言，消費者方面有什麼嗎？

We have not -- with our model mix, it continues to be kind of higher-end boats, and most of those purchasers are cash-only buyers are not assessed to rates. So we've not seen any significant impact on our results for any of the dealers' attitudes or reactions to any particular types of boats that they're looking to receive from us. So nothing we've seen so far.

我們沒有——通過我們的模型組合，它仍然是一種高端船隻，而且大多數購買者都是只收現金的買家，他們沒有按費率進行評估。因此，我們沒有看到任何經銷商對他們希望從我們這裡收到的任何特定類型的船隻的態度或反應對我們的結果產生任何重大影響。所以到目前為止我們什麼都沒看到。

Perfect. And then I'm curious just about inflation. I'm not sure what visibility you have on the actual retail selling price of the boats that you sell, but I know during the pandemic, dealers had an opportunity to get full MSRP perhaps or even better. But now it's a more competitive environment. I'm just curious, from a consumer perspective, what are boat prices look like in some of your models? Are you seeing inflation, I guess, fade a little bit from a consumer perspective?

完美的。然後我對通貨膨脹感到好奇。我不確定您對所售船隻的實際零售價有何了解，但我知道在大流行期間，經銷商有機會獲得完整的廠商建議零售價，甚至更好。但現在這是一個競爭更加激烈的環境。我很好奇，從消費者的角度來看，你們的某些型號的船價是多少？我想，從消費者的角度來看，你是否看到通貨膨脹有所消退？

I would say, this has been that the higher rates we are incurring slightly higher dealer incentives because of the floor plan program that we have in place, where we share or we'll pay for a period of time some of the interest. So that is an impact between us and have an impact of this yet is impacting our margins. That's something that we're helping the dealers with, with respect to rebuilding their inventories. But -- not really. Do you have any other?

我想說的是，由於我們已經制定了平面圖計劃，我們會在較高的利率下獲得更高的經銷商激勵，我們在其中分享或支付一段時間的部分利息。所以這是我們之間的影響，並且對此產生影響，但正在影響我們的利潤率。這是我們正在幫助經銷商重建庫存的事情。但是——不是真的。你還有別的嗎？

Yes. I'll throw up. This is Mike. Yes, obviously, the rate of inflation was increasing quite rapidly during the pandemic and then shortly thereafter. And some of that was driven by the material cost of making the boats and the supply chain issues. Those have cleared up. Some of those are -- the rate of inflation there for our manufacturing has slowed. And so that's just passed along to the customer. So it's not -- we don't anticipate the boats increasing at the same rate they had.

是的。我會吐的。這是邁克。是的，很明顯，通貨膨脹率在大流行期間和之後不久都在迅速上升。其中一些是由製造船隻的材料成本和供應鏈問題驅動的。那些已經清理乾淨了。其中一些是 - 我們製造業的通貨膨脹率已經放緩。所以這只是傳遞給客戶。所以它不是 - 我們預計船隻不會以與他們相同的速度增加。

And then, as Ben mentioned, at the same time, we're seeing incentives for the dealers and things are getting, I guess, a little bit easier for customers to buy the boats than maybe they were and part of that is just supply and demand. And some of that is just passing along costs. So as our costs normalize, I think the cost and rate of increase of -- so for the end customer will normalize also.

然後，正如 Ben 提到的，與此同時，我們看到了對經銷商的激勵措施，而且我想，客戶購買船隻比以前更容易一些，其中一部分只是供應和要求。其中一些只是轉嫁成本。因此，隨著我們的成本正常化，我認為最終客戶的成本和增長率也將正常化。

Yes, we're seeing on kind of the material side. We've seen some reduction in some of the costs, some of the manufacturing components are coming down as much or certainly nearly as fast. So ultimately, as Mike said, that hopefully, there won't be a need for large increases going forward. But I guess, we're also going to my earlier comment was that we have not seen any pressure to put any additional incentives in the system.

是的，我們看到的是物質方面的。我們已經看到一些成本有所下降，一些製造組件的下降速度同樣快，甚至幾乎一樣快。所以最終，正如邁克所說，希望未來不需要大幅增加。但我想，我們也會接受我之前的評論，即我們沒有看到任何壓力要求在系統中加入任何額外的激勵措施。

And as you also referred to, we don't have direct visibility into what dealers are charging the end consumer in all cases. So we expect that there will be some cooperation. There will be some or normalized discounting by dealers as we move forward. I would expect that to happen. That will normalize, I think, in the same way build inventories will normalize.

正如您還提到的，我們無法直接了解經銷商在所有情況下向最終消費者收取的費用。所以我們期待會有一些合作。隨著我們的前進，經銷商將進行一些或正常化的折扣。我希望那會發生。我認為，這將正常化，就像建築庫存正常化一樣。

(Operator Instructions) We'll go next to Fred Wightman at Wolfe.

（操作員說明）我們將去 Wolfe 的 Fred Wightman 旁邊。

I wanted to follow up the comment in the release and the prepared remarks was that the winter boat shows were generally favorable which doesn't sound great, honestly. So can you just give a little bit more detail on the retail environment, how it compares to sort of what you would have expected entering the start of the calendar year or anything else maybe more recent than the winter boat shows.

我想跟進新聞稿中的評論，準備好的評論是冬季船展總體上很受歡迎，這聽起來不太好，老實說。那麼，你能否提供更多關於零售環境的細節，它與你進入日曆年開始時的預期或其他任何可能比冬季船展更近的東西相比如何。

Yes. Fred, this is Jim. Yes, that comment was intentional. There were -- it was mixed. I mean we had some boat shows where we sold more boats at the show, more Chaparrals and Robalos than in the previous year. So this was very strong, plus a lot of follow-up, as you know. There are a lot of sales that are sort of initiated at boat shows but not consummated. There were a few others that were not as good, and there's no geographic or demographic trend to identify there. In some cases, it might have been weather and things like that. We also have noted that the spring is coming kind of late both where you live and where we live and some other places as well, and so that is delaying the impulse buyer coming in. But yes, the boat show season was generally favorable, will repeat that, that language. And there was no geographic or demographic kind of trend to note there.

是的。弗雷德，這是吉姆。是的，該評論是故意的。有 - 它是混合的。我的意思是我們舉辦了一些船展，我們在展會上售出了更多的船，比前一年更多的是 Chaparrals 和 Robalos。所以這是非常強大的，加上很多跟進，如你所知。有很多銷售是在船展上發起的，但並未完成。還有一些其他的不太好，並且沒有地理或人口趨勢可以識別那裡。在某些情況下，可能是天氣之類的。我們還注意到，無論是你住的地方還是我們住的地方以及其他一些地方，春天都來得有點晚，所以這推遲了衝動買家的到來。但是，是的，船展季節總體上是有利的，將重複那個，那個語言。那裡沒有值得注意的地理或人口趨勢。

Geographic, I think that's right. I think some of the larger shows were a little bit better than some of the smaller shows. Some of the smaller shows were a little more lackluster, if you will. Not bad but just not as strong as some of the large.

地理，我認為是正確的。我認為一些較大的節目比一些較小的節目好一點。如果您願意的話，一些較小的節目會更加乏味。不錯，但不如一些大的強。

Yes. We attended a few of them, like Jim and I went to Miami and when the stock that was need, like analogous rightly people were at that show and we saw it through our numbers, too, we also really well there. Same story here in Atlanta, the boat show here is pretty successful. Of course, there's one kind of Chaparral focused here. But we heard some of the smaller boat shows maybe weren't as strong as they weren't maybe pre-pandemic. So -- but I'd say the bigger ones, at least the ones that we attended in this room seems great. So we may exploit in that.

是的。我們參加了其中的一些，比如吉姆和我去了邁阿密，當需要的股票時，就像類似的人一樣正確地參加了那個節目，我們也通過我們的數字看到了它，我們在那裡也非常好。同樣的故事發生在亞特蘭大，這裡的船展非常成功。當然，這裡有一種叢林。但是我們聽說一些較小的船展可能沒有大流行前那麼強大。所以——但我會說更大的，至少我們在這個房間裡參加的那些看起來很棒。所以我們可以利用這一點。

Really helpful. And I guess just sort of outside of shows, right, sort of the normal day-to-day sort of the color you're hearing from dealers? Is that in line with sort of what they were thinking? Maybe a little bit softer, given some of the weather issues. How would you sort of characterize the non-boat show retail demand?

真的很有幫助。我猜只是在演出之外，對吧，是你從經銷商那裡聽到的那種正常的日常顏色？這是否符合他們的想法？考慮到一些天氣問題，可能會更柔和一些。您如何描述非船展零售需求的特徵？

I think from the dealer's perspective, I'm just looking locally at their current orders in hand and their expectations for the spring. We have little to no pushback on the boats that we plan to shift to the dealer, right. We're talking to the dealers about what's going to be available in the coming weeks. We've had little to no, whatever you want to call it, cancellations or deferrals on those. They're still willing to accept as many boats as we can reasonably ship to them. So I think that bodes well overall across our dealership that the current demand seems to be good enough and they have enough confidence at this point in time. As I said, continue to take the boats.

我想從經銷商的角度來看，我只是在當地看他們目前的手頭訂單和他們對春季的預期。我們對計劃轉移給經銷商的船隻幾乎沒有任何阻力，對吧。我們正在與經銷商討論未來幾週將提供的產品。我們幾乎沒有，無論你怎麼稱呼它，取消或推遲這些。他們仍然願意接受我們可以合理運送給他們的盡可能多的船隻。因此，我認為這預示著我們整個經銷商的整體狀況良好，目前的需求似乎足夠好，他們在這個時間點有足夠的信心。正如我所說，繼續乘船。

Our dealer inventory has -- it's up, but it's probably only half to 2/3 as large as it was kind of pre-pandemic. So there's still a lot of room there. We're hopeful that there will be a lot of sell-through and those inventory levels typically come down after you move to the selling season. So obviously, we'll see that, and there'll still be plenty of room for them to take normal amounts of inventory past the normal retail selling season and into the end of the year.

我們的經銷商庫存增加了，但可能只有大流行前的一半到 2/3。所以那裡還有很大的空間。我們希望會有大量的銷售，並且這些庫存水平通常會在您進入銷售季節後下降。很明顯，我們會看到這一點，並且他們仍有足夠的空間在正常的零售銷售季節之後和年底前進行正常數量的庫存。

So some still -- we still are very positive on the rest of the year. But as we mentioned in our comments, we're certainly watching very closely all of the things that we're talking about here in terms of dealer behavior, the economic weakness and all those sorts of things. But right now, we see it remaining quite strong.

所以有些人仍然 - 我們對今年餘下的時間仍然非常樂觀。但正如我們在評論中提到的那樣，我們肯定會非常密切地關注我們在這裡談論的所有事情，包括經銷商行為、經濟疲軟和所有這些事情。但是現在，我們看到它仍然很強勁。

Great. And then just the last one. You guys mentioned some improvement in supply chain and improved component availability, like where are the specific items that you're seeing some relief? Is it on outboard engines, windshields, sort of wire harness? Like where are you seeing the biggest improvement?

偉大的。然後就是最後一個。你們提到了供應鏈的一些改進和組件可用性的改進，比如您看到的具體項目在哪裡有所緩解？它是在舷外發動機、擋風玻璃上還是線束之類的？比如你在哪裡看到最大的改進？

I mean I'd say all of the above, but it's kind of 2 steps forward, 1 step back. We had a significant improvement and then will have issues getting outboard, for instance, but then it's much, much better than it was the last few quarters, which is why we're able to complete and ship more boats than we manufactured. But it's still -- we're still not 100% through the woods, but it's just sort of all over the place. So it's not just one thing. It's like it came a lack of -- more or less some thing pops up. Yes.

我的意思是我會說以上所有內容，但這是向前邁出 2 步，向後邁出 1 步。我們有了顯著的改進，然後會遇到舷外問題，例如，但它比過去幾個季度要好得多，這就是為什麼我們能夠完成和運送比我們製造的更多的船。但它仍然 - 我們仍然沒有 100% 穿過樹林，但它只是到處都是。所以這不僅僅是一件事。就好像它缺少——或多或少突然出現了一些東西。是的。

Also, Fred, it's Jim. Transportation is better.

還有，弗雷德，我是吉姆。交通比較好。

Yes, that's a great point.

是的，這是一個很好的觀點。

Yes. Without exception, transportation is better. That's helpful.

是的。無一例外，交通都比較好。這很有幫助。

And there are no further questions at this time. I would like to turn the conference over to Jim Landers for closing remarks.

目前沒有其他問題。我想將會議轉交給 Jim Landers 作閉幕詞。

Okay. Thank you, Audra, and we appreciate everybody who called in and the questions. We hope everybody has a good day. We will talk to you soon.

好的。謝謝你，Audra，我們感謝所有來電和提問的人。我們希望每個人都有美好的一天。我們會盡快與您交談。

And this concludes today's conference call. A replay of today's conference will be available on marineproductscorp.com within 2 hours following the completion of the call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。電話會議結束後 2 小時內，marineproductscorp.com 將提供今天會議的重播。感謝您的參與。您現在可以斷開連接。