Gary Kolstad appointed to Marine Products Corporation board

Published 14/07/2025, 22:26
Gary Kolstad appointed to Marine Products Corporation board

ATLANTA - Marine Products Corporation (NYSE:MPX), a $315 million market cap company with strong financial health according to InvestingPro data, announced Monday the appointment of Gary Kolstad to its Board of Directors.

Kolstad brings experience from his previous roles as Chairman and CEO of both public and private companies. He currently holds multiple Advisory Board Member and Investor positions, according to the company’s press release.

The new board member holds a Bachelor of Science degree in petroleum engineering from Montana Technological University and studied Psychology and Engineering at Montana State University-Bozeman.

Richard A. Hubbell, Chairman of the Board of Marine Products Corporation, said, "Gary Kolstad’s board and management experience has been beneficial to the boards on which he has served. We look forward to his contributions to our board in the years ahead."

Marine Products Corporation manufactures fiberglass boats under the Chaparral and Robalo brands. The company’s product lineup includes sterndrive models, outboard offerings, and sport fishing models. The company currently offers a notable 6.2% dividend yield and shows strong cash flow metrics, according to InvestingPro, which provides comprehensive analysis and additional insights through its detailed Pro Research Report.

In other recent news, Marine Products Corporation reported its first-quarter 2025 earnings, showing a 15% year-over-year decline in revenue to $59 million. Earnings per share also dropped to $0.06 from $0.13 in the same period last year, falling short of market expectations. Despite these challenges, the company maintains a strong cash position of $57 million with no debt. In governance updates, Marine Products Corporation announced a board declassification, with six directors resigning and immediately being re-elected for one-year terms. Shareholders also approved amendments to the company’s Certificate of Incorporation, simplifying the process for calling special meetings and amending bylaws. Additionally, the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year was ratified. The company remains cautiously optimistic about potential sales growth in the latter half of 2025, while actively managing channel inventory. Analysts from various firms have noted the company’s strong liquidity position, which could support future growth initiatives.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.