Marine Products (MPX) 10-Q29 Jul 222022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 22, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	1-16263
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2572419
Entity Registrant Name	MARINE PRODUCTS CORPORATION
Entity Address, Address Line One	2801 Buford Highway
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30329
City Area Code	404
Local Phone Number	321-7910
Title of 12(b) Security	Common stock
Trading Symbol	MPX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,238,382
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001129155
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 21,568	$ 14,102
Accounts receivable, net of allowance for doubtful accounts of $12 in 2022 and 2021	9,344	3,262
Inventories	78,271	73,261
Income taxes receivable	77	10
Pension plan assets	971
Prepaid expenses and other current assets	2,164	2,474
Total current assets	112,395	93,109
Property, plant and equipment, net of accumulated depreciation of $32,814 in 2022 and $31,878 in 2021	14,232	14,370
Goodwill	3,308	3,308
Other intangibles, net	465	465
Deferred income taxes	5,372	4,392
Other assets	13,831	17,197
Total assets	149,603	132,841
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	11,573	6,771
Accrued expenses and other liabilities	14,912	11,298
Total current liabilities	26,485	18,069
Pension and retirement plans liabilities	13,942	15,564
Other long-term liabilities	1,052	683
Total liabilities	41,479	34,316
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding - 34,238,382 shares in 2022 and 33,992,054 shares in 2021	3,424	3,399
Retained earnings	107,232	97,702
Accumulated other comprehensive loss	(2,532)	(2,576)
Total stockholders' equity	108,124	98,525
Total liabilities and stockholders' equity	$ 149,603	$ 132,841

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 12	$ 12
Accumulated depreciation, property plant and equipment	$ 32,814	$ 31,878
Preferred stock, par value (in dollar per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollar per share)	$ 0.10	$ 0.10
Common stock, shares authorized	74,000,000	74,000,000
Common stock, shares issued	34,238,382	33,992,054
Common stock, shares outstanding	34,238,382	33,992,054

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 95,813	$ 67,259	$ 172,425	$ 145,634
Cost of goods sold	72,816	52,651	131,033	112,564
Gross profit	22,997	14,608	41,392	33,070
Selling, general and administrative expenses	9,883	7,245	19,123	15,682
Operating income	13,114	7,363	22,269	17,388
Interest (expense) income	(7)	10	(24)	18
Income before income taxes	13,107	7,373	22,245	17,406
Income tax provision	3,152	1,579	5,227	3,515
Net income	$ 9,955	$ 5,794	$ 17,018	$ 13,891
Earnings per share
Basic	$ 0.29	$ 0.17	$ 0.50	$ 0.41
Diluted	0.29	0.17	0.50	0.41
Dividends paid per share	$ 0.12	$ 0.12	$ 0.24	$ 0.22

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 9,955	$ 5,794	$ 17,018	$ 13,891
Other comprehensive income, net of taxes:
Pension adjustment	22	14	44	28
Comprehensive income	$ 9,977	$ 5,808	$ 17,062	$ 13,919

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2020	$ 3,387		$ 83,079	$ (1,947)	$ 84,519
Balance (in shares) at Dec. 31, 2020	33,869,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 18	$ 535			553
Stock issued for stock incentive plans, net (in shares)	189,000
Stock purchased and retired	$ (6)	(535)	(509)		(1,050)
Stock purchased and retired (in shares)	(64,000)
Net income			8,097		8,097
Pension adjustment, net of taxes				14	14
Dividends paid			(3,398)		(3,398)
Balance at Mar. 31, 2021	$ 3,399		87,269	(1,933)	88,735
Balance (in shares) at Mar. 31, 2021	33,994,000
Balance at Dec. 31, 2020	$ 3,387		83,079	(1,947)	84,519
Balance (in shares) at Dec. 31, 2020	33,869,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					13,891
Pension adjustment, net of taxes					28
Balance at Jun. 30, 2021	$ 3,399		89,556	(1,919)	91,036
Balance (in shares) at Jun. 30, 2021	33,994,000
Balance at Mar. 31, 2021	$ 3,399		87,269	(1,933)	88,735
Balance (in shares) at Mar. 31, 2021	33,994,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net		571			571
Stock purchased and retired		(571)	570		(1)
Net income			5,794		5,794
Pension adjustment, net of taxes				14	14
Dividends paid			(4,077)		(4,077)
Balance at Jun. 30, 2021	$ 3,399		89,556	(1,919)	91,036
Balance (in shares) at Jun. 30, 2021	33,994,000
Balance at Dec. 31, 2021	$ 3,399		97,702	(2,576)	$ 98,525
Balance (in shares) at Dec. 31, 2021	33,993,000				33,992,054
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 21	589			$ 610
Stock issued for stock incentive plans, net (in shares)	211,000
Stock purchased and retired	$ (6)	(589)	(107)		(702)
Stock purchased and retired (in shares)	(60,000)
Net income			7,063		7,063
Pension adjustment, net of taxes				22	22
Dividends paid			(4,095)		(4,095)
Balance at Mar. 31, 2022	$ 3,414		100,563	(2,554)	101,423
Balance (in shares) at Mar. 31, 2022	34,144,000
Balance at Dec. 31, 2021	$ 3,399		97,702	(2,576)	$ 98,525
Balance (in shares) at Dec. 31, 2021	33,993,000				33,992,054
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					$ 17,018
Pension adjustment, net of taxes					44
Balance at Jun. 30, 2022	$ 3,424		107,232	(2,532)	$ 108,124
Balance (in shares) at Jun. 30, 2022	34,238,000				34,238,382
Balance at Mar. 31, 2022	$ 3,414		100,563	(2,554)	$ 101,423
Balance (in shares) at Mar. 31, 2022	34,144,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 10	810			820
Stock issued for stock incentive plans, net (in shares)	94,000
Stock purchased and retired		$ (810)	810
Net income			9,955		9,955
Pension adjustment, net of taxes				22	22
Dividends paid			(4,096)		(4,096)
Balance at Jun. 30, 2022	$ 3,424		$ 107,232	$ (2,532)	$ 108,124
Balance (in shares) at Jun. 30, 2022	34,238,000				34,238,382

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
OPERATING ACTIVITIES
Net income	$ 17,018	$ 13,891
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	936	897
Stock-based compensation expense	1,430	1,124
Deferred income tax benefit	(992)	(125)
(Increase) decrease in assets:
Accounts receivable	(6,082)	(3,235)
Income taxes receivable	(67)	(14,799)
Inventories	(5,010)	(508)
Prepaid expenses and other current assets	310	(303)
Other non-current assets	2,465	(1,143)
Increase (decrease) in liabilities:
Accounts payable	4,802	6,717
Accrued expenses and other liabilities	3,612	1,683
Other long-term liabilities	(1,265)	1,904
Net cash provided by operating activities	17,157	6,103
INVESTING ACTIVITIES
Capital expenditures	(798)	(541)
Net cash used for investing activities	(798)	(541)
FINANCING ACTIVITIES
Payment of dividends	(8,191)	(7,475)
Cash paid for common stock purchased and retired	(702)	(1,051)
Net cash used for financing activities	(8,893)	(8,526)
Net increase (decrease) in cash and cash equivalents	7,466	(2,964)
Cash and cash equivalents at beginning of period	14,102	31,573
Cash and cash equivalents at end of period	21,568	28,609
Supplemental information:
Income tax payments, net	$ 4,095	$ 4,179

GENERAL

GENERAL	6 Months Ended
GENERAL	Jun. 30, 2022
GENERAL
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The Consolidated Balance Sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the annual report of Marine Products Corporation (“Marine Products,” the “Company” or “MPC”) on Form 10-K for the year ended December 31, 2021. A group that includes a member of the Company’s Board of Directors, Gary W. Rollins, and certain companies under his control, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	6 Months Ended
RECENT ACCOUNTING STANDARDS	Jun. 30, 2022
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ASU No. 2020-04 — Reference Rate Reform (Topic 848). The London Interbank Offered Rate (LIBOR) Recently Issued Accounting Standards Not Yet Adopted: ASU No. 2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.

NET SALES

NET SALES	6 Months Ended
NET SALES	Jun. 30, 2022
NET SALES
NET SALES	3. NET SALES Accounting Policy: MPC’s contract revenues are generated principally from selling: (1) fiberglass motorized boats and accessories and (2) parts to independent dealers. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occur with the transfer of title of our boats and accessories and parts to our dealers. Net sales are measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties (see Note 6). Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in Net sales in the accompanying Consolidated Statements of Operations and the related costs incurred by the Company are included in Cost of goods sold. Nature of goods: MPC’s performance obligations within its contracts consist of: (1) boats and accessories and (2) parts. The Company transfers control and recognizes revenue on the satisfaction of its performance obligations (point in time) as follows: ● Boats and accessories (domestic sales) – upon delivery and acceptance by the dealer ● Boats and accessories (international sales) – upon delivery to shipping port ● Parts – upon shipment/delivery to carrier Payment terms: For most domestic customers, MPC manufactures and delivers boats and accessories and parts ahead of payment - i.e., MPC has fulfilled its performance obligations prior to submitting an invoice to the dealer. MPC invoices the customer when the products are delivered and typically receives the payment within seven ten When the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the goods have been delivered to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to the Company’s arrangements with its customers. Significant judgments: Determining the transaction price The transaction price for MPC’s boats and accessories is the invoice price adjusted for dealer incentives. Key inputs and assumptions in determining variable consideration related to dealer incentives include: ● Inputs: Current model year boat sales, total potential program incentive percentage, prior model year results of dealer incentive activity (i.e., incentive earned as a percentage of total incentive potential). ● Assumption: Current model year incentive activity will closely reflect prior model year actual results, adjusted as necessary for dealer purchasing trends or economic factors. Other: Our contracts with dealers do not provide them with a right of return. Accordingly, we do not have any obligations recorded for returns or refunds. Disaggregation of revenues: The following table disaggregates our sales by major source: Three months ended Six months ended (in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Boats and accessories $ 94,266 $ 65,810 $ 169,671 $ 143,069 Parts 1,547 1,449 2,754 2,565 Net sales $ 95,813 $ 67,259 $ 172,425 $ 145,634 The following table disaggregates our revenues between domestic and international (in thousands): Three months ended Six months ended (in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Domestic $ 88,041 $ 63,796 $ 160,541 $ 138,160 International 7,772 3,463 11,884 7,474 Net sales $ 95,813 $ 67,259 $ 172,425 $ 145,634 Contract balances: Amounts received from international and certain domestic dealers toward the purchase of boats are classified as deferred revenue and are included in Accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. June 30, December 31, (in thousands) 2022 2021 Deferred revenue $ 1,336 $ 1,313 Substantially all of the amounts of deferred revenue disclosed above were or will be recognized as sales during the immediately following quarters, respectively, when control is transferred.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	4. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Net income available for stockholders: $ 9,955 $ 5,794 $ 17,018 $ 13,891 Less: Adjustments for earnings attributable to participating securities (208) (112) (350) (270) Net income used in calculating earnings per share $ 9,747 $ 5,682 $ 16,668 $ 13,621 Weighted average shares outstanding (including participating securities) 34,191 33,994 34,146 33,976 Adjustment for participating securities (743) (673) (718) (672) Shares used in calculating basic and diluted earnings per share 33,448 33,321 33,428 33,304

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 30, 2022
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. STOCK-BASED COMPENSATION The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of June 30, 2022, there were approximately 1,074,747 shares available for grant. Stock-based compensation for the three and six months ended June 30, 2022 and 2021 were as follows: Restricted Stock Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Pre – tax cost $ 820 $ 571 $ 1,430 $ 1,124 After tax cost 639 446 1,115 877 The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2022: Weighted Average Grant-Date Shares Fair Value Non-vested shares at December 31, 2021 671,370 $ 14.70 Granted 311,703 11.61 Vested (193,403) 11.96 Forfeited (4,700) 14.54 Non-vested shares at June 30, 2022 784,970 $ 14.15 The total fair value of shares vested was approximately $2,241,000 during the six months ended June 30, 2022 and approximately $3,174,000 during the six months ended June 30, 2021. For the six months ended June 30, 2022, approximately $22,000 of excess tax benefit for stock-based compensation awards was recorded as a discrete tax adjustment and classified within Net cash provided by operating activities in the accompanying Consolidated Statements of Cash Flows compared to approximately $304,000 for the six months ended June 30, 2021.

WARRANTY COSTS AND OTHER CONTIN

WARRANTY COSTS AND OTHER CONTINGENCIES	6 Months Ended
WARRANTY COSTS AND OTHER CONTINGENCIES	Jun. 30, 2022
WARRANTY COSTS AND OTHER CONTINGENCIES
WARRANTY COSTS AND OTHER CONTINGENCIES	6. WARRANTY COSTS AND OTHER CONTINGENCIES Warranty Costs: For its Chaparral and Robalo products, Marine Products provides a lifetime limited structural hull warranty and a transferable one-year limited warranty to the original owner. Chaparral also includes a five-year limited structural deck warranty. Warranties for additional items are provided for periods of one The manufacturers of the engines, generators, and navigation electronics included on our boats provide and administer their own warranties for various lengths of time. An analysis of the warranty accruals for the six months ended June 30, 2022 and 2021 is as follows: (in thousands) 2022 2021 Balance at January 1 $ 4,641 $ 5,030 Less: Payments made during the period (2,286) (2,057) Add: Warranty provision for the period 2,328 1,779 Changes to warranty provision for prior periods 104 179 Balance at June 30 $ 4,787 $ 4,931 The warranty accruals are reflected in Accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. Repurchase Obligations: The Company is a party to various agreements with third party lenders that provide floor plan financing to qualifying dealers whereby the Company guarantees varying amounts of debt on boats in dealer inventory. The Company’s obligation under these guarantees becomes effective in the case of a default under the financing arrangement between the dealer and the third-party lender. The agreements provide for the return of repossessed boats to the Company in new and unused condition subject to normal wear and tear as defined, in exchange for the Company’s assumption of specified percentages of the debt obligation on those boats, up to certain contractually determined dollar limits by the lenders. The Company had no material repurchases under the contractual agreements during the six months ended June 30, 2022 and 2021. Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time. The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit, subject to a minimum of $8.0 million, is based on a specified percentage of the amount of the average net receivables financed by the floor plan lender for our dealers less repurchases during the prior 12 month period, which was a repurchase limit of $8.0 million as of June 30, 2022. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $0.8 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of approximately $8.8 million as of June 30, 2022.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
BUSINESS SEGMENT INFORMATION	Jun. 30, 2022
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION The Company has one reportable segment, its powerboat manufacturing business; therefore, the majority of segment-related disclosures are not relevant to the Company. In addition, the Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2022
INVENTORIES
INVENTORIES	8. INVENTORIES Inventories consist of the following: June 30, December 31, 2022 2021 (in thousands) Raw materials and supplies $ 29,967 $ 42,231 Work in process 17,255 14,390 Finished goods 31,049 16,640 Total inventories $ 78,271 $ 73,261

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	9. INCOME TAXES The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is adjusted, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. Income tax provision for the second quarter of 2022 reflects an effective tax rate of 24.0 percent compared to 21.4 percent for the comparable period in the prior year. For the six months ended June 30, 2022, the income tax provision reflects an effective tax rate of 23.5 percent compared to 20.2 percent for the comparable period in the prior year. The increase in the effective tax rate is primarily due to unfavorable permanent adjustments and detrimental discrete adjustments.

PENSION AND RETIREMENT PLANS LI

PENSION AND RETIREMENT PLANS LIABILITIES	6 Months Ended
PENSION AND RETIREMENT PLANS LIABILITIES	Jun. 30, 2022
PENSION AND RETIREMENT PLANS LIABILITIES
PENSION AND RETIREMENT PLANS LIABILITIES	10. PENSION AND RETIREMENT PLANS LIABILITIES The Company participates in a multiple employer Retirement Income Plan, a trusteed defined benefit pension plan, sponsored by RPC, Inc. (“RPC”). The following represents the net periodic cost (benefit) and related components for the plan for the three and six months ended June 30, 2022 and 2021. Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Interest cost $ 33 $ 37 $ 66 $ 74 Expected return on plan assets — (72) — (144) Amortization of net losses 28 18 56 36 Net periodic cost (benefit) $ 61 $ (17) $ 122 $ (34) During the fourth quarter of 2021, the Company initiated actions to terminate the defined benefit pension plan, which are expected to be completed in early 2023, and therefore the funded status of the plan is being reported as part of Pension plan assets in the accompanying Consolidated Balance Sheets. The Company currently expects that no additional cash contributions to the plan will be required. As of the plan termination completion date, the Company will recognize a pre-tax, non-cash settlement charge representing the unamortized net loss in the plan which was approximately $3.2 million as of June 30, 2022 amount is subject to change based on the actual return on plan assets and the periodic actuarial updates of the plan net losses. For the year ending December 31, 2022, the Company is utilizing an expected return on plan assets of zero percent based on the current short-term rates and investment horizon as a result of the expected plan termination. The Company did not contribute to this plan during the six months ended June 30, 2022 and 2021. The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”). The Company maintains certain securities primarily in mutual funds and company-owned life insurance (“COLI”) policies as a funding source to satisfy the obligation of the SERP that have been classified as trading and are stated at fair value totaling approximately $9,961,000 as of June 30, 2022 and $12,264,000 as of December 31, 2021. Trading losses related to the SERP assets totaled approximately $1,076,000 during the three months ended June 30, 2022, compared to trading gains of approximately $895,000 during the three months ended June 30, 2021. Trading losses related to the SERP assets totaled approximately $2,303,000 during the six months ended June 30, 2022, compared to trading gains of approximately $1,124,000 during the six months ended June 30, 2021. The SERP assets are reported in Other assets in the accompanying Consolidated Balance Sheets and changes to the fair value of the assets are reported in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. The SERP liabilities include participant deferrals net of distributions and are stated at fair value of approximately $13,942,000 as of June 30, 2022 and $15,564,000 as of December 31, 2021. The SERP liabilities are reported in the accompanying Consolidated Balance Sheets in Pension and retirement plans liabilities and any change in the fair value is recorded as compensation cost within Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. Changes in the fair value of the SERP liabilities represented unrealized losses of approximately $1,060,000 during the three months ended June 30, 2022, compared to unrealized gains of approximately $934,000 during the three months ended June 30, 2021. Changes in the fair value of the SERP liabilities represented unrealized losses of approximately $2,325,000 during the six months ended June 30, 2022, compared to unrealized gains of approximately $1,097,000 during the six months ended June 30, 2021.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. Trading securities are comprised of SERP assets, as described in Note 10, and are recorded primarily at their net cash surrender values calculated using their net asset values, which approximate fair value, as provided by the issuing insurance company or investment company. Significant observable inputs, in addition to quoted market prices, are used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. The carrying amount of other financial instruments reported in the accompanying Consolidated Balance Sheets for current assets and current liabilities approximate their fair values because of the short-term maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether or not it will elect this option for financial instruments it may acquire in the future.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	12. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of pension adjustments as follows: Six months ended June 30, (in thousands) 2022 2021 Balance at beginning of the period $ (2,576) $ (1,947) Change during the period: Amortization of net loss (1) 44 28 Balance at end of the period $ (2,532) $ (1,919) (1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
ACCRUED EXPENSES AND OTHER LIABILITIES	Jun. 30, 2022
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	13. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following: June 30, December 31, 2022 2021 (in thousands) Accrued payroll and related expenses $ 3,257 $ 3,119 Accrued sales incentives and discounts 2,446 1,214 Accrued warranty costs 4,787 4,641 Deferred revenue 1,336 1,313 Income taxes payable 2,029 217 Other 1,057 794 Total accrued expenses and other liabilities $ 14,912 $ 11,298

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jun. 30, 2022
LONG-TERM DEBT
LONG-TERM DEBT	14. LONG-TERM DEBT On November 12, 2021, the Company entered into a revolving credit agreement with Truist Bank which provides for a commitment of up to $20.0 million. The agreement includes (i) a $5.0 million sublimit for swingline loans, (ii) a $2.5 million aggregate sublimit for all letters of credit, and (iii) a committed accordion which can increase the aggregate commitments by the greater of $35.0 million and consolidated EBITDA over the most recently completed twelve month period at the time of incurrence. The facility is secured by a first priority security interest in and lien on substantially all personal property of MPC and the guarantors including, without limitation, all account, inventory, equipment, general intangibles, goods, documents, contracts, trademarks, patents, copyrights, intercompany obligations, stock, securities and notes owned by borrower or any guarantor. The agreement will terminate on November 12, 2026. Revolving borrowings under the agreement will accrue interest at a rate equal to one-month LIBOR plus the applicable percentage, as defined. The applicable percentage will be between 150 and 250 basis points for all loans based on MPC’s net leverage ratio. In addition, the Company pays facility fees under the agreement ranging from 25 to 45 basis points, based on MPC’s net leverage ratio, on the unused revolving commitment. The Company expects to replace LIBOR with the Term Secured Overnight Financing Rate (SOFR) based on the occurrence of any of the triggering events in the revolving credit agreement. The credit agreement contains certain financial covenants including: (i) a maximum consolidated leverage ratio of 2.50:1.00 and (ii) a minimum consolidated fixed charge coverage ratio of 1.25:1.00 both determined as of the end of each fiscal quarter. Additionally, the agreement contains customary covenants including affirmative and negative covenants and events of default (each with customary exceptions, thresholds and exclusions). As of June 30, 2022, the Company was in compliance with all covenants. The Company has incurred total loan origination fees and other debt related costs associated with this revolving credit facility in the aggregate of $195 thousand. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining net balance is classified as part of Other assets in the accompanying Consolidated Balance Sheets. MPC had no outstanding borrowings under the revolving credit facility as of June 30, 2022 and December 31, 2021. Interest expense incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan costs, on the credit facility were $45 thousand, of which $32 thousand was paid, for the six months ended June 30, 2022.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
SUBSEQUENT EVENT	Jun. 30, 2022
SUBSEQUENT EVENT
SUBSEQUENT EVENT	15. SUBSEQUENT EVENT On July 26, 2022, the Board of Directors declared a regular quarterly cash dividend of $0.12 per share payable September 9, 2022 to common stockholders of record at the close of business August 10, 2022.

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	6 Months Ended
RECENT ACCOUNTING STANDARDS (Policies)	Jun. 30, 2022
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ASU No. 2020-04 — Reference Rate Reform (Topic 848). The London Interbank Offered Rate (LIBOR) Recently Issued Accounting Standards Not Yet Adopted: ASU No. 2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.
NET SALES	MPC’s contract revenues are generated principally from selling: (1) fiberglass motorized boats and accessories and (2) parts to independent dealers. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occur with the transfer of title of our boats and accessories and parts to our dealers. Net sales are measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties (see Note 6). Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in Net sales in the accompanying Consolidated Statements of Operations and the related costs incurred by the Company are included in Cost of goods sold.

NET SALES (Tables)

NET SALES (Tables)	6 Months Ended
NET SALES (Tables)	Jun. 30, 2022
NET SALES
Schedule of disaggregation of sales by major source	The following table disaggregates our sales by major source: Three months ended Six months ended (in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Boats and accessories $ 94,266 $ 65,810 $ 169,671 $ 143,069 Parts 1,547 1,449 2,754 2,565 Net sales $ 95,813 $ 67,259 $ 172,425 $ 145,634
Schedule of revenue by geographic region	The following table disaggregates our revenues between domestic and international (in thousands): Three months ended Six months ended (in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Domestic $ 88,041 $ 63,796 $ 160,541 $ 138,160 International 7,772 3,463 11,884 7,474 Net sales $ 95,813 $ 67,259 $ 172,425 $ 145,634
Schedule of contract balances	June 30, December 31, (in thousands) 2022 2021 Deferred revenue $ 1,336 $ 1,313

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2022
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Net income available for stockholders: $ 9,955 $ 5,794 $ 17,018 $ 13,891 Less: Adjustments for earnings attributable to participating securities (208) (112) (350) (270) Net income used in calculating earnings per share $ 9,747 $ 5,682 $ 16,668 $ 13,621 Weighted average shares outstanding (including participating securities) 34,191 33,994 34,146 33,976 Adjustment for participating securities (743) (673) (718) (672) Shares used in calculating basic and diluted earnings per share 33,448 33,321 33,428 33,304

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
STOCK-BASED COMPENSATION (Tables)	Jun. 30, 2022
STOCK-BASED COMPENSATION
Schedule of stock-based compensation	Restricted Stock Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Pre – tax cost $ 820 $ 571 $ 1,430 $ 1,124 After tax cost 639 446 1,115 877
Schedule of summary of the changes in non-vested restricted shares	Weighted Average Grant-Date Shares Fair Value Non-vested shares at December 31, 2021 671,370 $ 14.70 Granted 311,703 11.61 Vested (193,403) 11.96 Forfeited (4,700) 14.54 Non-vested shares at June 30, 2022 784,970 $ 14.15

WARRANTY COSTS AND OTHER CONT_2

WARRANTY COSTS AND OTHER CONTINGENCIES (Tables)	6 Months Ended
WARRANTY COSTS AND OTHER CONTINGENCIES (Tables)	Jun. 30, 2022
WARRANTY COSTS AND OTHER CONTINGENCIES
Schedule of analysis of warranty accruals	(in thousands) 2022 2021 Balance at January 1 $ 4,641 $ 5,030 Less: Payments made during the period (2,286) (2,057) Add: Warranty provision for the period 2,328 1,779 Changes to warranty provision for prior periods 104 179 Balance at June 30 $ 4,787 $ 4,931

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2022
INVENTORIES
Schedule of inventories	June 30, December 31, 2022 2021 (in thousands) Raw materials and supplies $ 29,967 $ 42,231 Work in process 17,255 14,390 Finished goods 31,049 16,640 Total inventories $ 78,271 $ 73,261

PENSION AND RETIREMENT PLANS _2

PENSION AND RETIREMENT PLANS LIABILITIES (Tables)	6 Months Ended
PENSION AND RETIREMENT PLANS LIABILITIES (Tables)	Jun. 30, 2022
PENSION AND RETIREMENT PLANS LIABILITIES
Schedule of net periodic cost (benefit)	Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Interest cost $ 33 $ 37 $ 66 $ 74 Expected return on plan assets — (72) — (144) Amortization of net losses 28 18 56 36 Net periodic cost (benefit) $ 61 $ (17) $ 122 $ (34)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	Six months ended June 30, (in thousands) 2022 2021 Balance at beginning of the period $ (2,576) $ (1,947) Change during the period: Amortization of net loss (1) 44 28 Balance at end of the period $ (2,532) $ (1,919) (1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	Jun. 30, 2022
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	June 30, December 31, 2022 2021 (in thousands) Accrued payroll and related expenses $ 3,257 $ 3,119 Accrued sales incentives and discounts 2,446 1,214 Accrued warranty costs 4,787 4,641 Deferred revenue 1,336 1,313 Income taxes payable 2,029 217 Other 1,057 794 Total accrued expenses and other liabilities $ 14,912 $ 11,298

GENERAL (Details)

GENERAL (Details)	6 Months Ended
GENERAL (Details)	Jun. 30, 2022
Chairman of Board and Director
Ownership control
Voting power (in percent)	50%

NET SALES - Payment Terms (Deta

NET SALES - Payment Terms (Details)	6 Months Ended
NET SALES - Payment Terms (Details)	Jun. 30, 2022
Minimum
Net sales:
Revenue satisfaction period	7 days
Maximum
Net sales:
Revenue satisfaction period	10 days

NET SALES - Disaggregate sales

NET SALES - Disaggregate sales by major source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of revenue:
Net sales	$ 95,813	$ 67,259	$ 172,425	$ 145,634
Boats and accessories
Disaggregation of revenue:
Net sales	94,266	65,810	169,671	143,069
Parts
Disaggregation of revenue:
Net sales	$ 1,547	$ 1,449	$ 2,754	$ 2,565

NET SALES - Disaggregate revenu

NET SALES - Disaggregate revenue by location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of revenue:
Net sales	$ 95,813	$ 67,259	$ 172,425	$ 145,634
Domestic
Disaggregation of revenue:
Net sales	88,041	63,796	160,541	138,160
International
Disaggregation of revenue:
Net sales	$ 7,772	$ 3,463	$ 11,884	$ 7,474

NET SALES - Deferred revenue (D

NET SALES - Deferred revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued expenses and other liabilities
Disaggregation of revenue:
Deferred revenue	$ 1,336	$ 1,313

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
EARNINGS PER SHARE
Net income available for stockholders:	$ 9,955	$ 7,063	$ 5,794	$ 8,097	$ 17,018	$ 13,891
Less: Adjustments for earnings attributable to participating securities	(208)		(112)		(350)	(270)
Net income used in calculating earnings per share	$ 9,747		$ 5,682		$ 16,668	$ 13,621
Weighted average shares outstanding (including participating securities)	34,191		33,994		34,146	33,976
Adjustment for participating securities	(743)		(673)		(718)	(672)
Shares used in calculating basic earnings per share	33,448		33,321		33,428	33,304
Shares used in calculating diluted earnings per share	33,448		33,321		33,428	33,304

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - shares	1 Months Ended
STOCK-BASED COMPENSATION (Details) - shares	Apr. 30, 2014	Jun. 30, 2022
STOCK-BASED COMPENSATION
Stock authorized (in shares)	3,000,000
Term (in years)	P10Y
Available for grant (in shares)		1,074,747

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
STOCK-BASED COMPENSATION
Pre - tax cost	$ 820	$ 571	$ 1,430	$ 1,124
After tax cost	$ 639	$ 446	$ 1,115	$ 877

STOCK-BASED COMPENSATION - Non

STOCK-BASED COMPENSATION - Non vested RSU's (Details) - Restricted shares of common stock	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Shares
Non-vested shares at beginning \| shares	671,370
Granted \| shares	311,703
Vested \| shares	(193,403)
Forfeited \| shares	(4,700)
Non-vested shares at ending \| shares	784,970
Weighted Average Grant-Date Fair Value
Non-vested shares at beginning \| $ / shares	$ 14.70
Granted \| $ / shares	11.61
Vested \| $ / shares	11.96
Forfeited \| $ / shares	14.54
Non-vested shares at ending \| $ / shares	$ 14.15

STOCK-BASED COMPENSATION - Fair

STOCK-BASED COMPENSATION - Fair value (Details) - USD ($)	3 Months Ended		6 Months Ended
STOCK-BASED COMPENSATION - Fair value (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restricted shares of common stock
Stock-based compensation
Fair value, shares vested	$ 2,241,000	$ 3,174,000	$ 2,241,000	$ 3,174,000

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restricted shares of common stock
Stock-based compensation
Tax benefits for compensation tax deductions in excess of compensation expense	$ 22,000	$ 304,000

WARRANTY COSTS AND OTHER CONT_3

WARRANTY COSTS AND OTHER CONTINGENCIES - Warranty Costs (Details)	6 Months Ended
	Jun. 30, 2022
Warranty Costs:
Warranty Term (in years)	1 year
Termination period after date of purchase (in years)	5 years
Second subsequent owner
Warranty Costs:
Warranty Term (in years)	1 year
Hull warranty term (in years)	5 years
Minimum
Warranty Costs:
Additional items warranty term (in years)	1 year
Maximum
Warranty Costs:
Additional items warranty term (in years)	5 years
Chaparral
Warranty Costs:
Structural deck warranty term (in years)	5 years
Termination period after date of purchase (in years)	5 years

WARRANTY COSTS AND OTHER CONT_4

WARRANTY COSTS AND OTHER CONTINGENCIES - Analysis of warranty accruals (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Warranty accruals:
Balance at beginning of year	$ 4,641	$ 5,030
Less: Payments made during the year	(2,286)	(2,057)
Add: Warranty provision for the current year	2,328	1,779
Changes to warranty provision for prior years	104	179
Balance at end of year	$ 4,787	$ 4,931

WARRANTY COSTS AND OTHER CONT_5

WARRANTY COSTS AND OTHER CONTINGENCIES- Repurchase Obligations (Details) $ in Millions	Jun. 30, 2022 USD ($)
Repurchase obligations
Total purchase obligation	$ 8.8
Floor plan lender one
Repurchase obligations
Total purchase obligation	8
Floor plan lender one \| Minimum
Repurchase obligations
Total purchase obligation	8
Additional floor plan lenders
Repurchase obligations
Total purchase obligation	$ 0.8

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details)	6 Months Ended
BUSINESS SEGMENT INFORMATION (Details)	Jun. 30, 2022 segment
BUSINESS SEGMENT INFORMATION
Number of reportable segments	1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
INVENTORIES
Raw materials and supplies	$ 29,967	$ 42,231
Work in process	17,255	14,390
Finished goods	31,049	16,640
Total inventories	$ 78,271	$ 73,261

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
INCOME TAXES
Effective tax rate (as a percent)	24%	21.40%	23.50%	20.20%

PENSION AND RETIREMENT PLANS _3

PENSION AND RETIREMENT PLANS LIABILITIES - Components of net periodic cost (benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
EMPLOYEE BENEFIT PLANS
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, General and Administrative Expense
Retirement Income Plan
EMPLOYEE BENEFIT PLANS
Interest cost	$ 33	$ 37	$ 66	$ 74
Expected return on plan assets		(72)		(144)
Amortization of net losses	28	18	56	36
Net periodic (benefit) cost	$ 61	$ (17)	$ 122	$ (34)

PENSION AND RETIREMENT PLANS _4

PENSION AND RETIREMENT PLANS LIABILITIES (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
SERP
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss			$ 3,200,000
Fair value of plan assets	$ 9,961,000		9,961,000			$ 12,264,000
Trading gains related to the SERP assets	(1,076,000)	$ 895,000	(2,303,000)	$ 1,124,000
Participant deferrals net of distributions stated at fair value			13,942,000			$ 15,564,000
Change in fair value of liability unrealized gains	$ 1,060,000	$ 934,000	$ 2,325,000	$ 1,097,000
Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets					0%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
AOCI Roll Forward
Balance at beginning of the period	$ (2,576)
Reclassification adjustment, net of taxes
Balance at end of the period	(2,532)
Pension Adjustment
AOCI Roll Forward
Balance at beginning of the period	(2,576)	$ (1,947)
Reclassification adjustment, net of taxes
Amortization of net loss (1)	44	28
Balance at end of the period	$ (2,532)	$ (1,919)

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued payroll and related expenses	$ 3,257	$ 3,119
Accrued sales incentives and discounts	2,446	1,214
Accrued warranty costs	4,787	4,641
Deferred revenue	1,336	1,313
Income taxes payable	2,029	217
Other	1,057	794
Total accrued expenses and other liabilities	$ 14,912	$ 11,298

LONG TERM DEBT (Details)

LONG TERM DEBT (Details) $ in Thousands		6 Months Ended
LONG TERM DEBT (Details) $ in Thousands	Nov. 12, 2021 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Maximum debt consolidated leverage ratio		2.50
Minimum debt consolidated fixed charge coverage ratio		1.25
Origination and other debt related costs		$ 195
Outstanding borrowings		0	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 20,000
Increase in the aggregate commitments from committed accordion	$ 35,000
Interest incurred		45
Interest expense paid		$ 32
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Facility fee	25%
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Facility fee	45%
Revolving Credit Facility \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Interest rate	150%
Revolving Credit Facility \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Interest rate	250%
Swingline loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 5,000
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event	Jul. 26, 2022 $ / shares
Subsequent Event.
Regular cash dividend Payable, Amount Per Share	$ 0.12
Dividend payable, date to be payable	Sep. 09, 2022
Dividends payable, date declared	Aug. 10, 2022