0001144204-18-023950.txt : 20180430 0001144204-18-023950.hdr.sgml : 20180430 20180430170016 ACCESSION NUMBER: 0001144204-18-023950 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 72 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180430 DATE AS OF CHANGE: 20180430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARINE PRODUCTS CORP CENTRAL INDEX KEY: 0001129155 STANDARD INDUSTRIAL CLASSIFICATION: SHIP & BOAT BUILDING & REPAIRING [3730] IRS NUMBER: 582572419 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-16263 FILM NUMBER: 18790902 BUSINESS ADDRESS: STREET 1: 2801 BUFORD HIGHWAY NE, SUITE 520 CITY: ATLANTA STATE: GA ZIP: 30329 BUSINESS PHONE: 404-321-2140 MAIL ADDRESS: STREET 1: 2801 BUFORD HIGHWAY NE, SUITE 520 CITY: ATLANTA STATE: GA ZIP: 30329 10-Q 1 tv492189_10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2018

Commission File No. 1-16263

MARINE PRODUCTS CORPORATION

(exact name of registrant as specified in its charter)

Delaware	58-2572419
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

2801 Buford Highway, Suite 520, Atlanta, Georgia 30329

(Address of principal executive offices) (zip code)

Registrant’s telephone number, including area code — (404) 321-7910

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨ (Do not check if smaller reporting company)	Smaller reporting company	¨
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of April 20, 2018, Marine Products Corporation had 34,565,922 shares of common stock outstanding.

Marine Products Corporation

Table of Contents

		Page No.

Part I. Financial Information

Item 1.	Financial Statements (Unaudited)

	Consolidated Balance Sheets – As of March 31, 2018 and December 31, 2017	3

	Consolidated Statements of Operations – for the three months ended March 31, 2018 and 2017	4

	Consolidated Statements of Comprehensive Income – for the three months ended March 31, 2018 and 2017	5

	Consolidated Statement of Stockholders’ Equity – for the three months ended March 31, 2018	6

	Consolidated Statements of Cash Flows – for the three months ended March 31, 2018 and 2017	7

	Notes to Consolidated Financial Statements	8-22

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23-30

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

Item 4.	Controls and Procedures	31

Part II. Other Information

Item 1.	Legal Proceedings	32

Item 1A.	Risk Factors	32

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 3.	Defaults upon Senior Securities	33

Item 4.	Mine Safety Disclosures	33

Item 5.	Other Information	33

Item 6.	Exhibits	34

Signatures		35

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017

(In thousands)

(Unaudited)

	March 31,			December 31,
	2018			2017
				(Note 1)
ASSETS

Cash and cash equivalents	$	9,929		$	7,684
Marketable securities		3,277			2,636
Accounts receivable, net of allowance for doubtful accounts of $25 in 2018 and $25 in 2017		7,812			3,051
Inventories		44,040			38,006
Income taxes receivable		1,120			714
Prepaid expenses and other current assets		1,312			2,096
Total current assets		67,490			54,187
Property, plant and equipment, net of accumulated depreciation of $24,813 in 2018 and $24,395 in 2017		14,110			14,218
Goodwill		3,308			3,308
Other intangibles, net		465			465
Marketable securities		8,235			10,395
Deferred income taxes		3,505			3,649
Other assets		9,680			9,678
Total assets	$	106,793		$	95,900

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable	$	12,998		$	5,362
Accrued expenses and other liabilities		15,561			13,999
Total current liabilities		28,559			19,361
Pension liabilities		6,616			6,732
Other long-term liabilities		263			203
Total liabilities		35,438			26,296
Common stock		3,457			3,457
Capital in excess of par value		-			-
Retained earnings		69,852			68,127
Accumulated other comprehensive loss		(1,954	)		(1,980	)
Total stockholders' equity		71,355			69,604
Total liabilities and stockholders' equity	$	106,793		$	95,900

The accompanying notes are an integral part of these consolidated statements.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017

(In thousands except per share data)

(Unaudited)

	Three months ended March 31,
	2018		2017

Net sales	$	77,536	$	71,040
Cost of goods sold		59,885		56,134
Gross profit		17,651		14,906
Selling, general and administrative expenses		8,618		8,008
Operating income		9,033		6,898
Interest income		33		51
Income before income taxes		9,066		6,949
Income tax provision		1,457		1,688
Net income	$	7,609	$	5,261

Earnings per share
Basic	$	0.22	$	0.15
Diluted	$	0.22	$	0.15

Dividends paid per share	$	0.10	$	0.07

The accompanying notes are an integral part of these consolidated financial statements.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017

(In thousands)

(Unaudited)

	Three months ended March 31,
	2018		2017

Net income	$	7,609	$	5,261

Other comprehensive income, net of taxes:
Pension adjustment		19		15
Unrealized gain on debt securities, net of reclassification adjustments		7		22

Comprehensive income	$	7,635	$	5,298

The accompanying notes are an integral part of these consolidated financial statements.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2018

(In thousands)

(Unaudited)

													Accumulated
							Capital in						Other
	Common Stock						Excess of			Retained			Comprehensive
	Shares			Amount			Par Value			Earnings			Income (Loss)			Total
Balance, December 31, 2017		34,572		$	3,457		$	-		$	68,127		$	(1,980	)	$	69,604
Stock issued for stock incentive plans, net		194			20			496			—			—			516
Stock purchased and retired		(200	)		(20	)		(496	)		(2,419	)		—			(2,935	)
Net income		—			—			—			7,609			—			7,609
Pension adjustment, net of taxes		—			—			—			—			19			19
Unrealized gain on securities, net of taxes and reclassification adjustment		—			—			—			—			7			7
Dividends paid		—			—			—			(3,465	)		—			(3,465	)

Balance, March 31, 2018		34,566		$	3,457		$	-		$	69,852		$	(1,954	)	$	71,355

The accompanying notes are an integral part of these consolidated statements.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017

(In thousands)

(Unaudited)

	Three months ended March 31,
	2018			2017
OPERATING ACTIVITIES
Net income	$	7,609		$	5,261
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		417			359
Gain on sale of equipment and property		-			(8	)
Amortization of premium related to marketable securities		87			64
Stock-based compensation expense		516			508
Deferred income tax provision		129			276
(Increase) decrease in assets:
Accounts receivable		(4,761	)		(7,429	)
Inventories		(6,034	)		3,920
Prepaid expenses and other current assets		784			689
Income taxes receivable		(406	)		(923	)
Other non-current assets		(2	)		(111	)
Increase (decrease) in liabilities:
Accounts payable		7,636			5,145
Accrued expenses and other liabilities		1,562			2,232
Other long-term liabilities		(27	)		67
Net cash provided by operating activities		7,510			10,050

INVESTING ACTIVITIES
Capital expenditures		(309	)		(318	)
Proceeds from sale of assets		-			8
Purchases of marketable securities		(3,581	)		(4,262	)
Sales of marketable securities		4,675			2,389
Maturities of marketable securities		350			-
Net cash provided by (used for) investing activities		1,135			(2,183	)

FINANCING ACTIVITIES
Payment of dividends		(3,465	)		(2,436	)
Cash paid for common stock purchased and retired		(2,935	)		(1,223	)
Net cash used for financing activities		(6,400	)		(3,659	)

Net increase in cash and cash equivalents		2,245			4,208
Cash and cash equivalents at beginning of period		7,684			2,619
Cash and cash equivalents at end of period	$	9,929		$	6,827

Supplemental information:
Income tax payments, net	$	1,556		$	2,362

The accompanying notes are an integral part of these consolidated statements.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

The consolidated balance sheet at December 31, 2017 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 Company's annual report on Form 10-K for the year ended December 31, 2017.

A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS:

Recently Adopted Accounting Standards:

Accounting Standards Update (ASU) No. 2014-09, Revenue from Contacts with Customers (Topic 606): On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) for all contracts using the modified retrospective method, with no cumulative-effect adjustment to retained earnings upon adoption. The comparative information has not been restated and continues to be reported under the accounting standards that were in effect for those periods. The adoption of the new revenue standard did not have a material impact on our consolidated financial statements. See “Net sales” in the Notes to Consolidated Financial Statements for expanded disclosures.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments make targeted improvements to existing U.S. GAAP and affects accounting for equity investments and financial instruments and liabilities and related disclosures. The Company adopted these provisions in the first quarter of 2018 and the adoption did not have a material impact on its consolidated financial statements.

ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The amendments provide guidance in the presentation and classification of certain cash receipts and cash payments in the statement of cash flows including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. The Company adopted these provisions in the first quarter of 2018 and will present cash flow statements in conformity with these provisions when such issues arise. The Company does not expect the adoption of these provisions to have an ongoing material impact on its consolidated financial statements.

_·

ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The amendments require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments eliminate the exception for an intra-entity transfer of an asset other than inventory. The Company adopted these provisions in the first quarter of 2018, and the adoption did not have a material impact on its consolidated financial statements.

ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments provide a more robust framework to use in determining when a set of assets and activities is a business. The Company adopted these provisions in the first quarter of 2018 and will apply these provisions as it completes future acquisitions. The Company does not expect the adoption of these provisions to have an ongoing material impact on its consolidated financial statements.

ASU No. 2017-09 —Compensation —Stock Compensation (Topic 718): Scope of Modification Accounting. The provisions are applicable when there are changes to the terms or conditions of a share-based payment award. The amendments require an entity to apply modification accounting for the effects of changes to the terms and conditions of a share-based payment award unless certain conditions including fair value, vesting conditions and classification are met. The Company adopted these provisions in the first quarter of 2018 and will apply these provisions if changes to the terms or conditions of a share-based payment award are made. The Company does not expect the adoption of these provisions to have an ongoing material impact on its consolidated financial statements.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Recently Issued Accounting Standards Not Yet Adopted:

To be adopted in 2019:

ASU No. 2016-02 —Leases (Topic 842). Under the new guidance, lessees will need to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease), at the commencement of the lease term. The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. The amendments are effective starting in the first quarter of 2019, with early adoption permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.

ASU No. 2018-02—Income Statement—Reporting Comprehensive Income (Topic 220)—Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments provide an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The provisions require additional disclosures including a description of the accounting policy for releasing income tax effects from AOCI, the election, if made, to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act; and information about the other income tax effects that are reclassified. The amendments are effective starting in the first quarter of 2019, with early adoption permitted. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.

To be adopted in 2020 and later:

ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments require the credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration to be presented as an allowance rather than a write-down. It also allows recording of credit loss reversals in current period net income. The amendments are effective starting in the first quarter of 2020 with early application permitted a year earlier. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.

ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments are effective for annual or any interim goodwill impairment tests beginning in 2020 applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

ASU No. 2017-08 —Receivables —Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments shorten the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. However, the amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments are effective starting in the first quarter of 2019 with early application permitted. The amendments are to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The entity is required to provide disclosures about a change in accounting principle in the period of adoption. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.

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, accessories, and parts to our dealers. Net sale is 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 7). 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 consists 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

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 receives the related compensation, typically within seven to ten business days after invoicing. For some domestic customers and all international customers, MPC requires payment prior to transferring control of the goods. These amounts are classified as deferred revenue and recognized when control has transferred, which generally occurs within three months of receiving the payment.

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. The Company utilizes the expected value method to estimate the variable consideration related to dealer incentives. Key inputs and assumptions in determining variable consideration includes:

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 (in thousands):

	Three months ended
(in thousands)	March 31, 2018		March 31, 2017
Boats and accessories	$	76,655	$	70,126
Parts		881		914
Net sales	$	77,536	$	71,040

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table disaggregates our revenues between domestic and international (in thousands):

	Three months ended
(in thousands)	March 31, 2018		March 31, 2017
Domestic	$	71,546	$	67,221
International		5,990		3,819
Net sales	$	77,536	$	71,040

Timing of revenue recognition for each of the periods presented is shown below:

	Three months ended
(in thousands)	March 31, 2018		March 31, 2017
Products transferred at a point in time	$	77,536	$	71,040
Products transferred over time		-		-
Net sales	$	77,536	$	71,040

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 on the Consolidated Balance Sheets.

(in thousands)

March 31,

2018

December 31,

2017

March 31,
2017

December 31,
2016

Deferred revenue

1,315

864

614

416

Substantially all of the amounts of deferred revenue as of December 31, 2017 and December 31, 2016 were recognized as sales during the three months ended March 31, 2018 and March 31, 2017, when control transferred.

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:

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

	Three months ended March 31,
(In thousands)	2018			2017
Net income available for stockholders:	$	7,609		$	5,261
Less: Adjustments for earnings attributable to participating securities		(212	)		(163	)
Net income used in calculating earnings per share	$	7,397		$	5,098

Weighted average shares outstanding (including participating securities)		34,607			34,931
Adjustment for participating securities		(986	)		(1,145	)
Shares used in calculating basic and diluted earnings per share		33,621			33,786

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. All future equity compensation awards by the Company will be issued under the 2014 plan. 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 March 31, 2018, there were approximately 1,869,100 shares available for grant.

Stock-based compensation for the three months ended March 31, 2018 and 2017 were as follows:

(in thousands)	Three months ended March 31,
	2018		2017
Pre – tax cost	$	516	$	508
After tax cost	$	402	$	328

Restricted Stock

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2018:

	Shares			Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2017		1,040,800		$	7.76
Granted		193,500			13.97
Vested		(271,790	)		6.40
Forfeited		-			-
Non-vested shares at March 31, 2018		962,510		$	9.39

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The total fair value of shares vested was approximately $4,121,000 during the three months ended March 31, 2018 and approximately $3,165,000 during the three months ended March 31, 2017.

Other Information

As of March 31, 2018, total unrecognized compensation cost related to non-vested restricted shares was approximately $8,646,000. This cost is expected to be recognized over a weighted-average period of 3.9 years.

For the three months ended March 31, 2018 approximately $545,000 of excess tax benefit for stock based compensation awards has been recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $580,000 as of March 31, 2017.

MARKETABLE SECURITIES

Marine Products’ marketable securities are held with a large, well-capitalized financial institution. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designations as of each balance sheet date. Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity. Available-for-sale debt securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale debt securities are included in interest income.

The net realized gains and the reclassification of net realized gains from other comprehensive income are as follows:

	Three months ended
	March 31,
(in thousands)	2018			2017
Net realized (loss) gain	$	(19	)	$	10
Reclassification of net realized (losses) gains from other comprehensive income	$	(19	)	$	10

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Gross unrealized gains (losses) on marketable securities are as follows:

	March 31, 2018					December 31, 2017
	Gross unrealized					Gross unrealized
(in thousands)	Gains		(Losses)			Gains		(Losses)
Municipal Obligations	$	-	$	(56	)	$	-	$	(70	)
Corporate Obligations		-		(2	)		-		-
	$	-	$	(58	)	$	-	$	(70	)

The amortized cost basis, fair value and net unrealized gains on the available-for-sale debt securities are as follows:

	March 31, 2018							December 31, 2017
Type of Securities	Amortized Cost Basis		Fair Value		Net Unrealized Losses			Amortized Cost Basis		Fair Value		Net Unrealized Losses
(in thousands)
Municipal Obligations	$	9,820	$	9,764	$	(56	)	$	13,101	$	13,031	$	(70	)
Corporate Obligations		1,750		1,748		(2	)		-		-		-
Total	$	11,570	$	11,512	$	(58	)	$	13,101	$	13,031	$	(70	)

Municipal obligations consist primarily of municipal notes rated AA- or higher ranging in maturity from less than one year to over 20 years. Investments with remaining maturities of less than 12 months are considered to be current marketable securities. Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities are scheduled to mature between 2019 and 2047.

WARRANTY COSTS AND OTHER CONTINGENCIES

Warranty Costs

For our Chaparral and Robalo products, Marine Products provides a lifetime limited structural hull warranty, a five-year limited structural deck warranty, and a transferable one-year limited warranty to the original owner. Warranties for additional items are provided for periods of one to five years and are not transferrable. Additionally, as it relates to the first subsequent owner, a five-year transferrable hull warranty and the remainder of the original one-year limited warranty on certain components are available. The five-year transferable hull warranty terminates five years after the date of the original retail purchase. Claim costs related to components are generally absorbed by the original component manufacturer.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 three months ended March 31, 2018 and 2017 is as follows:

(in thousands)	2018			2017
Balance at beginning of period	$	5,373		$	4,629
Less: Payments made during the period		(689	)		(608	)
Add: Warranty provision for the period		981			872
Changes to warranty provision for prior periods		38			51
Balance at March 31	$	5,703		$	4,944

The warranty accruals are reflected in accrued expenses and other liabilities on the 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 of inventory under contractual agreements during the three months ended March 31, 2018 and March 31, 2017.

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 is 16 percent of the amount of the average net receivables financed by the floor plan lender for our dealers during the prior 12 month period, which was $12.9 million as of March 31, 2018. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $7.5 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 $20.4 million as of March 31, 2018.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

BUSINESS SEGMENT INFORMATION

The Company has only 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 consist of the following:

(in thousands)	March 31, 2018		December 31, 2017
Raw materials and supplies	$	22,922	$	20,116
Work in process		10,450		8,300
Finished goods		10,668		9,590
Total inventories	$	44,040	$	38,006

10.

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 revised, 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 first quarter of 2018 reflects an effective tax rate of 16.1 percent, compared to an effective tax rate of 24.3 percent for the comparable period in the prior year. The decrease in effective rate is primarily due to the corporate income tax rate reduction from the recently enacted Tax Cuts and Jobs Act (“the Act”). The effective rate in both periods includes the effect of beneficial permanent differences including tax-exempt interest income and beneficial discrete adjustments related to the vesting of restricted stock awarded to employees. The effective tax rate for the first quarter of 2017 also included certain beneficial permanent tax differences generated from the implementation of state tax planning that provided for the increased use of previously suspended net operating losses.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

On January 1, 2018, the Company implemented the provisions of the Act and recorded adjustments relating to changes in tax rates on deferred tax assets and liabilities during the year ended December 31, 2017. The Company is currently analyzing additional information related to its accounting for the income tax effects of the Act as it pertains to the deduction for executive compensation, including the impact for compensation that is paid pursuant to a binding contract that would have been deductible under the prior rules. Due to the complexity of this provision, additional time is needed to further analyze our executive compensation program, exceptions under the binding contract rule, and the impact of vesting of restricted stock grants, dividends, and bonuses. We expect to complete the accounting for tax reform with the completion of our 2017 Federal income tax return, which is expected to be complete by the third quarter of 2018.

11.

EMPLOYEE BENEFIT PLANS

The Company participates in a multiple employer pension plan. The following represents the net periodic benefit (credit) cost and related components for the plan:

(in thousands)	Three months ended March 31,
	2018			2017
Interest cost	$	63		$	66
Expected return on plan assets		(125	)		(104	)
Amortization of net losses		20			23
Net periodic benefit (credit)	$	(42	)	$	(15	)

The Company did not make a contribution to this plan during the three months ended March 31, 2018.

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 in the SERP that have been classified as trading. The SERP assets are marked to market and totaled $5,944,000 as of March 31, 2018 and $6,031,000 as of December 31, 2017. The SERP assets are reported in other non-current assets on the consolidated balance sheets and changes to the fair value of the assets are reported in selling, general and administrative expenses in the consolidated statements of operations.

Trading losses related to the SERP assets totaled approximately $92,000 during the three months ended March 31, 2018, compared to trading gains of $88,000 during the three months ended March 31, 2017.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

12.

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:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.

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.

Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.

The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of March 31, 2018 and December 31, 2017:

	Fair Value Measurements at March 31, 2018 with:

(in thousands)	Total		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
			(Level 1)		(Level 2)		(Level 3)
Assets:
Available-for-sale debt securities:
Municipal Obligations	$	9,764	$	—	$	9,764	$	—
Corporate Obligations		1,748		—		1,748		—
	$	11,512	$	—	$	11,512	$	—
Investments measured at Net Asset Value - Trading securities	$	5,944

	Fair Value Measurements at December 31, 2017 with:

(in thousands)	Total		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
			(Level 1)		(Level 2)		(Level 3)
Assets:
Available-for-sale debt securities:
Municipal Obligations	$	13,031	$	—	$	13,031	$	—
Corporate Obligations		—		—		—		—
	$	13,031	$	—	$	13,031	$	—
Investments measured at Net Asset Value - Trading securities	$	6,031

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The carrying amount of other financial instruments reported in the consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments.

13.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss consists of the following:

(in thousands)	Pension Adjustment			Unrealized Gain On Securities			Total
Balance at December 31, 2017	$	(1,936	)	$	(44	)	$	(1,980	)
Change during the period ended March 31, 2018:
Before-tax amount			_		(10	)		(10	)
Tax provision			_		2			2
Reclassification adjustment, net of taxes
Amortization of net loss ⁽¹⁾		19			-			19
Net realized loss ⁽²⁾		-			15			15
Total activity for the period		19			7			26
Balance at March 31, 2018	$	(1,917	)	$	(37	)	$	(1,954	)

(1)

Reported as part of selling, general and administrative expenses.

(2)

Reported as part of interest income.

(in thousands)	Pension Adjustment			Unrealized Gain On Securities			Total
Balance at December 31, 2016	$	(2,151	)	$	(31	)	$	(2,182	)
Change during the period ended March 31, 2017:
Before-tax amount			_		45			45
Tax provision			_		(16	)		(16	)
Reclassification adjustment, net of taxes
Amortization of net loss ⁽¹⁾		15			-			15
Net realized (gain) ⁽²⁾		-			(7	)		(7	)
Total activity for the period		15			22			37
Balance at March 31, 2017	$	(2,136	)	$	(9	)	$	(2,145	)

(1)

Reported as part of selling, general and administrative expenses.

(2)

Reported as part of interest income.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

14.

SUBSEQUENT EVENT

On April 24, 2018, the Board of Directors approved a $0.10 per share cash dividend payable June 11, 2018 to stockholders of record at the close of business May 10, 2018.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Marine Products Corporation, through our wholly owned subsidiaries Chaparral and Robalo, is a leading manufacturer of recreational fiberglass powerboats. Our sales and profits are generated by selling the products that we manufacture to a network of independent dealers who in turn sell the products to retail customers. These dealers are located throughout the continental United States and in several international markets. Many of these dealers finance their inventory through third-party floorplan lenders, who pay Marine Products generally within twelve days after delivery of the products to the dealers.

The discussion on business and financial strategies of the Company set forth under the heading “Overview” in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017 is incorporated herein by reference. There have been no significant changes in the strategies since year-end.

In executing these strategies and attempting to optimize our financial returns, management closely monitors dealer orders and inventories, the production mix of various models, and indications of near term demand such as consumer confidence, interest rates, dealer orders placed at our annual dealer conferences, and retail attendance and orders at annual winter boat show exhibitions. We also consider trends related to certain key financial and other data, including our historical and forecasted financial results, market share, unit sales of our products, average selling price per boat, and gross profit margins, among others, as indicators of the success of our strategies. Marine Products’ financial results are affected by consumer confidence — because pleasure boating is a discretionary expenditure, interest rates — because many retail customers finance the purchase of their boats, and other socioeconomic and environmental factors such as availability of leisure time, consumer preferences, demographics and the weather.

Our net sales were higher during the first quarter of 2018 compared to the fourth quarter of 2017 and the first quarter of 2017 primarily due to an increase in average selling prices, including sales of our Surf Series models.

Operating income increased 31.0 percent during the first quarter of 2018 compared to the same period in the prior year due to higher gross profit, partially offset by higher selling, general and administrative expenses. Selling, general and administrative expenses increased primarily due to higher incentive compensation consistent with improved operating results. Dealer inventory in units as of March 31, 2018 was higher than at the end of the fourth quarter of 2017 and at the end of the first quarter of 2017, but appropriate to the level of dealer demand as we enter the strongest part of the retail selling season.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

OUTLOOK

The discussion of the outlook for 2018 is incorporated herein by reference from the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017.

We believe that recreational boating retail demand in many segments of the industry continue to be strong. Attendance and sales during the 2018 winter boat shows were moderately higher than the 2017 winter boat show season, residential real estate markets have improved, consumer confidence have stabilized, and fuel prices have declined. A potential impediment to improving boat sales, however, is the increase in market interest rates. Since most consumers finance their boat purchases, higher interest rates increase the cost of boat ownership.

Although industry wide retail boat sales remain lower than they were prior to the 2008 financial crisis, retail boat sales have increased each year since 2011. We believe retail boat sales will continue to improve due to a growing U.S. economy. Fluctuations in fuel prices can impact our industry, although they were relatively stable in 2017 and we do not believe that they have recently impacted sales. In general, the overall cost of boat ownership has increased, especially in the sterndrive recreational boat market segment, which comprises approximately 37 percent of the Company’s unit sales. The higher cost of boat ownership discourages consumers from purchasing recreational boats. For a number of years, Marine Products as well as other boat manufacturers have been improving their customer service capabilities, marketing strategies and sales promotions in order to attract more consumers to recreational boating as well as improve consumers’ boating experiences. The Company provides financial incentives to its dealers for receiving favorable customer satisfaction surveys. In addition, the recreational boating industry conducts a promotional program which involves advertising and consumer targeting efforts, as well as other activities designed to increase the potential consumer market for pleasure boats. Many manufacturers, including Marine Products, participate in this program. Management believes that these efforts have incrementally benefited the industry and Marine Products. As in past years, Marine Products enhanced its selection of models for the 2018 model year which began on July 1, 2017. We continue to emphasize the larger Chaparral and Robalo models, as well as the Surf Series, a line of Chaparral models first introduced for the 2017 model year. In addition, we are experiencing a favorable consumer reception to our Chaparral H2O outboard boats. We believe that these boat models will expand our customer base, and leverage our strong dealer network and reputation for quality and styling. During 2017 we expanded our nationally advertised fixed retail pricing to include more of our models. We plan to continue to develop and produce additional new products for subsequent model years. Marine Products expects to benefit from the Tax Cuts and Jobs Act (“Tax Reform”) enacted during the fourth quarter of 2017. Marine Products Corporation estimates that its annual effective tax rate for 2018 will be in the low 20 percent range compared to 35.6 percent for 2017. Since Marine Products believes that it will generate continued positive financial results, the Company will benefit from this lower income tax rate through increased net earnings in 2018.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

Our financial results for the full year of 2018 will depend on a number of factors, including, but not limited to, interest rates, consumer confidence, the availability of credit to our dealers and consumers, fuel prices, the continued acceptance of our new products in the recreational boating market, our ability to compete in the competitive pleasure boating industry, and the costs of labor and certain of our raw materials and key components.

RESULTS OF OPERATIONS

Key operating and financial statistics for the three months ended March 31, 2018 and 2017 are as follows:

	Three months ended March 31,
	2018			2017
Total number of boats sold		1,483			1,491
Average gross selling price per boat (in thousands)	$	45.8		$	41.8
Net sales (in thousands)	$	77,536		$	71,040
Percentage of cost of goods sold to net sales		77.2	%		79.0	%
Gross profit margin percent		22.8	%		21.0	%
Percentage of selling, general and administrative expenses to net sales		11.1	%		11.3	%
Operating income (in thousands)	$	9,033		$	6,898
Warranty expense (in thousands)	$	1,019		$	923

THREE MONTHS ENDED MARCH 31, 2018 COMPARED TO THREE MONTHS ENDED MARCH 31, 2017

Net sales for the three months ended March 31, 2018 increased $6.5 million or 9.1 percent compared to the same period in 2017. The change in net sales during the quarter compared to the prior year was due primarily to a 9.6 percent increase in the average selling price per boat, partially offset by a 0.5 percent decrease in the number of units sold. The increase in average selling price per boat was due to a model mix which included larger boats, and sales of our new Surf Series models, partially offset by a decrease in unit sale of our Vortex jet boats. In the first quarter of 2018, net sales outside of the United States accounted for 7.7 percent of net sales compared to 5.4 percent of net sales in the first quarter of 2017. Domestic net sales increased 6.4 percent to $71.5 million and international sales increased 56.8 percent to $6.0 million compared to the first quarter of the prior year.

Cost of goods sold for the three months ended March 31, 2018 was $59.9 million compared to $56.1 million for the comparable period in 2017, an increase of $3.8 million or 6.7 percent. Cost of goods sold decreased to 77.2 percent of net sales for the three months ended March 31, 2018 from 79.0 percent of net sales for the comparable period in 2017, primarily due to model mix.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

Selling, general and administrative expenses for the three months ended March 31, 2018 were $8.6 million compared to $8.0 million for the comparable period in 2017, an increase of $0.6 million or 7.6 percent. This increase was primarily due to expenses that vary with sales and profitability, such as incentive compensation. Selling, general and administrative expenses as a percentage of net sales decreased slightly to 11.1 percent in the first quarter of 2018 from 11.3 percent in the first quarter of 2017.

Operating income for the three months ended March 31, 2018 increased $2.1 million or 31.0 percent compared to the same period in 2017 due to higher gross profit, partially offset by higher selling, general and administrative expenses.

Interest income was $33 thousand during the three months ended March 31, 2018 compared to $51 thousand for the comparable period in 2017.

Income tax provision for the first quarter of 2018 reflects an effective tax rate of 16.1 percent, compared to an effective tax rate of 24.3 percent for the comparable period in the prior year. The decrease in effective rate is primarily due to the corporate income tax rate reduction from the Tax Cuts and Jobs Act. The effective rate in both periods includes the effect of beneficial permanent differences including tax-exempt interest income and beneficial discrete adjustments related to the vesting of restricted stock awarded to employees. The effective tax rate for the first quarter of 2017 also included certain beneficial permanent tax differences generated from the implementation of state tax planning that provided for the increased use of previously suspended net operating losses.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

The Company’s cash and cash equivalents at March 31, 2018 were $9.9 million compared to $7.7 million at December 31, 2017. In addition, the aggregate of short-term and long-term marketable securities was $11.5 million at March 31, 2018 compared to $13.0 million at December 31, 2017.

The following table sets forth the cash flows for the applicable periods:

	Three months ended March 31,
(in thousands)	2018			2017

Net cash provided by operating activities	$	7,510		$	10,050
Net cash provided by (used for) investing activities		1,135			(2,183	)
Net cash used for financing activities	$	(6,400	)	$	(3,659	)

Cash provided by operating activities for the three months ended March 31, 2018 decreased approximately $2.5 million compared to the comparable period in 2017. This decrease is primarily due to an unfavorable change in working capital, as described in more detail below, partially offset by an increase in net income.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

The major components of the net unfavorable change in working capital were as follows: an unfavorable change of $10.0 million in inventories primarily due to the timing of shipments of finished boats, coupled with higher levels to support increased production; a favorable change of $2.7 million in accounts receivable primarily due to the timing of collections; and a $2.5 million favorable change in accounts payable, due primarily to timing of payments.

Cash provided by investing activities for the three months ended March 31, 2018 was approximately $1.1 million compared to $2.2 million used for investing activities for the same period in 2017. The increase in provided by investing activities is primarily due to increased net sales of marketable securities in the current period.

Cash used for financing activities for the three months ended March 31, 2018 increased approximately $2.7 million compared to the three months ended March 31, 2017 primarily due to a 42.9 percent increase in the quarterly common stock dividend paid, coupled with an increase in open market share repurchases in the first quarter of 2018.

Financial Condition and Liquidity

The Company believes that the liquidity provided by existing cash, cash equivalents and marketable securities, its overall strong capitalization and cash generated by operations will provide sufficient capital to meet the Company’s requirements for at least the next twelve months. The Company’s decisions about the amount of cash to be used for investing and financing purposes are influenced by its capital position and the expected amount of cash to be provided by operations.

Cash Requirements

The Company currently expects that capital expenditures during 2018 will be approximately $2.1 million, of which $0.3 million has been spent through March 31, 2018.

The Company participates in a multiple employer Retirement Income Plan, sponsored by RPC, Inc. (“RPC”). On April 10, 2018 the company made a cash contribution of $770 thousand to this plan.

As of March 31, 2018, the Company has repurchased a total of 5,847,089 shares in the open market under the Company stock repurchase program and there are 2,402,911 shares that remain available for repurchase under the current authorization. There were 110,141 shares repurchased under this program during the three months ended March 31, 2018.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

OFF BALANCE SHEET ARRANGEMENTS

To assist dealers in obtaining financing for the purchase of its boats for inventory, the Company has entered into agreements with various third-party floor plan lenders whereby the Company guarantees varying amounts of debt for qualifying dealers on boats in 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 all repossessed boats to the Company in a new and unused condition 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 which vary by lender. The Company had no material repurchases of inventory under contractual agreements during the three months ended March 31, 2018 and March 31, 2017.

Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by the 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 is 16 percent of the amount of the average net receivables financed by the floor plan lender for our dealers during the prior 12 month period, which was $12.9 million as of March 31, 2018. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $7.5 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all financing institutions of approximately $20.4 million as of March 31, 2018.

RELATED PARTY TRANSACTIONS

In conjunction with its spin-off from RPC in 2001, the Company and RPC entered into various agreements that define their relationship after the spin-off. RPC charged the Company for its allocable share of administrative costs incurred for services rendered on behalf of Marine Products totaling approximately $241 thousand for the three months ended March 31, 2018 and $195 thousand for the three months ended March 31, 2017.

CRITICAL ACCOUNTING POLICIES

The discussion of Critical Accounting Policies is incorporated herein by reference from the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017. There have been no significant changes in the critical accounting policies since year-end.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

See Note 2 of the Consolidated Financial Statements for a description of recent accounting pronouncements, including the expected dates of adoption and expected effects on results of operations and financial condition, if known.

SEASONALITY

Marine Products’ quarterly operating results are affected by weather and general economic conditions. Quarterly operating results for the second quarter have historically recorded the highest sales volume for the year because this corresponds with the highest retail sales volume period. The results for any quarter are not necessarily indicative of results to be expected in any future period.

INFLATION

The market prices of certain materials used in manufacturing the Company’s products, especially resins that are made with hydrocarbon feedstocks, copper and steel, have at certain periods been volatile. During 2017, the costs of several of these raw materials increased slightly. In addition, the cost of certain components used in the manufacturing of the Company’s products has increased due to high demand and limited supplier capacity. As a result, it is possible the Company will incur higher materials purchase costs for the remainder of 2018. These higher prices of materials would increase the costs of manufacturing the Company’s products, and could negatively affect our profit margins, due to the competitive nature of the selling environment for recreational boats. Furthermore, the costs of these raw materials remain volatile, and may decrease in the future.

New boat buyers typically finance their purchases. Higher inflation typically results in higher interest rates that could translate into an increased cost of boat ownership. During the first quarter of 2018, there were indications that inflation in the general economy was beginning to increase, and general market interest rates have increased as well. If these trends continue during 2018, prospective buyers may choose to forego or delay their purchases or buy a less expensive boat in the event that interest rates rise or credit is not available to finance their boat purchases.

FORWARD-LOOKING STATEMENTS

Certain statements made in this report that are not historical facts are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, the Company’s expectation that higher costs of materials could negatively affect its profit margins; the Company’s belief that recreational boating retail demand in many segments of the industry is improving; our belief that a potential impediment to improving boat sales, is the increase in inflation in the general economy and market interest rates; the Company’s belief that retail boat sales will continue to improve due to improving consumer confidence and a growing U.S. economy; the Company’s belief that fluctuations in fuel prices have not recently impacted sales; the Company’s belief that its participation in a promotional program which involves advertising and consumer targeting efforts, as well as other activities designed to increase the potential consumer market for pleasure boats has benefited the Company; the Company’s plans to continue to emphasize the value-priced Chaparral and Robalo models as well as the Surf Series, and new larger SSX models; the Company’s belief that newer boat models, including the Chaparral H2O outboard boats, will expand its customer base and leverage its strong dealer network and reputation for quality and styling; the Company’s plans to continue to develop and additional new products for subsequent model years; the Company’s belief that it will benefit from Tax Reform; the Company’s belief that the annual effective tax rate for 2018 will be in the low 20 percent range; the Company’s belief that it will generate continued positive financial results; the Company’s belief that its liquidity, capitalization and cash expected to be generated from operations, will provide sufficient capital to meet the Company’s requirements for at least the next twelve months; the Company’s expectations about capital expenditures during 2018; and the Company’s expectation regarding market risk of its investment portfolio.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

The words “may,” “should,” “will,” “expect,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “project,” “estimate,” and similar expressions used in this document that do not relate to historical facts are intended to identify forward-looking statements. Such statements are based on certain assumptions and analyses made by our management in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes to be appropriate. We caution you that such statements are only predictions and not guarantees of future performance and that actual results, developments and business decisions may differ from those envisioned by the forward-looking statements. Risk factors that could cause such future events not to occur as expected include the following: economic conditions, unavailability of credit and possible decreases in the level of consumer confidence impacting discretionary spending; business interruptions due to adverse weather conditions, increased interest rates, unanticipated changes in consumer demand and preferences, deterioration in the quality of Marine Products’ network of independent boat dealers or availability of financing of their inventory; our ability to insulate financial results against increasing commodity prices; the impact of rising gasoline prices and a weak housing market on consumer demand for our products; competition from other boat manufacturers and dealers; potential liabilities for personal injury or property damage claims relating to the use of our products; our ability to successfully identify suitable acquisition candidates or strategic partners, obtain financing on satisfactory terms, complete acquisitions or strategic alliances, integrate acquired operations into our existing operations, or expand into new markets; changes in various government laws and regulations, including environmental regulations; the existence of certain anti-takeover provisions in our governance documents, which could make a tender offer, change in control or takeover attempt that is opposed by Marine Products’ Board of Directors more difficult or expensive; and insurance companies that insure a number of Marine Products’ marketable securities have been downgraded, which may cause volatility in the market price of Marine Products’ marketable securities. Additional discussion of factors that could cause actual results to differ from management’s projections, forecasts, estimates and expectations is contained in Marine Products Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2017. The Company does not undertake to update its forward-looking statements.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Marine Products does not utilize financial instruments for trading purposes and, as of March 31, 2018, did not hold derivative financial instruments that could expose the Company to significant market risk. Also, as of March 31, 2018, the Company’s investment portfolio, totaling approximately $11.5 million and comprised primarily of municipal and corporate debt securities, is subject to interest rate risk exposure. This risk is managed through conservative policies to invest in high-quality obligations that are both short-term and long-term in nature. Because Marine Products’ investment portfolio mix has been allocated towards securities with similar term maturities compared to the end of fiscal year 2017, the risk of material market value fluctuations is not expected to be significantly different from the end of fiscal year 2017 and the Company currently expects no such changes through the remainder of the current year.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures – The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, and that such information is accumulated and communicated to its management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report, March 31, 2018 (the “Evaluation Date”), the Company carried out an evaluation, under the supervision and with the participation of its management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. Based upon this evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective at a reasonable assurance level as of the Evaluation Date.

Changes in internal control over financial reporting – Management’s evaluation of changes in internal control did not identify any changes in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Marine Products is involved in litigation from time to time in the ordinary course of its business. Marine Products does not believe that the outcome of such litigation will have a material adverse effect on the financial position or results of operations of Marine Products.

Item 1A. RISK FACTORS

See the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2017.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities by the Issuer and Affiliated Purchasers.

Shares repurchased by the Company and affiliated purchases in the first quarter of 2018 are outlined below.

Period	Total Number of Shares (or Units) Purchased			Average Price Paid Per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs ⁽¹⁾
Month #1
January 1, 2018 to January 31, 2018		89,594	(2)	$	15.11		-		2,513,052

Month #2
February 1, 2018 to February 28, 2018		67,074			14.26		67,074		2,445,978

Month #3
March 1, 2018 to March 31, 2018		43,067			14.48		43,067		2,402,911
Totals		199,735		$	14.69		110,141		2,402,911

(1)

The Company's Board of Directors announced a stock buyback program on April 25, 2001 authorizing the repurchase of 2,250,000 shares in the open market and another on March 14, 2005 authorizing the repurchase of an additional 3,000,000 shares. On January 22, 2008 the Board of Directors authorized an additional 3,000,000 shares that the Company may repurchase. As of March 31, 2018, a total of 5,847,089 shares have been repurchased in the open market under this program and there are 2,402,911 shares that remain available for repurchase. The program does not have a predetermined expiration date.

(2)

Represents shares repurchased by the Company in connection with taxes related to vesting of restricted shares.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable

ITEM 5. OTHER INFORMATION

None.

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

ITEM 6.	Exhibits

	Exhibit Number	Description

	3.1(a)	Marine Products Corporation Articles of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form 10 filed on February 13, 2001).

	3.1(b)	Certificate of Amendment of Certificate of Incorporation of Marine Products Corporation executed on June 8, 2005 (incorporated herein by reference to Exhibit 99.1 to the Registrant's Current Report on Form 8-K filed June 9, 2005).

	3.2	Amended and Restated By-laws of Marine Products Corporation (incorporated herein by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q filed on July 31, 2015).

	4	Restated Form of Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form 10 filed on February 13, 2001).

	31.1	Section 302 certification for Chief Executive Officer

	31.2	Section 302 certification for Chief Financial Officer

	32.1	Section 906 certifications for Chief Executive Officer and Chief Financial Officer

		101.INS		XBRL Instance Document

		101.SCH		XBRL Taxonomy Extension Schema Document

		101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

		101.LAB		XBRL Taxonomy Extension Label Linkbase Document

		101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

		101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		MARINE PRODUCTS CORPORATION

		/s/ Richard A. Hubbell
Date: April 30, 2018		Richard A. Hubbell
		President and Chief Executive Officer
		(Principal Executive Officer)

		/s/ Ben M. Palmer
Date: April 30, 2018		Ben M. Palmer
		Vice President, Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

EX-31.1 2 tv492189_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

CERTIFICATIONS

I, Richard A. Hubbell, certify that:

I have reviewed this quarterly report on Form 10-Q of Marine Products Corporation;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

	/s/ Richard A. Hubbell
Date: April 30, 2018	Richard A. Hubbell
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 tv492189_ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

CERTIFICATIONS

I, Ben M. Palmer, certify that:

I have reviewed this quarterly report on Form 10-Q of Marine Products Corporation;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

	/s/ Ben M. Palmer
Date: April 30, 2018	Ben M. Palmer
	Vice President, Chief Financial Officer, and Treasurer
	(Principal Financial and Accounting Officer)

EX-32.1 4 tv492189_ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

CERTIFICATION OF PERIODIC FINANCIAL REPORTS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

To the best of their knowledge the undersigned hereby certify that the Quarterly Report on Form 10-Q of Marine Products Corporation for the period ended March 31, 2018, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. Sec. 78m) and that the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of Marine Products Corporation.

Date: April 30, 2018
		/s/ Richard A. Hubbell
		Richard A. Hubbell
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: April 30, 2018
		/s/ Ben M. Palmer
		Ben M. Palmer
		Vice President, Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

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<div> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.0in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">6.     MARKETABLE SECURITIES</p> <p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Marine Products’ marketable securities are held with a large, well-capitalized financial institution. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designations as of each balance sheet date. Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity. Available-for-sale debt securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale debt securities are included in interest income.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The net realized gains and the reclassification of net realized gains from other comprehensive income are as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 65%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">Three months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">March 31,</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; width: 702px;">Net realized (loss) gain</td> <td style="padding-bottom: 2.5pt; width: 11px; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 11px; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 165px; font-weight: bold;">(19</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 11px; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt; width: 11px;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 11px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 164px;">10</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 10px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 17.1pt;">Reclassification of net realized (losses) gains from other comprehensive income</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">(19</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">10</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <div style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </div> <div style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Gross unrealized gains (losses) on marketable securities are as follows:</div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 27pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 27pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">March 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">December 31, 2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Gross unrealized</td> <td style="font-weight: bold;"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">Gross unrealized</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gains</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">(Losses)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Gains</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">(Losses)</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 596px;">Municipal Obligations</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 15px; font-weight: bold;">$</td> <td style="text-align: right; width: 179px; font-weight: bold;">-</td> <td style="text-align: left; width: 15px; font-weight: bold;"> </td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 15px; font-weight: bold;">$</td> <td style="text-align: right; width: 179px; font-weight: bold;">(56</td> <td style="text-align: left; width: 15px; font-weight: bold;">)</td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 179px;">-</td> <td style="text-align: left; width: 15px;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 178px;">(70</td> <td style="text-align: left; width: 14px;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Corporate Obligations</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(2</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">(58</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(70</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 27pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The amortized cost basis, fair value and net unrealized gains on the available-for-sale debt securities are as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">March 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap">December 31, 2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;" nowrap="nowrap">Type of Securities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Amortized</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Cost Basis</b></p> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Fair</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Value</b></p> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Net</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Unrealized</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Losses</b></p> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Amortized <br />Cost Basis</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Fair <br />Value</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Net <br />Unrealized <br />Losses</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-style: italic;" nowrap="nowrap">(in thousands)</td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.1in; width: 496px;">Municipal Obligations</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 15px; font-weight: bold;">$</td> <td style="text-align: right; width: 120px; font-weight: bold;">9,820</td> <td style="text-align: left; width: 15px; font-weight: bold;"> </td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 15px; font-weight: bold;">$</td> <td style="text-align: right; width: 120px; font-weight: bold;">9,764</td> <td style="text-align: left; width: 15px; font-weight: bold;"> </td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 15px; font-weight: bold;">$</td> <td style="text-align: right; width: 120px; font-weight: bold;">(56</td> <td style="text-align: left; width: 15px; font-weight: bold;">)</td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 120px;">13,101</td> <td style="text-align: left; width: 15px;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 119px;">13,031</td> <td style="text-align: left; width: 14px;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 119px;">(70</td> <td style="text-align: left; width: 14px;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.1in;">Corporate Obligations</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">1,750</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">1,748</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(2</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">11,570</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">11,512</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">(58</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,101</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,031</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(70</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <div style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Municipal obligations consist primarily of municipal notes rated AA- or higher ranging in maturity from less than one year to over 20 years. Investments with remaining maturities of less than 12 months are considered to be current marketable securities. Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities are scheduled to mature between 2019 and 2047.</div> </div>

<p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.0in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">7.     WARRANTY COSTS AND OTHER CONTINGENCIES</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><u>Warranty Costs</u></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">For our Chaparral and Robalo products, Marine Products provides a lifetime limited structural hull warranty, a five-year limited structural deck warranty, and a transferable one-year limited warranty to the original owner. Warranties for additional items are provided for periods of one to five years and are not transferrable. Additionally, as it relates to the first subsequent owner, a five-year transferrable hull warranty and the remainder of the original one-year limited warranty on certain components are available. The five-year transferable hull warranty terminates five years after the date of the original retail purchase. Claim costs related to components are generally absorbed by the original component manufacturer.</p> <div style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <div style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The manufacturers of the engines, generators, and navigation electronics included on our boats provide and administer their own warranties for various lengths of time.</div> </div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">An analysis of the warranty accruals for the three months ended March 31, 2018 and 2017 is as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: justify; font-style: italic;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: justify; width: 903px;">Balance at beginning of period</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 14px; font-weight: bold;">$</td> <td style="text-align: right; width: 211px; font-weight: bold;">5,373</td> <td style="text-align: left; width: 14px; font-weight: bold;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 211px;">4,629</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Less: Payments made during the period</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(689</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(608</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: justify;">Add:  Warranty provision for the period</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">981</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">872</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.375in;">Changes to warranty provision for prior periods</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">38</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">51</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Balance at March 31</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">5,703</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">4,944</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The warranty accruals are reflected in accrued expenses and other liabilities on the consolidated balance sheets.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><u>Repurchase Obligations</u></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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 of inventory under contractual agreements during the three months ended March 31, 2018 and March 31, 2017.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <div style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is 16 percent of the amount of the average net receivables financed by the floor plan lender for our dealers during the prior 12 month period, which was $12.9 million as of March 31, 2018. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $7.5 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 $20.4 million as of March 31, 2018.</div>

<div> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.0in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">12.     FAIR VALUE MEASUREMENTS</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="text-align: left; width: 0.25in;">1.</td> <td style="text-align: justify;">Level 1 – Quoted market prices in active markets for identical assets or liabilities.</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="text-align: left; width: 0.25in;">2.</td> <td style="text-align: justify;">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.</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="text-align: left; width: 0.25in;">3.</td> <td style="text-align: justify;">Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of March 31, 2018 and December 31, 2017:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">Fair Value Measurements at March 31, 2018 with:</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="10" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-weight: bold;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Quoted prices in<br />active markets<br />for<br />identical assets</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Significant<br />other<br />observable<br />inputs</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 0px;">Significant</p> <p style="margin-top: 0px; margin-bottom: 0px;">unobservable</p> <p style="margin-top: 0px; margin-bottom: 0px;">inputs</p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><b>(Level 1)</b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><b>(Level 2)</b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><b>(Level 3)</b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Available-for-sale debt securities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in; width: 729px;">Municipal Obligations</td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">9,764</td> <td style="text-align: left; width: 16px;"> </td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">—</td> <td style="text-align: left; width: 16px;"> </td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">9,764</td> <td style="text-align: left; width: 15px;"> </td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">—</td> <td style="text-align: left; width: 15px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Corporate Obligations</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,748</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,748</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,512</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,512</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;">Investments measured at Net Asset Value - Trading securities</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,944</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">Fair Value Measurements at December 31, 2017 with:</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="10" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-weight: bold;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 0px;">Quoted prices in<br />active markets</p> <p style="margin-top: 0px; margin-bottom: 0px;">for<br />identical assets</p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 0px;">Significant</p> <p style="margin-top: 0px; margin-bottom: 0px;">other<br />observable</p> <p style="margin-top: 0px; margin-bottom: 0px;">inputs</p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 0px;">Significant</p> <p style="margin-top: 0px; margin-bottom: 0px;">unobservable</p> <p style="margin-top: 0px; margin-bottom: 0px;">inputs</p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">(Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">(Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">(Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Available-for-sale debt securities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in; width: 729px;">Municipal Obligations</td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">13,031</td> <td style="text-align: left; width: 16px;"> </td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">—</td> <td style="text-align: left; width: 16px;"> </td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">13,031</td> <td style="text-align: left; width: 15px;"> </td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">—</td> <td style="text-align: left; width: 15px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Corporate Obligations</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,031</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,031</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;">Investments measured at Net Asset Value - Trading securities</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,031</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <div style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The carrying amount of other financial instruments reported in the consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments.</div> </div>

<table style="widows: 2; text-transform: none; text-indent: 0px; width: 70%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">Three months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">March 31,</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; width: 702px;">Net realized (loss) gain</td> <td style="padding-bottom: 2.5pt; width: 11px; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 11px; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 165px; font-weight: bold;">(19</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 11px; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt; width: 11px;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 11px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 164px;">10</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 10px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 17.1pt;">Reclassification of net realized (losses) gains from other comprehensive income</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">(19</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">10</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

<table style="widows: 2; text-transform: none; text-indent: 0px; width: 95%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">March 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap">December 31, 2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;" nowrap="nowrap">Type of Securities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Amortized</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Cost Basis</b></p> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Fair</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Value</b></p> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Net</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Unrealized</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Losses</b></p> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Amortized <br />Cost Basis</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Fair <br />Value</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Net <br />Unrealized <br />Losses</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-style: italic;" nowrap="nowrap">(in thousands)</td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.1in; width: 496px;">Municipal Obligations</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 15px; font-weight: bold;">$</td> <td style="text-align: right; width: 120px; font-weight: bold;">9,820</td> <td style="text-align: left; width: 15px; font-weight: bold;"> </td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 15px; font-weight: bold;">$</td> <td style="text-align: right; width: 120px; font-weight: bold;">9,764</td> <td style="text-align: left; width: 15px; font-weight: bold;"> </td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 15px; font-weight: bold;">$</td> <td style="text-align: right; width: 120px; font-weight: bold;">(56</td> <td style="text-align: left; width: 15px; font-weight: bold;">)</td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 120px;">13,101</td> <td style="text-align: left; width: 15px;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 119px;">13,031</td> <td style="text-align: left; width: 14px;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 119px;">(70</td> <td style="text-align: left; width: 14px;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.1in;">Corporate Obligations</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">1,750</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">1,748</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(2</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">11,570</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">11,512</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">(58</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,101</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,031</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(70</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>

<table style="widows: 2; text-transform: none; text-indent: 0px; width: 65%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>March 31,</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>2018</b></p> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31, <br />2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 12.6pt; width: 685px;">Raw materials and supplies</td> <td style="width: 11px; font-weight: bold;"> </td> <td style="text-align: left; width: 11px; font-weight: bold;">$</td> <td style="text-align: right; width: 165px; font-weight: bold;">22,922</td> <td style="text-align: left; width: 11px; font-weight: bold;"> </td> <td style="width: 11px;"> </td> <td style="text-align: left; width: 11px;">$</td> <td style="text-align: right; width: 164px;">20,116</td> <td style="text-align: left; width: 10px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Work in process</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">10,450</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,300</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Finished goods</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">10,668</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">9,590</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Total inventories</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">44,040</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">38,006</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

<table style="widows: 2; text-transform: none; text-indent: 0px; width: 70%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Three months ended<br />March 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: justify; width: 812px;">Interest cost</td> <td style="width: 11px; font-weight: bold;"> </td> <td style="text-align: left; width: 11px; font-weight: bold;">$</td> <td style="text-align: right; width: 110px; font-weight: bold;">63</td> <td style="text-align: left; width: 11px; font-weight: bold;"> </td> <td style="width: 11px;"> </td> <td style="text-align: left; width: 11px;">$</td> <td style="text-align: right; width: 109px;">66</td> <td style="text-align: left; width: 10px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Expected return on plan assets</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(125</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(104</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Amortization of net losses</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">20</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">23</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Net periodic benefit (credit)</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">(42</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(15</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>

<div> <table align="center" style="width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"><br class="apple-interchange-newline" /> </td> <td style="text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">Fair Value Measurements at March 31, 2018 with:</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="10" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-weight: bold;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Quoted prices in<br />active markets<br />for<br />identical assets</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Significant<br />other<br />observable<br />inputs</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 0px;">Significant</p> <p style="margin-top: 0px; margin-bottom: 0px;">unobservable</p> <p style="margin-top: 0px; margin-bottom: 0px;">inputs</p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><b>(Level 1)</b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><b>(Level 2)</b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><b>(Level 3)</b></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><b> </b></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Available-for-sale debt securities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in; width: 729px;">Municipal Obligations</td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">9,764</td> <td style="text-align: left; width: 16px;"> </td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">—</td> <td style="text-align: left; width: 16px;"> </td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">9,764</td> <td style="text-align: left; width: 15px;"> </td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">—</td> <td style="text-align: left; width: 15px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Corporate Obligations</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,748</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,748</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,512</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,512</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;">Investments measured at Net Asset Value - Trading securities</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,944</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <table align="center" style="width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">Fair Value Measurements at December 31, 2017 with:</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="10" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-weight: bold;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 0px;">Quoted prices in<br />active markets</p> <p style="margin-top: 0px; margin-bottom: 0px;">for<br />identical assets</p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 0px;">Significant</p> <p style="margin-top: 0px; margin-bottom: 0px;">other<br />observable</p> <p style="margin-top: 0px; margin-bottom: 0px;">inputs</p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 0px;">Significant</p> <p style="margin-top: 0px; margin-bottom: 0px;">unobservable</p> <p style="margin-top: 0px; margin-bottom: 0px;">inputs</p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">(Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">(Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">(Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Available-for-sale debt securities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in; width: 729px;">Municipal Obligations</td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">13,031</td> <td style="text-align: left; width: 16px;"> </td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">—</td> <td style="text-align: left; width: 16px;"> </td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">13,031</td> <td style="text-align: left; width: 15px;"> </td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">—</td> <td style="text-align: left; width: 15px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Corporate Obligations</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,031</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,031</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; padding-left: 0.25in; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Investments measured at Net Asset Value - Trading securities</td> <td style="padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">6,031</td> <td style="text-align: left; padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </td> </tr> </table> </div>

<table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 95%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-weight: bold;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Pension<br />Adjustment</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized<br />Gain On<br />Securities</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 889px;">Balance at December 31, 2017</td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 146px;">(1,936</td> <td style="text-align: left; width: 15px;">)</td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 146px;">(44</td> <td style="text-align: left; width: 14px;">)</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 145px;">(1,980</td> <td style="text-align: left; width: 14px;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Change during the period ended March 31, 2018:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Before-tax amount</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;">_</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(10</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(10</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Tax provision</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;">_</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Reclassification adjustment,  net of taxes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Amortization of net loss <sup>(1)</sup></font></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Net realized loss <sup>(2)</sup></font></td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">15</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">15</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Total activity for the period</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">19</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">26</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Balance at March 31, 2018</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,917</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(37</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,954</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="text-align: left; width: 0.25in;">(1)</td> <td style="text-align: justify;">Reported as part of selling, general and administrative expenses.</td> </tr> </table> <table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="text-align: left; width: 0.25in;">(2)</td> <td style="text-align: justify;">Reported as part of interest income.</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 95%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-weight: bold;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Pension<br />Adjustment</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized<br />Gain On<br />Securities</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 889px;">Balance at December 31, 2016</td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 146px;">(2,151</td> <td style="text-align: left; width: 15px;">)</td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 146px;">(31</td> <td style="text-align: left; width: 14px;">)</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 145px;">(2,182</td> <td style="text-align: left; width: 14px;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Change during the period ended March 31, 2017:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Before-tax amount</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;">_</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">45</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">45</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Tax provision</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;">_</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(16</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(16</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Reclassification adjustment,  net of taxes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Amortization of net loss <sup>(1)</sup></font></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Net realized (gain) <sup>(2)</sup></font></td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(7</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(7</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Total activity for the period</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">15</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">22</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">37</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Balance at March 31, 2017</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(2,136</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(9</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(2,145</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="text-align: left; width: 0.25in;">(1)</td> <td style="text-align: justify;">Reported as part of selling, general and administrative expenses.</td> </tr> </table> <table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="text-align: left; width: 0.25in;">(2)</td> <td style="text-align: justify;">Reported as part of interest income.</td> </tr> </table>

163000

212000

5098000

7397000

34931000 34607000

1145000

986000

33786000

33621000

508000

516000

328000

402000

962510

1040800

193500

271790

9.39

7.76

13.97

6.40

0.00

3000000

10 years

1869100

3165000

4121000

580000

545000

8646000

P3Y9M

10000

-19000

-10000

19000

58000

56000

2000

13101000

11570000

9820000

1750000

13031000

11512000

9764000

1748000

9764000

1748000

9764000

1748000

11512000

-70000

-58000

-56000

-2000

less than one year to over 20 years less than 12 months greater than 12 months 2019 and 2047

4944000

5373000

5703000

4629000

608000

689000

872000

981000

51000

38000

P5Y P5Y P5Y P5Y P1Y P1Y one to five years one to five years P5Y P5Y 0 0 0.16 12900000 7500000

20400000

20116000

22922000

8300000

10450000

9590000

10668000

0.243

0.161

66000

63000

104000

125000

-23000

-20000

-15000

-42000

6031000

5944000

88000 -92000

6031000

5944000

45000

-10000

16000

-2000

15000 15000 0 19000 19000 0

7000

-15000

15000

22000

26000

19000

7000

2018-04-24

0.10

2018-06-11

2018-05-10

<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0" > <tr style="text-align: justify; vertical-align: top;"> <td style="text-align: left; width: 0.25in;">3.</td> <td style="text-align: justify;">NET SALES</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 40.5pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><u>Accounting Policy:</u></b></p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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, accessories, and parts to our dealers. Net sale is 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 7). 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.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><u>Nature of goods:</u></b></p> <p style="widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">MPC’s performance obligations within its contracts consists 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:</p> <p style="widows: 2; text-transform: none; font-style: normal; margin-top: 0px; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;"><font style="font-family: symbol; font-size: 10pt;">·</font></td> <td style="text-align: justify;"><font style="font-family: 'times new roman', times, serif;">Boats and accessories (domestic sales) – upon delivery and acceptance by the dealer</font></td> </tr> </table> <p style="widows: 2; text-transform: none; font-style: normal; margin-top: 0px; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;"><font style="font-family: symbol; font-size: 10pt;">·</font></td> <td style="text-align: justify;"><font style="font-family: 'times new roman', times, serif;">Boats and accessories (international sales) – upon delivery to shipping port</font></td> </tr> </table> <p style="widows: 2; text-transform: none; font-style: normal; margin-top: 0px; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;"><font style="font-family: symbol; font-size: 10pt;">·</font></td> <td><font style="font-family: 'times new roman', times, serif;">Parts – upon shipment/delivery to carrier</font></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  </p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><u>Payment terms:</u></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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 receives the related compensation, typically within seven to ten business days after invoicing. For some domestic customers and all international customers, MPC requires payment prior to transferring control of the goods. These amounts are classified as deferred revenue and recognized when control has transferred, which generally occurs within three months of receiving the payment.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><u>Significant judgments:</u></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><i>Determining the transaction price</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The transaction price for MPC’s boats and accessories is the invoice price adjusted for dealer incentives. The Company utilizes the expected value method to estimate the variable consideration related to dealer incentives. Key inputs and assumptions in determining variable consideration includes:</p> <p style="widows: 2; text-transform: none; font-style: normal; margin-top: 0px; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td> <td style="text-align: justify;"><font style="font-family: 'times new roman', times, serif;">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)</font></td> </tr> </table> <p style="widows: 2; text-transform: none; font-style: normal; margin-top: 0px; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </p> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td> <td style="text-align: justify;"><font style="font-family: 'times new roman', times, serif;">Assumption: Current model year incentive activity will closely reflect prior model year actual results, adjusted as necessary for dealer purchasing trends or economic factors</font></td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><i>Other</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><u>Disaggregation of revenues:</u></b></p> <p style="widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The following table disaggregates our sales by major source (in thousands):</p> <p style="widows: 2; text-transform: none; text-indent: 0.25in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">Three months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">March 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">March 31, 2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 903px;">Boats and accessories</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 14px; font-weight: bold;">$</td> <td style="text-align: right; width: 211px; font-weight: bold;">76,655</td> <td style="text-align: left; width: 14px; font-weight: bold;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 211px;">70,126</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Parts</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">881</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">914</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net sales</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">77,536</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">71,040</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The following table disaggregates our revenues between domestic and international (in thousands):</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">Three months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">March 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">March 31, 2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 903px;">Domestic</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 14px; font-weight: bold;">$</td> <td style="text-align: right; width: 211px; font-weight: bold;">71,546</td> <td style="text-align: left; width: 14px; font-weight: bold;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 211px;">67,221</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">International</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">5,990</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,819</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net sales</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">77,536</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">71,040</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Timing of revenue recognition for each of the periods presented is shown below:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">Three months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">March 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">March 31, 2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 903px;">Products transferred at a point in time</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 14px; font-weight: bold;">$</td> <td style="text-align: right; width: 211px; font-weight: bold;">77,536</td> <td style="text-align: left; width: 14px; font-weight: bold;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 211px;">71,040</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Products transferred over time</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net sales</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">77,536</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">71,040</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b><u>Contract balances:</u></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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 on the Consolidated Balance Sheets.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>March 31,</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>2018</b></p> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>December 31,</b></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>2017</b></p> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">March 31, <br />2017</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31, <br />2016</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 395px;">Deferred revenue</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 15px; font-weight: bold;">$</td> <td style="text-align: right; width: 212px; font-weight: bold;">1,315</td> <td style="text-align: left; width: 14px; font-weight: bold;"> </td> <td style="width: 14px; font-weight: bold;"> </td> <td style="text-align: left; width: 14px; font-weight: bold;">$</td> <td style="text-align: right; width: 211px; font-weight: bold;">864</td> <td style="text-align: left; width: 14px; font-weight: bold;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 211px;">614</td> <td style="text-align: left; width: 14px;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 211px;">416</td> <td style="text-align: left; width: 14px;"> </td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Substantially all of the amounts of deferred revenue as of December 31, 2017 and December 31, 2016 were recognized as sales during the three months ended March 31, 2018 and March 31, 2017, when control transferred.</p>

71040000

70126000

914000

67221000

3819000

71040000

77536000

76655000

881000

71546000

5990000

77536000

416000

614000

864000

1315000

<table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">Three months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">March 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">March 31, 2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 903px;">Boats and accessories</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 14px; font-weight: bold;">$</td> <td style="text-align: right; width: 211px; font-weight: bold;">76,655</td> <td style="text-align: left; width: 14px; font-weight: bold;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 211px;">70,126</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Parts</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">881</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">914</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net sales</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">77,536</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">71,040</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">   </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">Three months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">March 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">March 31, 2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 903px;">Domestic</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 14px; font-weight: bold;">$</td> <td style="text-align: right; width: 211px; font-weight: bold;">71,546</td> <td style="text-align: left; width: 14px; font-weight: bold;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 211px;">67,221</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">International</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">5,990</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,819</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net sales</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">77,536</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">71,040</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="6" nowrap="nowrap">Three months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;" nowrap="nowrap">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">March 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">March 31, 2017</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 903px;">Products transferred at a point in time</td> <td style="width: 15px; font-weight: bold;"> </td> <td style="text-align: left; width: 14px; font-weight: bold;">$</td> <td style="text-align: right; width: 211px; font-weight: bold;">77,536</td> <td style="text-align: left; width: 14px; font-weight: bold;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 211px;">71,040</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Products transferred over time</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net sales</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">77,536</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">71,040</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

seven to ten business days

Reported as part of selling, general and administrative expenses. Reported as part of interest income. 0001129155us-gaap:MunicipalNotesMember2017-12-31 0001129155us-gaap:CorporateDebtSecuritiesMember2017-12-31

70000

37000

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Parts [Member] Parts This member represents information about parts. Disaggregation of Revenue [Line Items] Revenue from Contract with Customer, Including Assessed Tax Net sales Geographical [Axis] Geographical [Domain] Domestic [Member] Domestic This member represents information about revenue received from domestic. International [Member] International This member represents information about international. Timing of Transfer of Good or Service [Axis] Timing of Transfer of Good or Service [Domain] Transferred at Point in Time [Member] Products transferred at a point in time Transferred over Time [Member] Products transferred over time Balance Sheet Location [Axis] Balance Sheet Location [Domain] Accrued Expenses And Other Current Liabilities [Member] Accrued expenses and other current liabilities This member stands for accrued expenses and other current liabilities. Deferred Revenue, Current Deferred current revenue Revenue, Performance Obligation, Description of Payment Terms Revenue, Description of payment terms Distributed Earnings Less: Adjustments for earnings attributable to participating securities Less: Adjustments for earnings attributable to participating securities Net Income (Loss) Available to Common Stockholders, Basic Net Income in calculating earnings per share Net income used in calculating earnings per share Weighted Average Number Of Shares Including Participating Securities Outstanding Diluted Weighted average shares outstanding (including participating securities) Weighted number of shares including participating securities. 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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 20, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	MARINE PRODUCTS CORP
Entity Central Index Key	0001129155
Trading Symbol	mpx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		34,565,922
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 9,929	$ 7,684
Marketable securities	3,277	2,636
Accounts receivable, net of allowance for doubtful accounts of $25 in 2018 and $25 in 2017	7,812	3,051
Inventories	44,040	38,006
Income taxes receivable	1,120	714
Prepaid expenses and other current assets	1,312	2,096
Total current assets	67,490	54,187
Property, plant and equipment, net of accumulated depreciation of $24,813 in 2018 and $24,395 in 2017	14,110	14,218
Goodwill	3,308	3,308
Other intangibles, net	465	465
Marketable securities	8,235	10,395
Deferred income taxes	3,505	3,649
Other assets	9,680	9,678
Total assets	106,793	95,900
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	12,998	5,362
Accrued expenses and other liabilities	15,561	13,999
Total current liabilities	28,559	19,361
Pension liabilities	6,616	6,732
Other long-term liabilities	263	203
Total liabilities	35,438	26,296
Common stock	3,457	3,457
Capital in excess of par value	0	0
Retained earnings	69,852	68,127
Accumulated other comprehensive loss	(1,954)	(1,980)
Total stockholders' equity	71,355	69,604
Total liabilities and stockholders' equity	$ 106,793	$ 95,900

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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 25	$ 25
Accumulated depreciation	$ 24,813	$ 24,395

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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement
Net sales	$ 77,536	$ 71,040
Cost of goods sold	59,885	56,134
Gross profit	17,651	14,906
Selling, general and administrative expenses	8,618	8,008
Operating income	9,033	6,898
Interest income	33	51
Income before income taxes	9,066	6,949
Income tax provision	1,457	1,688
Net income	$ 7,609	$ 5,261
Earnings per share
Basic (in dollars per shares)	$ 0.22	$ 0.15
Diluted (in dollars per shares)	0.22	0.15
Dividends paid per share (in dollars per share)	$ 0.10	$ 0.07

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income and Comprehensive Income
Net income	$ 7,609	$ 5,261
Other comprehensive income, net of taxes:
Pension adjustment	19	15
Unrealized gain on debt securities, net of reclassification adjustments	7	22
Comprehensive income	$ 7,635	$ 5,298

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CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2017	$ 3,457		$ 68,127	$ (1,980)	$ 69,604
Balance (in shares) at Dec. 31, 2017	34,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 20	$ 496			516
Stock issued for stock incentive plans, net (in shares)	194
Stock purchased and retired	$ (20)	$ (496)	(2,419)		(2,935)
Stock purchased and retired (in shares)	(200)
Net income			7,609		7,609
Pension adjustment, net of taxes				19	19
Unrealized gain on securities, net of taxes and reclassification adjustment				7	7
Dividends paid			(3,465)		(3,465)
Balance at Mar. 31, 2018	$ 3,457		$ 69,852	$ (1,954)	$ 71,355
Balance (in shares) at Mar. 31, 2018	34,566

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES
Net income	$ 7,609	$ 5,261
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	417	359
Gain on sale of equipment and property		(8)
Amortization of premium related to marketable securities	87	64
Stock-based compensation expense	516	508
Deferred income tax provision	129	276
(Increase) decrease in assets:
Accounts receivable	(4,761)	(7,429)
Inventories	(6,034)	3,920
Prepaid expenses and other current assets	784	689
Income taxes receivable	(406)	(923)
Other non-current assets	(2)	(111)
Increase (decrease) in liabilities:
Accounts payable	7,636	5,145
Accrued expenses and other liabilities	1,562	2,232
Other long-term liabilities	(27)	67
Net cash provided by operating activities	7,510	10,050
INVESTING ACTIVITIES
Capital expenditures	(309)	(318)
Proceeds from sale of assets		8
Purchases of marketable securities	(3,581)	(4,262)
Sales of marketable securities	4,675	2,389
Maturities of marketable securities	350
Net cash provided by (used for) investing activities	1,135	(2,183)
FINANCING ACTIVITIES
Payment of dividends	(3,465)	(2,436)
Cash paid for common stock purchased and retired	(2,935)	(1,223)
Net cash used for financing activities	(6,400)	(3,659)
Net increase in cash and cash equivalents	2,245	4,208
Cash and cash equivalents at beginning of period	7,684	2,619
Cash and cash equivalents at end of period	9,929	6,827
Supplemental information:
Income tax payments, net	$ 1,556	$ 2,362

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GENERAL

3 Months Ended

Mar. 31, 2018

General [Abstract]

GENERAL

1. GENERAL

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2017.

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RECENT ACCOUNTING STANDARDS

3 Months Ended

Mar. 31, 2018

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS

2.	RECENT ACCOUNTING STANDARDS:

Recently Adopted Accounting Standards:

_·

Recently Issued Accounting Standards Not Yet Adopted:

To be adopted in 2019:

To be adopted in 2020 and later:

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NET SALES

3 Months Ended

Mar. 31, 2018

NET SALES

NET SALES

Accounting Policy:

Nature of goods:

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:

Significant judgments:

Determining the transaction price

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 (in thousands):

	Three months ended
(in thousands)	March 31, 2018		March 31, 2017
Boats and accessories	$	76,655	$	70,126
Parts		881		914
Net sales	$	77,536	$	71,040

The following table disaggregates our revenues between domestic and international (in thousands):

	Three months ended
(in thousands)	March 31, 2018		March 31, 2017
Domestic	$	71,546	$	67,221
International		5,990		3,819
Net sales	$	77,536	$	71,040

Timing of revenue recognition for each of the periods presented is shown below:

	Three months ended
(in thousands)	March 31, 2018		March 31, 2017
Products transferred at a point in time	$	77,536	$	71,040
Products transferred over time		-		-
Net sales	$	77,536	$	71,040

Contract balances:

(in thousands)

March 31,

2018

December 31,

2017

March 31,
2017

December 31,
2016

Deferred revenue

1,315

864

614

416

XML 21 R11.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2018

EARNINGS PER SHARE

EARNINGS PER SHARE

4. EARNINGS PER SHARE

	Three months ended March 31,
(In thousands)	2018			2017
Net income available for stockholders:	$	7,609		$	5,261
Less: Adjustments for earnings attributable to participating securities		(212	)		(163	)
Net income used in calculating earnings per share	$	7,397		$	5,098

Weighted average shares outstanding (including participating securities)		34,607			34,931
Adjustment for participating securities		(986	)		(1,145	)
Shares used in calculating basic and diluted earnings per share		33,621			33,786

XML 22 R12.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2018

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

5.	STOCK-BASED COMPENSATION

Stock-based compensation for the three months ended March 31, 2018 and 2017 were as follows:

(in thousands)	Three months ended March 31,
	2018		2017
Pre – tax cost	$	516	$	508
After tax cost	$	402	$	328

Restricted Stock

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2018:

	Shares			Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2017		1,040,800		$	7.76
Granted		193,500			13.97
Vested		(271,790	)		6.40
Forfeited		-			-
Non-vested shares at March 31, 2018		962,510		$	9.39

The total fair value of shares vested was approximately $4,121,000 during the three months ended March 31, 2018 and approximately $3,165,000 during the three months ended March 31, 2017.

Other Information

XML 23 R13.htm IDEA: XBRL DOCUMENT

MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2018

MARKETABLE SECURITIES

MARKETABLE SECURITIES

6. MARKETABLE SECURITIES

The net realized gains and the reclassification of net realized gains from other comprehensive income are as follows:

	Three months ended
	March 31,
(in thousands)	2018			2017
Net realized (loss) gain	$	(19	)	$	10
Reclassification of net realized (losses) gains from other comprehensive income	$	(19	)	$	10

Gross unrealized gains (losses) on marketable securities are as follows:

	March 31, 2018					December 31, 2017
	Gross unrealized					Gross unrealized
(in thousands)	Gains		(Losses)			Gains		(Losses)
Municipal Obligations	$	-	$	(56	)	$	-	$	(70	)
Corporate Obligations		-		(2	)		-		-
	$	-	$	(58	)	$	-	$	(70	)

The amortized cost basis, fair value and net unrealized gains on the available-for-sale debt securities are as follows:

	March 31, 2018							December 31, 2017
Type of Securities	Amortized Cost Basis		Fair Value		Net Unrealized Losses			Amortized Cost Basis		Fair Value		Net Unrealized Losses
(in thousands)
Municipal Obligations	$	9,820	$	9,764	$	(56	)	$	13,101	$	13,031	$	(70	)
Corporate Obligations		1,750		1,748		(2	)		-		-		-
Total	$	11,570	$	11,512	$	(58	)	$	13,101	$	13,031	$	(70	)

XML 24 R14.htm IDEA: XBRL DOCUMENT

WARRANTY COSTS AND OTHER CONTINGENCIES

3 Months Ended

Mar. 31, 2018

WARRANTY COSTS AND OTHER CONTINGENCIES

WARRANTY COSTS AND OTHER CONTINGENCIES

7. WARRANTY COSTS AND OTHER CONTINGENCIES

Warranty Costs

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 three months ended March 31, 2018 and 2017 is as follows:

(in thousands)	2018			2017
Balance at beginning of period	$	5,373		$	4,629
Less: Payments made during the period		(689	)		(608	)
Add: Warranty provision for the period		981			872
Changes to warranty provision for prior periods		38			51
Balance at March 31	$	5,703		$	4,944

The warranty accruals are reflected in accrued expenses and other liabilities on the consolidated balance sheets.

Repurchase Obligations

XML 25 R15.htm IDEA: XBRL DOCUMENT

BUSINESS SEGMENT INFORMATION	3 Months Ended
BUSINESS SEGMENT INFORMATION	Mar. 31, 2018
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	8. BUSINESS SEGMENT INFORMATION The Company has only 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.

XML 26 R16.htm IDEA: XBRL DOCUMENT

INVENTORIES

3 Months Ended

Mar. 31, 2018

INVENTORIES

INVENTORIES

9. INVENTORIES

Inventories consist of the following:

(in thousands)	March 31, 2018		December 31, 2017
Raw materials and supplies	$	22,922	$	20,116
Work in process		10,450		8,300
Finished goods		10,668		9,590
Total inventories	$	44,040	$	38,006

XML 27 R17.htm IDEA: XBRL DOCUMENT

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2018
INCOME TAXES
INCOME TAXES	10. 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 revised, 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 first quarter of 2018 reflects an effective tax rate of 16.1 percent, compared to an effective tax rate of 24.3 percent for the comparable period in the prior year. The decrease in effective rate is primarily due to the corporate income tax rate reduction from the recently enacted Tax Cuts and Jobs Act (“the Act”). The effective rate in both periods includes the effect of beneficial permanent differences including tax-exempt interest income and beneficial discrete adjustments related to the vesting of restricted stock awarded to employees. The effective tax rate for the first quarter of 2017 also included certain beneficial permanent tax differences generated from the implementation of state tax planning that provided for the increased use of previously suspended net operating losses. On January 1, 2018, the Company implemented the provisions of the Act and recorded adjustments relating to changes in tax rates on deferred tax assets and liabilities during the year ended December 31, 2017. The Company is currently analyzing additional information related to its accounting for the income tax effects of the Act as it pertains to the deduction for executive compensation, including the impact for compensation that is paid pursuant to a binding contract that would have been deductible under the prior rules. Due to the complexity of this provision, additional time is needed to further analyze our executive compensation program, exceptions under the binding contract rule, and the impact of vesting of restricted stock grants, dividends, and bonuses. We expect to complete the accounting for tax reform with the completion of our 2017 Federal income tax return, which is expected to be complete by the third quarter of 2018.

XML 28 R18.htm IDEA: XBRL DOCUMENT

EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2018

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

11. EMPLOYEE BENEFIT PLANS

The Company participates in a multiple employer pension plan. The following represents the net periodic benefit (credit) cost and related components for the plan:

(in thousands)	Three months ended March 31,
	2018			2017
Interest cost	$	63		$	66
Expected return on plan assets		(125	)		(104	)
Amortization of net losses		20			23
Net periodic benefit (credit)	$	(42	)	$	(15	)

The Company did not make a contribution to this plan during the three months ended March 31, 2018.

XML 29 R19.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2018

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

12. FAIR VALUE MEASUREMENTS

Level 1 – Quoted market prices in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.

The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of March 31, 2018 and December 31, 2017:

	Fair Value Measurements at March 31, 2018 with:

(in thousands)	Total		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
			(Level 1)		(Level 2)		(Level 3)
Assets:
Available-for-sale debt securities:
Municipal Obligations	$	9,764	$	—	$	9,764	$	—
Corporate Obligations		1,748		—		1,748		—
	$	11,512	$	—	$	11,512	$	—
Investments measured at Net Asset Value - Trading securities	$	5,944

	Fair Value Measurements at December 31, 2017 with:

(in thousands)	Total		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
			(Level 1)		(Level 2)		(Level 3)
Assets:
Available-for-sale debt securities:
Municipal Obligations	$	13,031	$	—	$	13,031	$	—
Corporate Obligations		—		—		—		—
	$	13,031	$	—	$	13,031	$	—
Investments measured at Net Asset Value - Trading securities	$	6,031

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 30 R20.htm IDEA: XBRL DOCUMENT

ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2018

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

13.	ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss consists of the following:

(in thousands)	Pension Adjustment			Unrealized Gain On Securities			Total
Balance at December 31, 2017	$	(1,936	)	$	(44	)	$	(1,980	)
Change during the period ended March 31, 2018:
Before-tax amount			_		(10	)		(10	)
Tax provision			_		2			2
Reclassification adjustment, net of taxes
Amortization of net loss ⁽¹⁾		19			-			19
Net realized loss ⁽²⁾		-			15			15
Total activity for the period		19			7			26
Balance at March 31, 2018	$	(1,917	)	$	(37	)	$	(1,954	)

(1)

Reported as part of selling, general and administrative expenses.

(2)

Reported as part of interest income.

(in thousands)	Pension Adjustment			Unrealized Gain On Securities			Total
Balance at December 31, 2016	$	(2,151	)	$	(31	)	$	(2,182	)
Change during the period ended March 31, 2017:
Before-tax amount			_		45			45
Tax provision			_		(16	)		(16	)
Reclassification adjustment, net of taxes
Amortization of net loss ⁽¹⁾		15			-			15
Net realized (gain) ⁽²⁾		-			(7	)		(7	)
Total activity for the period		15			22			37
Balance at March 31, 2017	$	(2,136	)	$	(9	)	$	(2,145	)

(1)

Reported as part of selling, general and administrative expenses.

(2)

Reported as part of interest income.

XML 31 R21.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENT	3 Months Ended
SUBSEQUENT EVENT	Mar. 31, 2018
SUBSEQUENT EVENT
SUBSEQUENT EVENT	14. SUBSEQUENT EVENT On April 24, 2018, the Board of Directors approved a $0.10 per share cash dividend payable June 11, 2018 to stockholders of record at the close of business May 10, 2018.

XML 32 R22.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS:

Recently Adopted Accounting Standards:

_·

Recently Issued Accounting Standards Not Yet Adopted:

To be adopted in 2019:

To be adopted in 2020 and later:

XML 33 R23.htm IDEA: XBRL DOCUMENT

NET SALES (Tables)

3 Months Ended

Mar. 31, 2018

NET SALES

Schedule of disaggregation of revenues

	Three months ended
(in thousands)	March 31, 2018		March 31, 2017
Boats and accessories	$	76,655	$	70,126
Parts		881		914
Net sales	$	77,536	$	71,040

	Three months ended
(in thousands)	March 31, 2018		March 31, 2017
Domestic	$	71,546	$	67,221
International		5,990		3,819
Net sales	$	77,536	$	71,040

	Three months ended
(in thousands)	March 31, 2018		March 31, 2017
Products transferred at a point in time	$	77,536	$	71,040
Products transferred over time		-		-
Net sales	$	77,536	$	71,040

Schedule of contract balances

(in thousands)

March 31,

2018

December 31,

2017

March 31,
2017

December 31,
2016

Deferred revenue

1,315

864

614

416

XML 34 R24.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2018

EARNINGS PER SHARE

Schedule of reconciliation of weighted average shares outstanding

	Three months ended March 31,
(In thousands)	2018			2017
Net income available for stockholders:	$	7,609		$	5,261
Less: Adjustments for earnings attributable to participating securities		(212	)		(163	)
Net income used in calculating earnings per share	$	7,397		$	5,098

Weighted average shares outstanding (including participating securities)		34,607			34,931
Adjustment for participating securities		(986	)		(1,145	)
Shares used in calculating basic and diluted earnings per share		33,621			33,786

XML 35 R25.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2018

STOCK-BASED COMPENSATION

Schedule of stock-based compensation

(in thousands)	Three months ended March 31,
	2018		2017
Pre – tax cost	$	516	$	508
After tax cost	$	402	$	328

Schedule of the changes in non-vested restricted shares

	Shares			Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2017		1,040,800		$	7.76
Granted		193,500			13.97
Vested		(271,790	)		6.40
Forfeited		-			-
Non-vested shares at March 31, 2018		962,510		$	9.39

XML 36 R26.htm IDEA: XBRL DOCUMENT

MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2018

MARKETABLE SECURITIES

Schedule of net realized gains and reclassification of net realized gains from other comprehensive income

	Three months ended
	March 31,
(in thousands)	2018			2017
Net realized (loss) gain	$	(19	)	$	10
Reclassification of net realized (losses) gains from other comprehensive income	$	(19	)	$	10

Schedule of gross unrealized gains (losses) on marketable securities

	March 31, 2018					December 31, 2017
	Gross unrealized					Gross unrealized
(in thousands)	Gains		(Losses)			Gains		(Losses)
Municipal Obligations	$	-	$	(56	)	$	-	$	(70	)
Corporate Obligations		-		(2	)		-		-
	$	-	$	(58	)	$	-	$	(70	)

Schedule of amortized cost basis, fair value and net unrealized gains on available-for-sale securities

	March 31, 2018							December 31, 2017
Type of Securities	Amortized Cost Basis		Fair Value		Net Unrealized Losses			Amortized Cost Basis		Fair Value		Net Unrealized Losses
(in thousands)
Municipal Obligations	$	9,820	$	9,764	$	(56	)	$	13,101	$	13,031	$	(70	)
Corporate Obligations		1,750		1,748		(2	)		-		-		-
Total	$	11,570	$	11,512	$	(58	)	$	13,101	$	13,031	$	(70	)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

XML 37 R27.htm IDEA: XBRL DOCUMENT

WARRANTY COSTS AND OTHER CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2018

WARRANTY COSTS AND OTHER CONTINGENCIES

Schedule of analysis of warranty accruals

(in thousands)	2018			2017
Balance at beginning of period	$	5,373		$	4,629
Less: Payments made during the period		(689	)		(608	)
Add: Warranty provision for the period		981			872
Changes to warranty provision for prior periods		38			51
Balance at March 31	$	5,703		$	4,944

XML 38 R28.htm IDEA: XBRL DOCUMENT

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2018

INVENTORIES

Schedule of inventories

(in thousands)	March 31, 2018		December 31, 2017
Raw materials and supplies	$	22,922	$	20,116
Work in process		10,450		8,300
Finished goods		10,668		9,590
Total inventories	$	44,040	$	38,006

XML 39 R29.htm IDEA: XBRL DOCUMENT

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2018

EMPLOYEE BENEFIT PLANS

Schedule of net periodic benefit cost (credit) and related components for the plan

(in thousands)	Three months ended March 31,
	2018			2017
Interest cost	$	63		$	66
Expected return on plan assets		(125	)		(104	)
Amortization of net losses		20			23
Net periodic benefit (credit)	$	(42	)	$	(15	)

XML 40 R30.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2018

FAIR VALUE MEASUREMENTS

Schedule of the valuation of financial instruments measured at fair value on a recurring basis

	Fair Value Measurements at March 31, 2018 with:

(in thousands)		Total		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
				(Level 1)		(Level 2)		(Level 3)
Assets:
Available-for-sale debt securities:
Municipal Obligations		$	9,764	$	—	$	9,764	$	—
Corporate Obligations			1,748		—		1,748		—
		$	11,512	$	—	$	11,512	$	—
Investments measured at Net Asset Value - Trading securities		$	5,944

	Fair Value Measurements at December 31, 2017 with:

(in thousands)	Total		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
			(Level 1)		(Level 2)		(Level 3)
Assets:
Available-for-sale debt securities:
Municipal Obligations	$	13,031	$	—	$	13,031	$	—
Corporate Obligations		—		—		—		—
	$	13,031	$	—	$	13,031	$	—
Investments measured at Net Asset Value - Trading securities	$	6,031

XML 41 R31.htm IDEA: XBRL DOCUMENT

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2018

ACCUMULATED OTHER COMPREHENSIVE LOSS

Schedule of accumulated other comprehensive loss

(in thousands)	Pension Adjustment			Unrealized Gain On Securities			Total
Balance at December 31, 2017	$	(1,936	)	$	(44	)	$	(1,980	)
Change during the period ended March 31, 2018:
Before-tax amount			_		(10	)		(10	)
Tax provision			_		2			2
Reclassification adjustment, net of taxes
Amortization of net loss ⁽¹⁾		19			-			19
Net realized loss ⁽²⁾		-			15			15
Total activity for the period		19			7			26
Balance at March 31, 2018	$	(1,917	)	$	(37	)	$	(1,954	)

(1)

Reported as part of selling, general and administrative expenses.

(2)

Reported as part of interest income.

(in thousands)	Pension Adjustment			Unrealized Gain On Securities			Total
Balance at December 31, 2016	$	(2,151	)	$	(31	)	$	(2,182	)
Change during the period ended March 31, 2017:
Before-tax amount			_		45			45
Tax provision			_		(16	)		(16	)
Reclassification adjustment, net of taxes
Amortization of net loss ⁽¹⁾		15			-			15
Net realized (gain) ⁽²⁾		-			(7	)		(7	)
Total activity for the period		15			22			37
Balance at March 31, 2017	$	(2,136	)	$	(9	)	$	(2,145	)

(1)

Reported as part of selling, general and administrative expenses.

(2)

Reported as part of interest income.

XML 42 R32.htm IDEA: XBRL DOCUMENT

NET SALES (Disaggregates sales by major source) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Net sales	$ 77,536	$ 71,040
Boats And Accessories
Disaggregation of Revenue [Line Items]
Net sales	76,655	70,126
Parts
Disaggregation of Revenue [Line Items]
Net sales	$ 881	$ 914

XML 43 R33.htm IDEA: XBRL DOCUMENT

NET SALES (Disaggregates revenues between domestic and international) (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Net sales	$ 77,536	$ 71,040
Domestic
Disaggregation of Revenue [Line Items]
Net sales	71,546	67,221
International
Disaggregation of Revenue [Line Items]
Net sales	$ 5,990	$ 3,819

XML 44 R34.htm IDEA: XBRL DOCUMENT

NET SALES (Timing of revenue recognition) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Net sales	$ 77,536	$ 71,040
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	77,536	71,040
Products transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 0

XML 45 R35.htm IDEA: XBRL DOCUMENT

NET SALES (Deferred revenue and are included in Accrued expenses and other liabilities on the Consolidated Balance Sheets) (Details 3) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Deferred current revenue	$ 1,315	$ 864	$ 614	$ 416

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

XML 46 R36.htm IDEA: XBRL DOCUMENT

NET SALES (Detail Textuals)	3 Months Ended
NET SALES (Detail Textuals)	Mar. 31, 2018
NET SALES
Revenue, Description of payment terms	seven to ten business days

XML 47 R37.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
EARNINGS PER SHARE
Net income available for stockholders:	$ 7,609	$ 5,261
Less: Adjustments for earnings attributable to participating securities	(212)	(163)
Net income used in calculating earnings per share	$ 7,397	$ 5,098
Weighted average shares outstanding (including participating securities)	34,607	34,931
Adjustment for participating securities	(986)	(1,145)
Shares used in calculating basic and diluted earnings per share	33,621	33,786

XML 48 R38.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION - Summary of stock-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
STOCK-BASED COMPENSATION
Pre - tax cost	$ 516	$ 508
After tax cost	$ 402	$ 328

XML 49 R39.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION - Summary of changes in non vested restricted shares (Details 1) - Restricted Stock	3 Months Ended
	Mar. 31, 2018 $ / shares shares
Shares
Non-vested shares at December 31, 2017 \| shares	1,040,800
Granted \| shares	193,500
Vested \| shares	(271,790)
Forfeited \| shares	0
Non-vested shares at March 31, 2018 \| shares	962,510
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2017 \| $ / shares	$ 7.76
Granted \| $ / shares	13.97
Vested \| $ / shares	6.40
Forfeited \| $ / shares	0.00
Non-vested shares at March 31, 2018 \| $ / shares	$ 9.39

XML 50 R40.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Detail Textuals) - 2014 Stock Incentive Plan	3 Months Ended
	Mar. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares of common stock	3,000,000
Period of common stock issued	10 years
Number of shares available for grants	1,869,100

XML 51 R41.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Detail Textuals 1) - USD ($)	3 Months Ended
STOCK-BASED COMPENSATION (Detail Textuals 1) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 4,121,000	$ 3,165,000

XML 52 R42.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Detail Textuals 2) - Restricted Stock - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested restricted shares	$ 8,646,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3 years 9 months
Tax benefits for compensation tax deductions in excess of compensation expense	$ 545,000	$ 580,000

XML 53 R43.htm IDEA: XBRL DOCUMENT

MARKETABLE SECURITIES - Net realized gains and reclassification (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
MARKETABLE SECURITIES
Net realized (loss) gain	$ (19)	$ 10
Reclassification of net realized (losses) gains from other comprehensive income	$ (19)	$ 10

XML 54 R44.htm IDEA: XBRL DOCUMENT

MARKETABLE SECURITIES - Gross unrealized gains (losses) on marketable securities (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized Gains	$ 0	$ 0
Gross unrealized (Losses)	(58)	(70)
Municipal Obligations
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized Gains	0	0
Gross unrealized (Losses)	(56)	(70)
Corporate Obligations
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized Gains	0	0
Gross unrealized (Losses)	$ (2)	$ 0

XML 55 R45.htm IDEA: XBRL DOCUMENT

MARKETABLE SECURITIES - Amortized cost basis, fair value and net unrealized gains on available-for-sale securities (Details 2) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$ 11,570	$ 13,101
Fair Value	11,512	13,031
Net Unrealized Losses	(58)	(70)
Municipal Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	9,820	13,101
Fair Value	9,764	13,031
Net Unrealized Losses	(56)	(70)
Corporate Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	1,750	0
Fair Value	1,748	0
Net Unrealized Losses	$ (2)	$ 0

XML 56 R46.htm IDEA: XBRL DOCUMENT

MARKETABLE SECURITIES (Detail Textuals)	3 Months Ended
MARKETABLE SECURITIES (Detail Textuals)	Mar. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Period of current marketable securities	less than 12 months
Period of non-current marketable securities	greater than 12 months
Maturity term of non-current marketable securities	2019 and 2047
Municipal Obligations \| AA- or higher
Schedule of Available-for-sale Securities [Line Items]
Period of maturity debt obligations	less than one year to over 20 years

XML 57 R47.htm IDEA: XBRL DOCUMENT

WARRANTY COSTS AND OTHER CONTINGENCIES - Analysis of warranty accruals (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 5,373	$ 4,629
Less: Payments made during the period	(689)	(608)
Add: Warranty provision for the period	981	872
Changes to warranty provision for prior periods	38	51
Balance at March 31	$ 5,703	$ 4,944

XML 58 R48.htm IDEA: XBRL DOCUMENT

WARRANTY COSTS AND OTHER CONTINGENCIES (Detail Textuals) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Warrant Cost And Other Contingencies [Line Items]
Repurchased inventory	$ 0	$ 0
Contractual repurchase limit (% of average net receivable) - one lender	16.00%
Maximum repurchase obligation - one lender	$ 12,900,000
Maximum repurchase obligation - additional lenders	7,500,000
Aggregate repurchase obligation	$ 20,400,000
Chaparral products
Warrant Cost And Other Contingencies [Line Items]
Period of warranty provided by company on limited structural deck	5 years
Period of warranty provided by company on transferable other components	1 year
Period of warranty provided by company on additional items	one to five years
Period of warranty provided by company on transferable structural hull	5 years
Period of transferable hull warranty terminates after the date of the original retail purchase	5 years
Robalo products
Warrant Cost And Other Contingencies [Line Items]
Period of warranty provided by company on limited structural deck	5 years
Period of warranty provided by company on transferable other components	1 year
Period of warranty provided by company on additional items	one to five years
Period of warranty provided by company on transferable structural hull	5 years
Period of transferable hull warranty terminates after the date of the original retail purchase	5 years

XML 59 R49.htm IDEA: XBRL DOCUMENT

BUSINESS SEGMENT INFORMATION (Detail Textuals)	3 Months Ended
BUSINESS SEGMENT INFORMATION (Detail Textuals)	Mar. 31, 2018 Segment
BUSINESS SEGMENT INFORMATION
Number of reportable segment	1

XML 60 R50.htm IDEA: XBRL DOCUMENT

INVENTORIES - Summary of inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
INVENTORIES
Raw materials and supplies	$ 22,922	$ 20,116
Work in process	10,450	8,300
Finished goods	10,668	9,590
Total inventories	$ 44,040	$ 38,006

XML 61 R51.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Detail Textuals)	3 Months Ended
INCOME TAXES (Detail Textuals)	Mar. 31, 2018	Mar. 31, 2017
INCOME TAXES
Income tax provision effective tax rate	16.10%	24.30%

XML 62 R52.htm IDEA: XBRL DOCUMENT

EMPLOYEE BENEFIT PLANS- Net periodic benefit cost (credit) and related components (Details) - Multiple employer pension plan - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Multiemployer Plans [Line Items]
Interest cost	$ 63	$ 66
Expected return on plan assets	(125)	(104)
Amortization of net losses	20	23
Net periodic benefit (credit)	$ (42)	$ (15)

XML 63 R53.htm IDEA: XBRL DOCUMENT

EMPLOYEE BENEFIT PLANS (Detail Textuals) $ in Thousands	3 Months Ended
EMPLOYEE BENEFIT PLANS (Detail Textuals) $ in Thousands	Mar. 31, 2018 USD ($)
Multiple employer pension plan
Multiemployer Plans [Line Items]
Cash contribution to plan	$ 0

XML 64 R54.htm IDEA: XBRL DOCUMENT

EMPLOYEE BENEFIT PLANS (Detail Textuals 1) - Supplemental Executive Retirement Plan (SERP) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Supplemental executive retirement plan, assets	$ 5,944,000		$ 6,031,000
Trading gains (losses) related to SERP	$ (92,000)	$ 88,000

XML 65 R55.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS - Summary of valuation of financial instruments measured at fair value on recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale securities
Available-for-sale securities	$ 11,512	$ 13,031
Fair Value, Measurements, Recurring \| Fair value measurement
Assets:
Investments measured at Net Asset Value - Trading securities	5,944	6,031
Available-for-sale securities
Available-for-sale securities	11,512	13,031
Fair Value, Measurements, Recurring \| Fair value measurement \| Municipal Obligations
Available-for-sale securities
Available-for-sale securities	9,764	13,031
Fair Value, Measurements, Recurring \| Fair value measurement \| Corporate Obligations
Available-for-sale securities
Available-for-sale securities	1,748	0
Fair Value, Measurements, Recurring \| Quoted prices in active markets for identical assets, Level 1 \| Fair value measurement
Available-for-sale securities
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Quoted prices in active markets for identical assets, Level 1 \| Fair value measurement \| Municipal Obligations
Available-for-sale securities
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Quoted prices in active markets for identical assets, Level 1 \| Fair value measurement \| Corporate Obligations
Available-for-sale securities
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Significant other observable inputs, Level 2 \| Fair value measurement
Available-for-sale securities
Available-for-sale securities	11,512	13,031
Fair Value, Measurements, Recurring \| Significant other observable inputs, Level 2 \| Fair value measurement \| Municipal Obligations
Available-for-sale securities
Available-for-sale securities	9,764	13,031
Fair Value, Measurements, Recurring \| Significant other observable inputs, Level 2 \| Fair value measurement \| Corporate Obligations
Available-for-sale securities
Available-for-sale securities	1,748	0
Fair Value, Measurements, Recurring \| Significant unobservable inputs, Level 3 \| Fair value measurement
Available-for-sale securities
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Significant unobservable inputs, Level 3 \| Fair value measurement \| Municipal Obligations
Available-for-sale securities
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Significant unobservable inputs, Level 3 \| Fair value measurement \| Corporate Obligations
Available-for-sale securities
Available-for-sale securities	$ 0	$ 0

XML 66 R56.htm IDEA: XBRL DOCUMENT

ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated other comprehensive loss (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance

$ (1,980)

$ (2,182)

Change during the period ended March 31, 2018:

Before-tax amount

(10)

Tax provision

(16)

Reclassification adjustment, net of taxes

Amortization of net loss

^[1]

Net realized loss (gain)

^[2]

(7)

Total activity for the period

Balance

(1,954)

(2,145)

Pension Adjustment

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance

(1,936)

(2,151)

Change during the period ended March 31, 2018:

Before-tax amount

Tax provision

Reclassification adjustment, net of taxes

Amortization of net loss

^[1]

Net realized loss (gain)

^[2]

Total activity for the period

Balance

(1,917)

(2,136)

Unrealized Gain (loss) On Securities

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance

(44)

(31)

Change during the period ended March 31, 2018:

Before-tax amount

(10)

Tax provision

(16)

Reclassification adjustment, net of taxes

Amortization of net loss

^[1]

Net realized loss (gain)

^[2]

(7)

Total activity for the period

Balance

$ (37)

$ (9)

[1]	Reported as part of selling, general and administrative expenses.
[2]	Reported as part of interest income.

XML 67 R57.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENT (Detail Textuals) - Subsequent event	1 Months Ended
SUBSEQUENT EVENT (Detail Textuals) - Subsequent event	Apr. 24, 2018 $ / shares
Subsequent Event [Line Items]
Dividends payable, date declared	Apr. 24, 2018
Cash dividend payable (in dollars per share)	$ 0.10
Dividends payable date	Jun. 11, 2018
Dividends payable, record date	May 10, 2018

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