Marine Products Corp (MPX) will pay a special cash dividend of 10 cents per share. Earlier this year the boat manufacturer already hiked its dividend by 20.0 percent to $0.12 per share quarterly.

Both dividends will be paid December 10, 2019 to common stockholders of record at the close of business on November 11, 2019. The regular annual dividend rate of 48 cents per share yields 3.6% at a stock price of $13.48.

"Marine Products Corporation's Board of Directors continues to believe that both the dividend level and special year-end dividend represent a prudent use of capital to reward our shareholders for their support of our company," stated Richard Hubbell, Chief Executive Officer of Marine Products Corporation.

Marine Products Corporation designs, manufactures and sells recreational fiberglass powerboats in the sportboat, sport fishing and jet boat markets. Its products include Chaparral sterndrive, outboard and jet pleasure boats and Robalo outboard sport fishing boats. The company sells its products to a network of domestic and international dealers. Marine Products was incorporated on August 31, 2000, in connection with a spin-off from RPC, Inc. The company restarted its dividend in 2012.