In Brief: Island Global Yachting, Carolina Waterworks, Tecnoseal, West Marine, Marine Products Corp.

Island Global Yachting (IGY), an owner, developer and manager of luxury marinas and yachting lifestyle destinations, has updated its loyalty program for 2010. The IGY Anchor Club is a dedicated program for vessels over 80 feet, which honors captains and crew with rewards and special offers for their continued patronage of IGY’s network of marinas. The 2010 IGY Anchor Club features all new reward opportunities including special offers, complimentary dining at area restaurants, private crew parties, gift cards, lottery drawing for cars and toys, iPods, sailing-inspired merchandise, and more. The following IGY Marinas are participating in the 2010 program: Rodney Bay Marina, St. Lucia, WI; The Yacht Club at Isle de Sol, St. Maarten, NA; Simpson Bay Marina, St. Maarten, NA; American Yacht Harbor, St. Thomas, USVI; Yacht Haven Grande, St. Thomas, USVI; Marina Cabo San Lucas, Cabo San Lucas, Mexico; Montauk Yacht Club Resort & Marina, New York, USA; Newport Yacht Club, Jersey City, NJ, USA – with others to be announced soon from the Caribbean, Americas, Middle East & Europe.

To handle its line of Safe Haven platform boatlifts in Texas, Carolina Waterworks has named The American Boatlift Co. as its new dealer. The company will sell and install the complete Safe Haven Systems line of PWC and boatlifts, including the Retreat, Harbor, Jet-T and Hideaway. Specializing in platform boatlifts and other flotation solutions, American Boatlift has locations in Austin, Corpus Christi, Dallas and Houston. It is currently looking to establish relationships with marine contractors across the state.

Under a new agreement, C.R. Dodd & Associates, Alexandria, Va., will represent Tecnoseal’s line of marine anodes in the states of Virginia, West Virginia, Maryland, Pennsylvania, New York, New Jersey, Delaware, Connecticut, Rhode Island, Massachusetts, Vermont, New Hampshire and Maine, according to the manufacturer. Although Tecnoseal has been a marine anode manufacturer for over 30 years in Europe, the company is fairly new to the American market. Tecnoseal USA’s sales office and warehouse is located in Fort Lauderdale, Fla., and services North America, Central America, the Caribbean, and South America.

West Marine, Inc. (Nasdaq:WMAR) has delayed the distribution of its 2009 fourth quarter and fiscal year earnings release, as well as the related conference call and webcast previously scheduled to take place yesterday while working through final audit items with its new independent registered public accounting firm. Geoff Eisenberg, West Marine’s CEO, stated: “While we are working to finalize our audit, we are pleased to say that, as previously reported, we had a year that exceeded our budgeted expectations and we want to thank and reward our associates for their dedication and hard work that made this possible.” West Marine will issue a subsequent press release announcing the timing for release of its 2009 financial results and setting a new conference call date and time as soon as practicable after the completion of the audit.

Marine Products Corp. has reported that the company’s previously issued financial statements for the first, second and third quarters ended March 31, 2009, June 30, 2009 and September 30, 2009 contained errors in the application of an accounting principle and should no longer be relied upon. In addition, the company’s prior related earnings releases and similar communications should no longer be relied upon to the extent they relate to each of those three quarters and for the fourth quarter ended December 31, 2009, the company said in an SEC document. It has prepared restated financial statements for such interim periods and related amendments to its quarterly reports on Form 10-Q, which will be filed as soon as practicable, the company said. This restatement has no impact on the previously reported operating loss, loss before income taxes, net loss or loss per share, or on the consolidated balance sheets, consolidated statements of stockholders’ equity or consolidated statements of cash flows. The restatement relates to the classification of certain dealer incentive costs that were recorded as selling, general and administrative expenses rather than as a reduction in net sales in each of the four quarters.

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