HydroHoist Marine Group had a fantastic start on the year; Q2 has slowed somewhat for boat lifts and seemingly for the industry, as well as the balance of the U.S. economy. This is most likely driven by weaker consumer confidence and sentiment, the U.S. retail economy reporting softer than expected results for the first five months of the year, and very surprising low jobs report for May.
Regardless of whatever external market or economic pressures are presented to us, we will adjust accordingly to position the company to be strong and viable for the long term. I remain very optimistic that overall 2016 will be strong, growing and we will continue to lead the boat lift industry.
We have had a fantastic response to the release of the HydroPort Extreme PWC Drive-On Docking System. There is not a product on the market that offers the features and functionality of the HPE. We are currently working seven days a week, two shifts daily to keep up with the demand. I am very appreciative of our rotomold team agreeing to work this challenging schedule especially with an unusually hot Oklahoma June.
The next major product launch will take place in August with the introduction of the HarborHoist Gen2. This is a result of our acquisition of the LaunchPad in October, 2015. The HarborHoist Gen2 will make us a meaningful and stronger player in the saltwater markets – both domestically and internationally. I believe this product will exceed our freshwater business collectively in a few years.
Our Engineering team has done an excellent job listening to our customers’ needs and incorporating that into the new HarborHoist Gen2 design. The new design significantly increases lifting capacities (from a maximum of 8800 pounds previously to 18,000 pounds), provides simplified customer operation, easier assembly and installation, modulates for increasing capacity of an existing unit, more universal components to lessen inventory requirements, and cost per pound reductions.
As important as it is to introduce new products, we constantly strive to improve our existing lines. We have a good plan in place to identify those needs and work quickly on improving them. Simply anything that’s branded with the HydroHoist name has to be the best we can design and manufacture.
HyPower Power Pedestals continues to grow at an impressive rate. The HyPower team continues to focus on developing recurring commercial customer accounts and aggressively pursuing project specific accounts. No one else offers the functionality and features of the HyPower systems.
RotoMoldUSA is enjoying a good run by working two shifts, seven days a week to meet the demand of the new HPE’s, increase in boat lift volumes, and production of other non-marine products. I firmly believe that no one can out produce – with quality results – our rotomolding team. They are a special group that I much appreciate and respect. Many thanks for their efforts, hard work and expertise.
Thanks to all our employees, dealers, and customers for your dedication, loyalty, and commitment to HydroHoist Marine Group!