SOURCE: Ocean Bio-Chem

November 13, 2007 12:01 ET

Ocean Bio-Chem Reports Record Nine Month Net Profits -- Increased 38%

FORT LAUDERDALE, FL--(Marketwire - November 13, 2007) - Ocean Bio-Chem, Inc. (NASDAQ: OBCI) -- For the nine-months ending September 30, 2007, Ocean Bio-Chem reported record net income of $896,200 ($0.12 per share basic and $0.10 per share fully diluted), an increase of 37.8%, compared to a net profit of $650,300 ($0.11 per share basic and $0.10 per share fully diluted) representing an increase of $245,900 over the 2006 period. The Company net revenues were approximately $16,407,000 which was less than 1% lower than net revenues of $16,466,000 for the same period of last year.

For the three month period ended September 30, 2007 net income was approximately $664,700 ($0.09 per share basic and $0.08 per share fully diluted) compared to a net income of $670,700 ($0.11 per share basic and fully diluted) during the same period of last year. Net revenues for the third quarter of 2007 totaled $6,951,000 reflecting a 10% decrease compared to the same quarter of 2006.

(000's omitted, except per share data)

Nine-months ending September 30,            2007               2006
                                            ----               ----
      Net Sales                           $16,407            $16,466
      Net income                          $   896            $   650
      Basic earnings per share            $   .12            $   .11
      Diluted earnings per share          $   .10            $   .10

Quarter ended September 30,                 2007               2006
                                            ----               ----
      Net Sales                           $ 6,951            $ 7,725
      Net income                          $   665            $   671
      Basic earnings per share            $   .09            $   .11
      Diluted earnings per share          $   .08            $   .11

Peter Dornau, Ocean Bio-Chem President and CEO, stated, "We are very pleased to report the financial results for our third quarter and nine month periods. Sales in the 3rd quarter were down 10% reflecting lower sales of our winterizing products, including antifreeze, as a result of the abnormally warm weather in the Northern and Midwestern parts of the US. We are cautiously optimistic that as cold weather sets in, the sale of our winterizing products will improve in the 4th quarter. The Company improved its year to date gross profit margin percentages, increasing from 28.2% to 32.1% of sales. This increase is a result of three primary factors -- improved product mix with increased sales of higher profit margin products, lower raw material costs as a percent of sales and lower operating costs in our Kinpak manufacturing facility."

Peter Dornau continued, "With the improved gross margin percentages the Company had record gross profits for both a 3rd quarter and nine month period of $2,228,000 and $5,562,000 respectively. The gross profit improvements were partially offset by higher spending in advertising. As previously announced the Company is focusing its marketing efforts, building brand awareness of the StarTron™, and Starbrite™ products. In addition, selling and administrative expenses increased as we expand our selling efforts into new markets and strengthened our computer and administrative support functions."

About Ocean Bio-Chem

Ocean Bio-Chem, Inc. manufactures and markets a full line of maintenance and care products for boats, recreational vehicles, automobiles, motorcycles and aircraft. Products are sold under the Starbrite™ and StarTron™ name. The Company trades publicly under NASDAQ Symbol: OBCI.

NOTE: The foregoing is news relating to Ocean Bio-Chem, Inc. (OBCI or "the Company") and contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. When used in this report, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management, including without limitation the Company's other subsidiaries, are intended to identify such forward-looking statements. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. For more detailed information the reader is referred to the Company's 10-K and other documents filed with the United States Securities and Exchange Commission.

Contact Information

  • For additional information contact:
    Peter Dornau
    President and CEO
    Ocean Bio-Chem, Inc.
    (954) 587-6280

    or:

    Jeff Barocas
    Chief Financial Officer
    Ocean Bio-Chem, Inc.
    (954) 587-6280

    Ocean Bio-Chem, Inc.
    4041 S. W. 47th Avenue
    Fort Lauderdale, FL 33314
    Tel. (954) 587-6280 - Fax. (954) 587-2813
    Website: www.starbrite.com
    Nasdaq Symbol: OBCI