SOURCE: Ocean Bio-Chem

March 29, 2007 16:37 ET

Ocean Bio-Chem, Inc. Reports Financial Results for Year Ended December 31, 2006

Achieves $.05 per Share Earnings

FORT LAUDERDALE, FL -- (MARKET WIRE) -- March 29, 2007 -- Ocean Bio-Chem, Inc. (NASDAQ: OBCI) today reported net earnings for the year ended December 31, 2006 of $392,057, compared to a net loss of $1,813,193 for the year ended December 31, 2005, an increase of approximately $2,775,200. Earnings per share for 2006 were $.05 per share (fully diluted) compared to a net loss of ($.32) per share (fully diluted) for the previous year ended on December 31, 2005. Net sales, for the year ended December 31, 2006 increased approximately $2.8 million or 16% to $20,427,100, compared to $17,651,900 for the comparable period in 2005.

                                    Year Ended December 31,
                               ---------------------------------
                                    2006               2005
                               --------------     --------------
Net Sales                      $   20,427,132     $   17,651,905
Net Income (loss)              $      392,057     $   (1,813,193)
Earnings per Share (loss)      $          .05     $         (.32)
Weighted Average Shares
 Outstanding (fully diluted)        7,214,326          5,700,774

Ocean Bio-Chem President and CEO Peter Dornau stated, "We have made significant achievements in 2006 and returned to profitability. We experienced increased revenues to our major customer, in addition to securing enhanced national distribution of our auto/truck and marine products, including StarTron®. Operational improvements were made increasing gross margins to 27.9% of net sales from 17.1% of net sales in 2005. In 2006, gross margins increased to $5.7 million compared to 3.0 million in 2005. This increase was the result of management initiatives taken to increase efficiencies at our Kinpak facility as well as increased volume cost absorption. In addition, selling and administrative expenses were reduced by approximately $265,000 or 7% from the 2005 levels."

Peter Dornau continued, "In 2007 we look forward to building on the foundation established in 2006. We are focused on increasing 'consumer brand awareness' in both our Starbrite™ and StarTron® products and increased consumer take away at retail outlets. We have implemented several marketing programs toward achieving this goal. Aside from our branded business, we have allocated resources to develop new customers as a contract filler of their products in order to further realize the value of our Alabama plant."

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™ name. The Company trades publicly under NASDAQ SmallCap Ticker Symbol: OBCI. The Company's web sites are: www.oceanbiochem.com, www.Starbrite.com and www.startron.com.

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. This does not constitute an offer to buy or sell securities by GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes.

Contact Information

  • For additional information contact:
    Peter Dornau
    (954) 315-2020
    President and CEO
    Ocean Bio-Chem, Inc.
    or:
    Jeff Barocas
    954-587-6280
    Financial Relations

    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 SmallCap Symbol: OBCI