SOURCE: Ocean Bio-Chem, Inc.

November 14, 2011 07:30 ET

Ocean Bio-Chem, Inc. -- Reports Record Net Income and Earnings per Share for the Third Quarter and Nine Months Ended September 30, 2011

FORT LAUDERDALE, FL--(Marketwire - Nov 14, 2011) - Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced record financial results for the third quarter, and nine months ended September 30, 2011.

For the nine months ended September 30, 2011, the Company reported record net income of approximately $2,175,000, compared to $1,618,000 for the comparative period of 2010, an increase of approximately $557,000 or 34%. The Company also reported record net sales for the nine months ended September 30, 2011, of approximately $24,835,000 compared to $21,570,000 for the comparative 2010 period, an increase of approximately $3,265,000 or 15%. Record diluted earnings per share was $0.26 per share for the nine months ended September 30, 2011, compared to $0.19 per share for the comparative 2010 period, an increase of approximately 37%. Basic earnings per share was $0.27 per share for nine months of 2011 compared to $0.21 per share for 2010 an increase of approximately 29%.

Record net income for the third quarter 2011 was approximately $1,138,000 compared to approximately $798,000 for the comparative third quarter 2010, an increase of approximately $340,000 or 43%. The Company also reported record net sales for the third quarter 2011 of approximately $9,884,000 compared to the comparative third quarter 2010 of $9,019,000, an increase of approximately $865,000 or 10%. Record diluted earnings per share was $0.13 per share for the three months ended September 30, 2011 compared to $0.09 per share for the comparative 2010 period, an increase of approximately 44%. Basic earnings per share were $0.14 per share for 2011 compared to $0.10 per share for 2010, an increase of approximately 40%.

(000's omitted, except per share data)
Quarter ended September 30, 2011 2010
Net sales $ 9,884 $ 9,019
Income before taxes $ 1,607 $ 1,415
Net Income $ 1,138 $ 798
Basic earnings per share $ 0.14 $ 0.10
Diluted earning per share $ 0.13 $ 0.09
Nine months ended September 30, 2011 2010
Net sales $ 24,835 $ 21,570
Income before taxes $ 3,239 $ 2,756
Net Income $ 2,175 $ 1,618
Basic earnings per share $ 0.27 $ 0.21
Diluted earnings per share $ 0.26 $ 0.19

Ocean Bio-Chem President and CEO Peter Dornau stated, "We have just concluded the best financial quarter in the Company's history. As noted above the Company reported record net income of over $1.1 million dollars for the third quarter and approximately $2.2 million dollars for nine months. We are also extremely pleased with our return on sales ratio. In the third quarter we reported a record return on sales ratio of 11.5%. This achievement is a result of the combination of improved sales mix of higher margin products, increased utilization of our manufacturing capacities in addition to controlling the Company's operating expenses, along with a lower effective tax rate. The Company is also generating a significant amount of cash from operations. For the nine months ending September 30, 2011 earnings before interest, taxes, depreciation, amortization and other non cash items was approximately $4.6 million dollars. This cash generation supplemented with short term borrowings supported the increase needs for working capital at September 30, 2011."

Mr. Dornau continued, "The future prospects for our Company remain positive. In the third quarter we saw a strong increase in sales of our newer product line of chlorine dioxide products. We are still extremely optimistic that there are significant upside potential of sales of this product group. We are currently exhibiting our products at several industry trade shows including marine, automotive and outdoor power equipment shows. I am happy to report that our products are well accepted in the market place and there appears to be additional upside potential for increased sales/ distribution of our products into various industries."

Mr Dornau concluded, "Ocean Bio-Chem's net income for the nine months ending September 30, 2011 of $2,175,000 has already surpassed last years' 2010 full year income of $2,018,000. As we move into the fourth quarter management remain focused on the continued success of our Company."

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 CM Symbol: OBCI. Websites: www.oceanbiochem.com; www.starbrite.com, 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 the Company or its subsidiaries and is meant purely for informational purposes.

Contact Information

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

    or:

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

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