SOURCE: Ocean Bio-Chem, Inc.

August 13, 2008 15:17 ET

Ocean Bio-Chem Reports 2nd-Quarter Financial Results

FORT LAUDERDALE, FL--(Marketwire - August 13, 2008) - Ocean Bio-Chem, Inc. (NASDAQ: OBCI) today reported a net loss for its 2nd quarter ending June 30, 2008 of approximately $18,000, compared to a net profit of approximately $395,000 for the comparative 2007 quarter. Net Sales for the 2nd quarter 2008 were approximately $4,991,000 compared to approximately $5,434,000 for the comparative 2007 period. For the six-month period ended June 30, 2008, the Company reported a net loss of approximately $224,000 compared to a net profit of $232,000 for the comparative 2007 period. For the six-month period ended June 30, 2008, the Company reported net sales of approximately $8,736,000 compared to $9,456,000 for the comparative 2007 six-month period.


(000's omitted, except per share data)
Quarter ended June 30,                                    2008       2007
Net Sales                                               $ 4,991    $  5,434
Net Income (Loss)                                       $   (18)   $    395
Basic Earnings (Loss) per share                         $     -    $   0.06
Diluted Earnings (Loss) per share                       $     -    $   0.05

Six months ended June 30,                                  2008      2007
Net Sales                                               $ 8,736    $  9,456
Net Income (Loss)                                       $  (224)   $    232
Basic earnings (Loss) per share                         $ (0.03)   $   0.03
Diluted earnings (Loss) per share                       $ (0.03)   $   0.02

Ocean Bio-Chem President and CEO Peter Dornau stated, "We have encountered unique and difficult market conditions in the first six months of 2008. The extreme price increases in petroleum and petrochemical prices has been unprecedented and has affected our sales and cost of sales. We have passed on price increases to our customers; however, due to the rapid increase in oil prices, there was a delay in being able to pass along increases to our customers, which affected margins on a short term basis. Higher oil prices directly affect the discretionary spending on everything including recreational boating. The decrease in recreational boating slowed the sales of our products at the retail level. The Company also experienced higher cost of freight in addition to material cost increases that adversely affected our gross margin percent of sales."

Mr. Dornau continued, "Despite all the negative economic factors endured in the second quarter of the year, the Company was able to break even. We are cautiously optimistic as we enter the second half of the year as oil prices start to drop. We believe as the industry picks up, we will be the benefactor of increase sales due to our sales and marketing activities."

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 Symbol: OBCI. Websites: www.starbrite.com, www.startron.com, www.oceanbiochem.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.