SOURCE: Ocean Bio-Chem, Inc.

August 15, 2011 07:30 ET

Ocean Bio-Chem Reports Record Second Quarter Net Sales of $8.2 Million and Increase of 25% in Diluted Earnings per Share

FORT LAUDERDALE, FL--(Marketwire - Aug 15, 2011) - Ocean Bio-Chem, Inc. (NASDAQ: OBCI) today reported net income of approximately $377,000 for the second quarter 2011 compared to a net income of approximately $318,000 for the comparative quarter 2010, an increase in net income of approximately 18%. Diluted earnings per share for the second quarter 2011 was $.05 per share compared to $.04 per share in the second quarter of 2010. Basic earnings per share was $.05 per share for both the second quarter 2011 and 2010. Record net sales for the second quarter 2011 were approximately $8,218,000, an increase of approximately $865,000 or 12% compared to approximately $7,353,000 for the comparative 2010 period.

For the six month period ended June 30, 2011, the Company reported record net income of approximately $1,005,000 compared to a net income of approximately $713,000 for the comparative 2010 period, an increase of approximately 41% or $292,000. Diluted earnings per share for the six months ended June 30, 2011 was $.12 compared to $.09 per share in the six month period 2010. Earnings per share basic was $.13 per share for the six months 2011 compared to $.10 per share for the comparative period 2010. For the six month period ended June 30, 2011, the Company also reported record net sales of approximately $14,950,000 compared to $12,551,000 for the comparative 2010 six month period, an increase of 19% or $2,399,000.

(000's omitted, except per share date)
Quarter ended June 30, 2011 2010
Net Sales $ 8,218 $ 7,353
Net Income $ 377 $ 318
Net Income to OBCI $ 389 $ 372
Basic earnings per share $ .05 $ .05
Diluted earnings per share $ .05 $ .04
Six months ended June 30, 2011 2010
Net Sales $ 14,950 $ 12,551
Net Income $ 1,005 $ 713
Net Income to OBCI $ 1,038 $ 766
Basic earnings per share $ .13 $ .10
Diluted earnings per share $ .12 $ .09

Ocean Bio-Chem, Inc. President and CEO Peter Dornau stated, "The Company reported record net sales and net income for the six months ended June 30, 2011. It should also be noted that the Company has reported record net quarterly sales, net income and earnings per share when providing for income tax expense. These are major accomplishments for the Company, in a soft economy for both the quarter and six month results."

Mr. Dornau continued, "The fundamentals of our business are very promising. Our Balance Sheet and cash flow remains strong. As you might know, we have refinanced our short and long term borrowings in the second quarter, securing a fixed interest rate on our long term loan at 3.5%, and reduced our borrowing cost on our short term working capital facility by ½ percent. Looking at our cash flow from operations for the six month period, non cash expenses including stock-based compensation expense, depreciation, and other non cash items were approximately $836,000, providing the Company with cash flow from operations of approximately $1,874,000."

Mr. Dornau concluded, "Our business outlook for the second half of 2011 remains optimistic. Our major customers are also financially strong, reporting strong financial results for both the second quarter and six month periods. We anticipate adding new customers in the second half of the year, in addition to expanding sales to existing customers of higher margin products. The Company has also increased its marketing emphasis on brand and product recognition with higher levels of spending on radio, magazine and newspaper advertising. In the second half of the year we anticipate increasing marketing activities for our patented chlorine dioxide products."

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 the Company or its subsidiaries and is meant purely for informational purposes.

Contact Information

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

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