SOURCE: Ocean Bio-Chem, Inc.

August 14, 2007 11:00 ET

Ocean Bio-Chem Reports Record Six Month Net Sales and Profits

FORT LAUDERDALE, FL--(Marketwire - August 14, 2007) - Ocean Bio-Chem, Inc. (NASDAQ: OBCI) -- For the first six-months of 2007, Ocean Bio-Chem recognized record net revenues of approximately $9,456,400 which were 8% higher than first half net revenues of $8,741,100 for the same period of last year. Record net income through the first half of 2007 amounted to $231,500 ($0.03 per basic and $0.02 fully diluted share) compared to a net loss of $20,400 (0.00 per basic and fully diluted share) for the same respective period in 2006.

The second quarter net income for the three month period ended June 30, 2007 increased to approximately $394,600 ($0.06 per basic and $0.05 fully diluted share) compared to a net loss of $213,200 ($0.03 per basic and fully diluted share) during the same period of last year. Net revenues for the second quarter of 2007 totaled $5,434,000, reflecting a 26% increase reported for the same quarter of 2006.

(000's omitted, except per share data)
Quarter ended June 30,                         2007            2006
        Net Sales                           $   5,434       $   4,332
        Net income (loss)                   $     395       $    (213)
        Basic earnings (loss) per share     $     .06       $    (.03)
        Diluted earnings (loss) per share   $     .05       $    (.03)

Six-months ending June 30,                     2007             2006
        Net Sales                           $   9,456       $   8,741
        Net income (loss)                   $     232       $     (20)
        Basic earnings (loss) per share     $     .03       $    (.00)
        Diluted earnings (loss) per share   $     .02       $    (.00)

Peter Dornau, Ocean Bio-Chem President and CEO, stated, "We are very pleased to report the financial results for our second quarter. As previously communicated, sales for the second quarter were favorably affected by the improved boating weather regionally. In addition, the Company increased its sales distribution, to new accounts in the auto care market."

Peter Dornau continued, "We have also seen continued increased interest in our new StarTron™ products. For both the current quarter, and year to date, sales have increased significantly compared to the prior year. These increases not only helped to achieve our sales growth in the second quarter, but also helped improve our overall gross profit margin percentages. We will continue to invest in advertising for the balance of the year to build brand awareness and the attributes of the StarTron™ products through both print and TV media."

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

    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
    Nasdaq Symbol: OBCI