SOURCE: Ocean Bio-Chem, Inc.

November 12, 2008 07:30 ET

Ocean Bio-Chem Reports Record Third Quarter Sales and Income Before Taxes

FORT LAUDERDALE, FL--(Marketwire - November 12, 2008) - Ocean Bio-Chem, Inc. (NASDAQ: OBCI) today reported record income before taxes of approximately $968,000 for the third quarter 2008, an increase of $303,000 or 46% compared to the third quarter 2007. Net income for the third quarter 2008 was approximately $601,000, compared to $665,000 for the comparative 2007 quarter, a decrease of $64,000, due to a current year tax provision. The Company also reported record net sales for the third quarter 2008 of approximately $8,221,000 compared to $6,951,000 for the comparative 2007 quarter, an increase of 18.3%.

For the nine-month period ended September 30, 2008, the Company reported income before taxes of approximately $648,000, compared to $896,000, for the comparative period of 2007, a decrease of $248,000. For the nine-month period ended September 30, 2008, the Company reported net income of approximately $377,000 compared to $896,000 for the comparative 2007 period. The Company also reported record net sales for the nine months ended September 30 2008 of approximately $16,957,000 compared to $16,407,000 for the comparative 2007 period an increase of $550,000 or 3.3%.

(000's omitted, except per share data)

Quarter ended September 30,                                2008      2007
                                                         --------  --------
Net sales                                                $  8,221  $  6,951
Income before taxes                                      $    968  $    665
Net Income                                               $    601  $    665
Basic earnings per share                                 $   0.08  $   0.09
Diluted earning per share                                $   0.07  $   0.08

Nine months ended September 30,                            2008      2007
                                                         --------  --------
Net sales                                                $ 16,957  $ 16,407
Income before taxes                                      $    648  $    896
Net Income                                               $    377  $    896
Basic earnings per share                                 $   0.05  $   0.12
Diluted earnings per share                               $   0.05  $   0.10

Ocean Bio-Chem President and CEO Peter Dornau stated, "We have just concluded an excellent third quarter 2008. In a very difficult business environment, the Company reported record quarterly and nine month net sales and third quarter record pretax profits. You should note the Company had fully utilized its' net operating loss tax carry-forward in 2007. Therefore the current quarterly net profits include a tax provision of $367,000, reducing net income to $601,000, compared the prior year net income of $665,000 (without a tax provision)."

Mr. Dornau continued, "The Company success in the third quarter is attributable to strong sales of winterizing products including antifreeze, in addition to maintaining tight control on operating expenses. We are cautiously optimistic with decreasing petroleum prices, it should have positive effects on our future operating results."

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.

Contact Information

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

    Jeff Barocas
    (954) 587-6280
    Chief Financial Officer
    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 SmallCap Symbol: OBCI