SOURCE: Ocean Bio-Chem

August 14, 2009 09:00 ET

Ocean Bio-Chem Reports Second Quarter Record Sales and Pretax Profits of $338,000, Pretax EPS of $.04 per Share

FORT LAUDERDALE, FL--(Marketwire - August 14, 2009) - Ocean Bio-Chem, Inc. (NASDAQ: OBCI) today reported pretax profits of approximately $338,000 for the second quarter 2009 compared to a pretax loss of approximately ($8,000) for the comparative quarter 2008, an increase in pretax profits of $346,000. Net income, after tax for the second quarter ending June 30, 2009 was approximately $133,000 compared to a net loss of approximately ($18,000) for the comparative 2008 quarter, an increase of $151,000. Net earnings per share, both basic and diluted, for the second quarter 2009 were $.02 compared to no earnings per share in the second quarter of 2008. Record net sales for the second quarter 2009 were approximately $5,715,000 compared to approximately $4,991,000 for the comparative 2008 period, an increase of 14.5% or $724,000.

For the six month period ended June 30, 2009, the Company reported record pretax profits of approximately $555,000 compared to a pretax loss of approximately ($320,000) for the comparative 2008 period, an increase of $875,000. Record net income, after tax, for the six month period ending June 30, 2009 was approximately $259,000 compared to an operating loss of approximately ($224,000) for the comparative 2008 six month period, an increase of $483,000. Earnings per share, both basic and diluted, for the six month period were $.03 compared to a loss per share of ($0.03) for the comparative 2008 six month period. For the six month period ended June 30, 2009, the Company reported record net sales of approximately $9,825,000 compared to $8,736,000 for the comparative 2008 six month period, an increase of 12.5% or $1,089,000.

(000's omitted, except per share data)


Quarter ended June 30,                          2009     2008
                                              -------- -------
Net Sales                                     $  5,715 $ 4,991
Pretax Income (Loss)                          $    338 $    (8)
Net Income (Loss)                             $    133 $   (18)
Basic & diluted earnings (Loss) per share
 - before taxes                               $    .04 $     -
Basic & diluted earnings (Loss) per share     $    .02 $     -


Six months ended June 30,                       2009     2008
                                              -------- -------
Net Sales                                     $  9,825 $ 8,736
Pretax Income (Loss)                          $    555 $  (319)
Net Income (Loss)                             $    259 $  (224)
Basic & diluted earnings (Loss) per share
 - before taxes                               $   0.07 $ (0.04)
Basic & diluted earnings (Loss) per share     $   0.03 $ (0.03)

Ocean Bio-Chem President and CEO Peter Dornau stated, "I am extremely pleased with the financial results of the Company for both the second quarter and six month period. Despite the many negative economic factors, the Company reported record sales for both the quarter and six month periods. The Company's earnings per share before taxes (both basic and diluted) for the second quarter were $0.04 compared to no earnings per share before taxes for the comparative quarter 2008. For the six month period ending June 30, 2009, earnings per share before taxes (both basic and diluted) were $.07 compared to a loss of $0.04 per share for the comparative prior years six month period. Due to the high taxable income and resulting high tax provision, we feel the earnings per share after taxes do not demonstrate the operating and financial strength and success of the Company. We therefore will report earnings per share -- before taxes on a consistent, ongoing basis."

Mr. Dornau continued, "We are seeing signs of recovery in the boating industry. We believe as the boating industry picks up and more people use their boats, the Company will continue to be the benefactor of increased sales, and market share. As part of the Company's overall strategic Marketing Plan, the Company is continuing to invest in advertising, customer and consumer promotions, and building brand awareness. Increasing brand awareness, we believe, will continue to make Starbrite® and StarTron® products the consumers' number one choice of products. Our sales and marketing efforts are focused on increasing sales both in our core marine market as well as outside of our core market into automobile after market, recreational vehicles, hardware/lawn & garden/small engines, and motorcycles markets being lead by StarTron®. As we enter the second half of the year, I am cautiously optimistic that we could report record pretax profits for the full year."

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
    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