SOURCE: Ocean Bio Chem

November 11, 2010 07:30 ET

Ocean Bio-Chem Reports the Best Quarterly Net Sales and Profits in Company History

FORT LAUDERDALE, FL--(Marketwire - November 11, 2010) - Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced its financial results for the three and nine months ended September 30, 2010.

For the nine month period ended September 30, 2010, the Company reported record net income attributable to Ocean Bio-Chem Inc. of approximately $1,618,000, compared to approximately $831,000 for the comparative period of 2009, an increase of $787,000 or 95%. The Company also reported record net sales for the nine months ended September 30, 2010, of approximately $21,570,000 compared to approximately $18,731,000 for the comparative 2009 period an increase of $2,839,000 or 15%. Basic earnings per share was $0.21 and diluted earnings per share was $0.19 per share for 2010, compared to $0.11 earnings per share both basic and diluted for 2009.

(000's omitted, except per share data)

Nine months ended September 30, 2010   2009
Net sales   $ 21,570   $ 18,731
Net income attributable to OBCI, Inc.   $ 1,618   $ 831
Basic earnings per share $ 0.21   $ 0.11
Diluted earnings per share $ 0.19   $ 0.11
           

Net income attributable to Ocean Bio-Chem Inc. for the third quarter 2010 was a record of approximately $798,000, compared to approximately $571,000 for the comparative 2009 quarter, an increase of $227,000 or 40%. The Company also reported record net sales for the third quarter 2010 of approximately $9,019,000 compared to approximately $8,906,000 for the comparative 2009 quarter, an increase of $113,000. Basic earnings per share was $0.10 and diluted earnings per share was $0.09 per share for 2010 compared to $0.07 per share both basic and diluted earnings per share for 2009.

(000's omitted, except per share data)

Three months ended September 30, 2010   2009
Net sales   $ 9,019   $ 8,906
Net income attributable to OBCI, Inc.   $ 798   $ 571
Basic earnings per share $ 0.10   $ 0.07
Diluted earnings per share $ 0.09   $ 0.07

Ocean Bio-Chem -- President and CEO Peter Dornau stated, "I am very proud to announce the financial performance of the third quarter. The quarter is a historical high quarter for both net sales and profits. The marketing and sales plans implemented last year are continuing to have success in the marketplace. The Company increased third quarter net sales to $9,019,000 from $8,906,000, while improving gross profit percentage to 35.3% from 30.5%. These financial results are primarily attributable to an improved sales mix of higher margin products, in addition to the increased utilization of our Kinpak manufacturing facility. In a very difficult business environment, the Company continued to perform above the general economy with double digit sales growth for the nine month period. Sales increases are in the Company's core marine customers as well as expanded sales into several newer major markets."

Mr. Dornau continued, "We have recently updated our corporate web site www.oceanbiochem.com. Some of the enhancements you will see are:

  • Automatic updates of most current Press Releases when they occur
  • Live stock quotes
  • Interactive "flip book" of our annual report
  • New products gallery
  • Community involvement and Company sponsorships

We invite you to take a tour of our web site."

Peter Dornau concluded, "We are continuing to attract new customers and are cautiously optimistic that this trend will continue in the fourth quarter, which should result in a successful fourth quarter and full year financial results."

About Ocean Bio-Chem

Ocean Bio-Chem, Inc. is a leading manufacturer and distributor of maintenance and appearance products for the marine, automotive, recreational vehicle and home care markets throughout North America. Products are sold under the Star brite® name. The Company trades publicly under NASDAQ Capital Market Symbol: OBCI. Web sites: www.oceanbiochem.com, www.starbrite.com, www.startron.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.

Ocean Bio-Chem, Inc.
4041 S. W. 47th Avenue
Fort Lauderdale, FL 33314
Tel. (954) 587-6280 - Fax. (954) 587-2813
Nasdaq Capital Market Symbol: OBCI

Contact Information

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

    or

    Jeff Barocas
    (954) 587-6280
    Vice President and CFO
    Ocean Bio-Chem, Inc.