FORT LAUDERDALE, Fla.,
Aug. 15, 2016 /PRNewswire/ -- Ocean
Bio-Chem, Inc. (NASDAQ OBCI) announced today second quarter net
income of approximately $657,000, or
$0.07 per common share, compared to
approximately $114,000, or
$0.01 per common share, for the
second quarter of 2015, an increase of $543,000 or approximately 477%. The 2016
period net income constitutes the highest second quarter net income
in the Company's history.
For the six months ended June 30,
2016, net income was approximately $116,000, or $0.01
per common share, compared to approximately $98,000 or $0.01
per common share for the same period in 2015, an increase of
$18,000 or 18%.
(In thousands except
per share data)
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Three Months
Ended
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Six Months
Ended
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June
30,
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June
30,
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2016
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2015
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2016
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2015
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NET SALES
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$8,724
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$8,739
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$15,474
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$14,741
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PRE-TAX
INCOME
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$1,002
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$167
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$177
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$143
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NET INCOME
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$ 657
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$114
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$116
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$98
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EPS BASIC &
DILUTED
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$0.07
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$0.01
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$0.01
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$0.01
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DIVIDEND DECLARED PER
COMMON SHARE
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-
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-
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$0.06
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-
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Ocean Bio-Chem Chairman, President and Chief Executive Officer
Peter Dornau stated: "In addition to
our record second quarter net income, our gross margin percentage
for the second quarter of 2016 was 42.1%, the highest second
quarter gross profit percentage we have experienced in a number of
years. More importantly, our second quarter gross profit was
approximately $3.7 million and our
second quarter operating income was approximately $1 million, both second quarter records."
Mr. Dornau continued: "There were several factors behind the
Company's excellent financial performance. We had a more
profitable sales mix, particularly due to a meaningful increase in
sales of the Company's Star brite® branded group of
products. In addition, the Company's advertising litigation
against a competitor, which generated legal costs and expenses that
had a negative effect on our results during 2015 and first quarter
2016, was essentially completed, with only limited post-trial
proceedings ongoing during the second quarter. The litigation is
now concluded. Finally, advertising and promotion expenses
were approximately 7% lower than in the second quarter 2015. During
second quarter 2016, the Company paid a special dividend of
$.0.06, or an aggregate of
approximately $541,000. Nevertheless,
our balance sheet remains strong. At June 30, 2016, the Company's current ratio was
over 5:1 per share, and we had approximately $1.8 million dollars of cash on hand."
Mr. Dornau concluded: "We have started the second half of 2016
with strong sales and orders. We are cautiously optimistic
these trends will continue and will result in a very good
year."
About Ocean Bio-Chem, Inc.:
Ocean Bio-Chem, Inc. is principally engaged in the
manufacturing, marketing and distribution of a broad line of
appearance and maintenance products for boats, recreational
vehicles, automobiles, power sports, outdoor power equipment and
motorcycle markets under the Star brite®, Star Tron®, Odor Star®,
Outdoor Collection and other brand names within the United States of America and Canada. In addition, the Company produces
private label formulations of many of its products for various
customers and provides custom blending and packaging services for
these and other products. The Company also manufactures, markets
and distributes a line of disinfectant, sanitizing and deodorizing
products under the Star brite® and
Performacide® brand names.
The Company's common stock is listed in the NASDAQ Capital
Market under the ticker symbol, OBCI.
The Company's web sites are:
www.oceanbiochem.com, www.Starbrite.com, www.Startron.com and
www.Odorstar.com
Forward-looking Statements:
Certain statements contained in this Press Release including
without limitation expectations as to future sales, orders and
financial results, constitute forward-looking statements. For this
purpose, any statements contained in this report that are not
statements of historical fact may be deemed forward-looking
statements. Without limiting the generality of the foregoing, words
such as "believe," "may," "will," "expect," "anticipate," "intend,"
"could" including the negative or other variations thereof or
comparable terminology are intended to identify forward-looking
statements. Actual results could differ materially from those
expressed or implied in the forward-looking statements due to,
among other things, the highly competitive nature of our industry,
reliance on certain key customers, changes in consumer demand for
marine, recreational vehicle and automotive products, advertising
and promotional efforts, exposure to market risks for changes in
interest rates and in foreign exchange rates, and other factors
described in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2015.
Contacts:
Peter Dornau
President & CEO
pdornau@starbrite.com
954-587-6280
Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
940-262-3584
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visit:http://www.prnewswire.com/news-releases/ocean-bio-chem-inc-reports-record-second-quarter-net-income-of-657000-an-increase-of-543000-over-the-second-quarter-of-2015-300313110.html
SOURCE Ocean Bio-Chem, Inc.