FORT LAUDERDALE, Fla.,
Jan. 17, 2018 /PRNewswire/ -- Ocean
Bio-Chem, Inc. (NASDAQ: OBCI) announced today record 2017 net sales
of approximately $38.9 million,
compared to approximately $36.2
million for the full year of 2016, an increase of
$2.7 million or 7.5%. For the
fourth quarter of 2017, record net sales were approximately
$9.0 million compared to $8.5 million for comparative fourth quarter of
2016.
Ocean Bio-Chem. Peter Dornau
commented, "We are especially pleased with both the full year 2017
sales, in which we achieved a new Company annual sales record, for
the fifth consecutive year. The strong growth is a result of
sales increases of both our Star brite® branded and
private label products. The Company recorded increased sales
of Star brite® branded marine products to mass
merchandisers, large marine retailers, and double-digit percent
growth to all of our on-line retailers.
We also had strong fourth quarter 2017 sales, which resulted in
record net sales of approximately $9.0
million. The previous fourth quarter record sales were
in 2014."
Mr. Dornau continued, "All of our major product groups have
shown sales increases in 2017, including marine, home care,
recreational vehicles and our newer product group of disinfectant
products. As we start 2018 we are cautiously optimistic that
the strong sales trends of 2017 will continue. We have made
significant strides in the expansion of our disinfectant product
line - Performacide®. We anticipate increased
revenues in 2018. We recently have been approved by the
largest national mass transit railroad company to supply
Performacide® for the sanitizing of their entire fleet
of railroad cars. We expect implementation of this program to
take place over the next twelve months. In addition, a
national automotive retail chain with approximately 5,000 stores,
has approved our Performacide®/NosGUARD SG Auto Odor
Eliminator® gas release products for their 2018
plan-o-gram. These products will begin shipping in the first
quarter of 2018.
We also continue to expand distribution of our fuel treatment
product - Star
Tron®. We have been approved by the world's
largest mass merchandiser for the plan-o-gram of Star Tron® in their automotive
department. We also anticipate shipments to start in the
first quarter of 2018."
Mr. Dornau concluded, "To support the Company's growth, we are
in the final stages of completion of our 84,000 sq. ft. addition to
our Montgomery, Ala. facility to
accommodate increased production, warehousing and distribution
space. Once completed we will have a state of the art
manufacturing, warehouse and distribution facility of over 300,000
sq. ft., that will serve our growth for many years to come."
The complete set of our Financial Statements for 2017 on SEC
Form 10-K filing will be available at www.sec.gov by March 31, 2018.
About Ocean Bio-Chem, Inc.:
Ocean Bio-Chem, Inc. manufactures, markets and distributes a
broad line of appearance and maintenance products for the marine,
automotive, power sports, recreational vehicle and outdoor power
equipment 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 trades publicly under NASDAQ Capital Markets, Ticker
Symbol: OBCI.
The Company's web sites are: www.oceanbiochem.com,
www.starbrite.com; www.startron.com; www.performacide.com
Forward-looking Statements:
Certain statements contained in this Press Release, including
without limitation, our ability to continue to achieve favorable
results in the first quarter and full year 2018 constitute
forward-looking statements. For this purpose, any statements
contained in this report that are not statements of historical fact
may be deemed to be forward-looking statements. Without limiting
the generality of the foregoing, words such as "believe," "may,"
"will," "expect," "anticipate," "intend," or "could," including the
negative or other variations thereof or comparable terminology, are
intended to identify forward-looking statements. These statements
involve known and unknown risks, uncertainties and other factors
which may cause actual results to be materially different from
those expressed or implied by such forward-looking statements.
Factors that may affect these results include, but are not limited
to, 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 relating to changes
in interest rates, foreign exchange rates, prices for raw materials
that are petroleum or chemical based and other factors addressed in
Part I, Item 1A ("Risk Factors") in our annual report on Form 10-K
for the year ended December 31,
2016.
Contact:
Peter Dornau
CEO & President
pdornau@starbrite.com
954-587-6280
Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280
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SOURCE Ocean Bio-Chem, Inc.