FORT LAUDERDALE, Fla.,
Jan. 18, 2022 /PRNewswire/ -- Ocean
Bio-Chem, Inc. (NASDAQ: OBCI) announced today record net sales for
both the fourth quarter and the full year 2021, continuing a 9-year
trend of record-breaking sales.
2021 Highlights
- Record full-year net sales of approximately $64.3 million, up 16% over 2020
- Record Q4 2021 net sales of approximately $14 million, up 9% over Q4 2020
- OTIF rate at approximately 98%
- National Marine Distributor Association (NMDA) - Supplier of
the Year
- West Marine – Supplier of the Year
- West Marine – Best Supply Chain Partner
For the full year 2021, net sales were approximately
$64.3 million, compared to
approximately $55.6 million for the
full year 2020, an increase of approximately 16% or $8.8 million.
For the fourth quarter of 2021, net sales were approximately
$14 million, compared to
approximately $12.9 million for the
fourth quarter of 2020, an increase of approximately 9% or
$1.1 million.
Ocean Bio-Chem Chairman, President, and Chief Executive Officer,
Peter Dornau, commented, "We are
exceptionally pleased with the record annual sales of approximately
$64.3 million. This is the ninth
consecutive year of record net sales. Over this nine-year period
our sales have more than doubled, with more than 75% increase in
just the last five years.
With most of our products manufactured in our own plant in
Montgomery, Alabama, our supply
chain was not as interrupted as other companies that may be more
dependent on imported goods. As a result, the Company was able to
achieve an On Time In Full (OTIF) rate of approximately 98%,
keeping customers' inventories at high levels resulting in
increased product sell-through to consumers."
Mr. Dornau continued, "This is the sixth consecutive year in a
row that the Company had record fourth quarter net sales. The
fourth quarter 2021 sales growth was primarily in its marine and RV
winterizing and antifreeze products."
Peter Dornau concluded, "The
recreational boating industry is continuing a strong and robust
trend: there is still a significant order backlog for new
recreational boats by consumers. Also, the RV industry has seen
record sales this past year. The Company has benefitted from a
renewed interest in the outdoors, as families are more focused on
out-of-the-house, recreational leisure activities. The leisure
boating and RV sectors of the economy bode well for our Company as
new and existing owners maintain and care for their investments. We
see these strong trends continuing into 2022."
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 brand names Star brite®,
Star Tron®,
Performacide® and OdorStar® within
the United States 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's web sites are: www.oceanbiochem.com,
www.starbrite.com, www.startron.com and www.performacide.com
Forward-looking Statements:
Certain statements contained in this Press Release, including
without limitation, outlook for continued strong trend of sales in
both the recreational boating and RV markets in 2022. These
statements 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, 2020.
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.