FORT LAUDERDALE, Fla.,
Aug. 21, 2017 /PRNewswire/ -- Ocean
Bio-Chem, Inc. (NASDAQ OBCI) announced for the six months ended
June 30, 2017, net income was
approximately $1,456,000, or
$0.16 per common share, compared to
net income of approximately $116,000,
or $0.01 per common share, for the
same period in 2016, an increase of approximately $1,340,000. The net income for the first
six months of 2017 constitutes a Company record for the first six
months of the year, 40% higher than the Company's previous record
first half results in 2011.
For the first six months of 2017, net sales were approximately
$18.3 million, compared to
approximately $15.5 million for the
first six months of 2016, an increase of approximately 18% or
$2.8 million. This is the fifth
consecutive year, net sales reached record levels for the first six
months of the year.
(In thousands except
per share data)
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Six Months
Ended
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June
30,
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2017
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2016
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NET SALES
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$18,295
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$15,474
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PRE-TAX
INCOME
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$2,140
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$177
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NET INCOME
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$1,456
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$116
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EPS BASIC &
DILUTED
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$0.16
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$0.01
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DIVIDEND DECLARED PER
COMMON SHARE
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$0.06
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$0.06
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Ocean Bio-Chem Chairman, President and Chief Executive Officer
Peter Dornau additional comments --
"The financial results for the six month period exhibits the
exceptionally strong financial and operational results of our
Company. The net income for the first six months of 2017 of
approximately $1.5 million was
greater than the combined net income for the previous four
comparative six month results (2013 -2016) totaling approximately
$1.4 million. Also, the gross
profit percentage of 40.5% in the current six month reporting
period compares to an average of 37.0% for the previous four six
month reporting periods."
Mr. Dornau continued: "It is also important to note that on a
sales increase of $2.8 million our
gross profit increased by approximately $1.4
million or 50.0% gross margin. Moreover,
we continue to increase the sales of our higher margin Star
brite® branded products to our major customers."
Mr. Dornau concluded: "As mentioned in our previous press
release dated August 14, 2017, we
plan to enter the pet supply market with the introduction of
Performacide®. Below is the new packaging
specifically designed for the pet industry. You will note
from the packaging that it is designed for the prevention of the
parvovirus which is a highly contagious virus disease that can
produce life threatening illnesses in dogs. Our new
Performacide® canine parvo disinfectant has gotten a
tremendous response at two of the largest pet trade shows in the
U.S., because it will simplify the daily cleaning and disinfecting
of animal day care facilities, boarding facilities, dog parks, and
pet owners by its ability to quickly inactivate viruses and not
leave any harmful residues on surfaces."
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 equipment, outdoor power
equipment and motorcycles 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.
For more information 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, the Company's entry into the pet supply market
with the introduction of Performacide® 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; unanticipated delays in the launch of products for the pet
market; unanticipated delays in construction of, or financing for,
the expansion of the Company's facilities; changes in interest
rates and 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, 2016.
Contacts:
Peter Dornau
President & CEO
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.