FORT LAUDERDALE, Fla.,
May 15, 2018 /PRNewswire/
-- Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced today its
first quarter 2018 financial results.
The Company reported record first quarter 2018 net sales of
$8.4 million compared to net sales of
approximately $8.2 million in the
first quarter 2017, an increase of approximately $163,000 or 2.0%.
Net income for the first quarter of 2018 was approximately
$523,000, compared to net income of
approximately $504,000 in the first
quarter of 2017. Diluted earnings per common share during the first
quarter of 2018 was $0.06, compared
to diluted earnings per common share of $0.05 for the first quarter of 2017.
(In thousands except
per share data)
|
Quarter
Ended
|
|
March 31,
|
|
2018
|
2017
|
Net sales
|
$
8,384
|
$
8,221
|
Pre-tax
income
|
$
679
|
$
740
|
Net income
|
$
523
|
$
504
|
|
|
|
Earnings – per common
share diluted
|
$
0.06
|
$
0.05
|
Dividends declared
per common share
|
$
0.06
|
$
0.00
|
Mr. Dornau, the Company's President and CEO, commented: "The
2018 first quarter record net sales do not fully reflect the many
accomplishments and successes the Company had. The Company
continued to increase sales of its newer line of chlorine dioxide
products, with the placement of our branded NosGUARD product in a
major national automotive retailer with approximately 5,000 retail
stores. In addition, as previously reported, we commenced
shipments to a national mass transit railroad company to supply
Performacide® for the sanitizing of their entire fleet
of railroad cars. We also continued to see increased sales
growth of our chlorine dioxide group of private label products thru
one of our national distributors for use in commercial and
residential fire, mold and water damage restoration markets.
Additionally, we have seen significant growth in the hydroponics
market for the control of both mold and mildew in greenhouses.
In the first quarter the Company expanded distribution of its
enzyme fuel treatment product Star
Tron® to one of the world's largest
retailers."
Mr. Dornau continued, "We believe the extended unseasonably cold
weather throughout most of the country negatively impacted our
marine product sales in the first quarter of 2018. Sales to
our major marine retail and wholesale distributors were lower
compared to the prior period with the delay of the recreational
boating season."
Mr. Dornau concluded, "Despite the delay in the start of the
recreational boating season, we continue to increase distribution
of our products and brand awareness. We look forward to
successful sales in the second quarter in the marine markets as the
weather improves across the United
States."
Jeff Barocas, Chief Financial
Officer of the Company, stated: "Our expansion project at the
manufacturing, distribution and warehouse facilities of our Kinpak
Inc. subsidiary is nearing completion. We are in the final phase of
construction and anticipate being fully operational in the latter
part of the second quarter. You can see an aerial view of our
expanded facility on the cover of our 2017 Annual Report at
www.oceanbiochem.com."
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 Performacide® and Star brite® brand names.
The Company's web sites are: www.oceanbiochem.com,
www.starbrite.com, www.performacide.com
Forward-looking Statements:
Certain statements contained in this press release, including
without limitation, successful second quarter results from the
continued benefit of the improved weather, is a forward-looking
statement. 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; unanticipated litigation developments; exposure to market
risks relating to changes in interest rates, foreign exchange
rates, prices for raw materials that are petroleum or chemical
based, adverse changes to unemployment rates, fuel prices and the
economy in general, our failure to negotiate suitable financing for
the Kinpak, Inc. expansion project and other factors addressed in
our annual report on Form 10-K for the year ended December 31, 2017.
Contact:
Peter Dornau
CEO and 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.