Ocean Bio-Chem, Inc. Posts Record 1st Quarter 2009 Operating Profits
FORT LAUDERDALE, FL -- (Marketwire) -- 05/13/09 -- Ocean Bio-Chem, Inc. (NASDAQ: OBCI) today reported net sales of approximately $4,110,000, an increase of approximately 10% for the quarter ended March 31, 2009, compared to $3,745,000 for the comparative quarter of 2008. The Company reported a net profit of approximately $126,000 or $.02 per share for the first quarter of 2009, compared to a net loss of ($206,000) or ($.03) per share for the comparable first quarter of 2008, an increase of $332,000 or 161%.
First Quarter Ending
March 31 2009 2008
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Net sales $ 4,110,000 $ 3,745,000
Income (loss) before taxes $ 217,000 $ (311,000)
Net income (loss) $ 126,000 $ (206,000)
Income (loss) per share $ .02 $ (.03)
Average shares outstanding
(basic and fully diluted) 7,590,146 7,822,066
Ocean Bio-Chem CEO Peter Dornau stated, "Ocean Bio-Chem had a record first quarter 2009 with income before taxes of $217,000, compared to a loss before taxes of ($311,000) for the 1st quarter 2008. This is an improvement in profitability from operations of over $500,000 dollars for the comparative quarters, all this in a very difficult economy. The sales initiatives that the sales team formulated to aggressively increase revenues have shown very positive results. In a soft economy, to increase sales approximately 10% demonstrates our Company's commitment to increase stakeholders value. The increase in both sales and profits reflects the Company's in-roads into new and expanded distribution in existing markets.
These new markets include: motorcycle, snow mobile and lawn & garden and expanded distribution in the automotive and marine markets. With the blending of ethanol (E10) in gasoline, all types of combustible engines could have issues with the absorption of water into the fuel. StarTron® helps cure these problems. In addition, two new large private label customers also contributed to our first quarter increased sales volume.
Strategically we are expanding beyond our traditional marine products markets lessening our dependence on only one segment of the economy."
Mr. Dornau continued, "Along with our sales increase our gross margin percentage increased in the first quarter, resulting from selling price increases implemented in the second half of last year, coupled with the falling cost of goods (decrease cost of petroleum based products). In addition the Company's sales in the first quarter reflected a higher percentage of higher gross margin products. We have had an excellent start for 2009, and anticipate that we will continue to implement our strategic plans, to aggressively increase sales, at the same time controlling costs for the rest of the year."
About Ocean Bio-Chem
Ocean Bio-Chem, Inc. manufactures and markets a full line of maintenance and care products for boats, recreational vehicles, automobiles, trucks and motorcycles. Products are sold under the Starbrite(TM) StarTron(TM) names as well as private label products. The full product line can be reviewed at www.starbrite.com. and www.startron.com. The Company trades publicly under NASDAQ SmallCap Symbol: OBCI. Our corporate web site is www.oceanbiochem.com
NOTE: The foregoing is news relating to Ocean Bio-Chem, Inc. (OBCI or "the Company") and contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. When used in this report, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management, including without limitation the Company's other subsidiaries, are intended to identify such forward-looking statements. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. For more detailed information the reader is referred to the Company's 10-K and other documents filed with the United States Securities and Exchange Commission.
Contacts:
Peter Dornau
President & CEO
Jeff Barocas
Vice President & CFO
954-587-6280
