Ocean Bio-Chem, Inc. Net Income More Than Doubles -- 1st Quarter 2010 Compared to 2009
FORT LAUDERDALE, FL -- (Marketwire)
05/12/10
Ocean Bio-Chem, Inc. (NASDAQ: OBCI) today reported record net income of approximately $395,000 or $.05 per share (both basic & diluted) for the first quarter of 2010, compared to net income of $126,000 or $.02 per share (both basic & diluted) for the comparable first quarter of 2009, an increase of 213% or $269,000. The Company also reported record first quarter 2010 net sales of approximately $5,198,000, compared to $4,110,000 for the comparable first quarter of 2009, an increase of approximately 26.5% or $1,088,000.
First Quarter Ending
March 31,
2010 2009
----------- -----------
Net sales $5,198,000 $4,110,000
Income before taxes $675,000 $217,000
Net income $395,000 $126,000
Income per share (both basic & diluted) $0.05 $0.02
Average shares outstanding
basic 7,702,313 7,590,146
diluted 8,015,232 7,590,146
Ocean Bio-Chem CEO Peter Dornau stated, "Ocean Bio-Chem had another record quarter sales and income for the first quarter 2010. The Company has reported net income for five consecutive quarters during the worst recession since the Great Depression. Income before taxes was up 217% over the first quarter 2009. The Company continues to increase market share in our core marine markets as well as increase sales in newer markets. These new markets include: motorcycle, snow mobile, lawn & garden and expanded distribution in the automotive and marine markets."
Mr. Dornau continued, "In the first quarter 2010, we have also benefited from lower operating expenses. Two of the areas in which expenses were lower were: a reduction in allowances for bad debts compared to 2009, when the Company recorded a partial provision for the bankruptcy of Boaters' World and the remarketing of the Company's Industrial Revenue Bonds (IRB's) earlier in the first quarter 2010, the interest rate was reduced on the IRB's interest rate to 2% (variable rate), thus lowering interest expense.
It is too early in the second quarter to forecast the full quarter, but our sales performance was almost up 80% over April 2009. We are cautiously optimistic about our performance in the second quarter."
