2009-11-11 21:13:01 -
FORT LAUDERDALE, FL -- (Marketwire) -- 11/11/09 -- Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced its results for the third quarter and nine months ending September 30, 2009.
For the nine-month period ended September 30, 2009, the Company reported record net income of approximately $831,000, compared to $377,000, for the comparative period of 2008, a increase of $454,000 or 120%. The Company also reported record net sales for the nine months ended September 30, 2009, of approximately $18,731,000 compared to $16,957,000 for the comparative 2008 period an increase of $1,774,000 or 10.5%. Earnings per share both basic and diluted were $0.11 per share for 2009 compared to $ 0.05 earnings per share both basic and diluted for 2008.
Net income for the third quarter 2009 was approximately $572,000, compared to $601,000 for the comparative 2008 quarter, a decrease of $29,000 or 5%.
The Company also reported record net sales for the third quarter 2009 of approximately $8,906,000 compared to $8,221,000 for the comparative 2008 quarter, an increase of $685,000 or 8.3%. Earnings per share both basic and diluted were $0.07 per share for 2009 compared to $ 0.08 basic earnings per share and $0.07 diluted earnings per share for 2008.
(000s omitted, except per share data)
Nine months ended September 30, 2009 2008
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Net sales $ 18,731 $ 16,957
Income before taxes $ 1,458 $ 648
Net Income $ 831 $ 377
Basic earnings per share $ 0.11 $ 0.05
Diluted earnings per share $ 0.11 $ 0.05
Quarter ended September 30, 2009 2008
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Net sales $ 8,906 $ 8,221
Income before taxes $ 903 $ 968
Net Income $ 572 $ 601
Basic earnings per share $ 0.07 $ 0.08
Diluted earning per share $ 0.07 $ 0.07
Ocean Bio-Chem President and CEO Peter Dornau stated, "We have just concluded an excellent third quarter. In a very difficult business environment, the Company reported record quarterly and nine month net sales and record nine months net profits. Sales growth has continued with our StarTron products into our core marine markets as well as expanded distribution into several other major markets. Sales growth was also recognized in our winterizing products (previously announced contract).
The third quarter net profits were impacted by unusual legal expenses for $200,000, to sue Valvtect, a competitor, for false and misleading advertising. As a result of the suit, the US District Courts have issued a preliminary injunction against Valvtect. In addition there were several non-cash expense items impacting the third quarter profits, including non-cash compensation costs to record both stock option and stock awards expense, and other non-cash items all totaling approximately $460,000."
Mr. Dornau continued, "We are cautiously optimistic that we will continue our sales growth in the forth quarter compared to prior years forth quarter. We believe the level of our expenses will also decrease in the forth quarter compared to our third quarter of this year. Considering these factors we believe Ocean Bio-Chem is in an excellent position to continue to report positive news in our year end report."
About Ocean Bio-Chem
Ocean Bio-Chem, Inc. manufactures and markets a full line of maintenance and care products for boats, recreational vehicles, automobiles, motorcycles and aircraft. Products are sold under the Starbrite(TM) name.
The Company trades publicly under NASDAQ SmallCap Symbol: OBCI. Websites :
www.starbrite.com :
, www.startron.com :
, 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. This does not constitute an offer to buy or sell securities by the Company or its subsidiaries and is meant purely for informational purposes.
For additional information contact:
Peter Dornau
(954) 587-6280
President and CEO
Ocean Bio-Chem, Inc.
or:
Jeff Barocas
(954) 587-6280
Chief Financial Officer.
Ocean Bio-Chem, Inc.
Ocean Bio-Chem, Inc.
4041 S. W. 47th Avenue
Fort Lauderdale, FL 33314
Tel. (954) 587-6280 - Fax. (954) 587-2813
Nasdaq SmallCap Symbol: OBCI
