Ocean Bio-Chem, Inc. Reports Record Third Quarter Net Sales and 49% Increase in Third Quarter Net Income
– Third quarter of 2018 Net Sales of $13.2 Million, an increase of $1.8 Million or 16.3% Over the Third Quarter of 2017
– Third Quarter of 2018 Net Income of $1.3 Million, an Increase of $419,000 or 49.1% Over the Third Quarter of 2017
– Nine months Net Income a Record $2.9 Million, an Increase of $607,000 or 26.3% Over the 2017 period
– Nine months Net Sales a Record $33.0 Million, an Increase of $3.8 Million or 13.0% Over the 2017 period
FORT LAUDERDALE, Fla., Nov. 14, 2018 /PRNewswire/ — Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced today its financial results for the third quarter and the first nine months of 2018.
For the three months ended September 30, 2018, the Company reported record net sales of approximately $13.2 million, compared to net sales of approximately $11.3 million for the same period in 2017, an increase of approximately $1.8 million or 16.3%.
For the three months ended September 30, 2018, net income was approximately $1.3 million, compared to net income of approximately $854,000 for the third quarter of 2017, an increase of approximately $419,000 or 49.1%. Diluted earnings per share for the three months ended September 30, 2018 were $0.14, compared to $0.09 during the same period in 2017, an increase of 55.6%.
The Company also reported record net sales for the nine months ended September 30, 2018 of approximately $33.0 million, compared to net sales of approximately $29.2 million for the same period of 2017, an increase of 13.0%.
For the nine months ended September 30, 2018, net income was approximately $2.9 million, compared to net income of approximately $2.3 million for the first nine months of 2017, an increase of approximately $607,000 or 26.3%. Diluted earnings per share for the nine months ended September 30, 2018 were $0.31 compared to $0.25 for the same period in 2017, an increase of 24.0%.
The Company is also pleased to announce a sponsorship agreement with popular Professional Bass Angler Patrick Pierce, who will represent Star brite® and StarTron® at a number of important bass tournaments during 2013. Patrick will help the Company launch our new “fresh water” marketing campaign. The freshwater market represents a great opportunity to grow sales of all our products to a giant customer base. Follow this advertisement program at www.PatrickPierceFishing.com and on Facebook.
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, outdoor power equipment and motorcycle markets under the Star brite® StarTron® and other trademarks 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. It manufactures its products in a 300,000 sf facility in Montgomery, Alabama, from which they are distributed across the globe.
The Company, headquartered in Fort Lauderdale, Florida, trades publicly under NASDAQ Capital Markets, Ticker Symbol: OBCI.
Certain statements contained in this Press Release including without limitation expectations as to future sales and operating results, 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. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements 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, exposure to market risks for changes in interest rates and in foreign exchange rates, and other factors.
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