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| Ocean
Bio-Chem Announces Promotion Campaign With "Steve Crowley's American
Scene" Radio Show
FORT LAUDERDALE, FL--(MARKET WIRE)--Feb 5, 2007 -- Ocean Bio-Chem, Inc. (NasdaqCM:OBCI - News) today announced that it has commenced a four month campaign on the nationally syndicated radio program, "Steve Crowley's American Scene." Members of the Company's management team will be interviewed by Mr. Crowley and such interviews will be broadcast three - four times per week. The thrust of the interviews will be to familiarize the show's estimated 3.5 million daily listeners with the Company's products, prospects and other noteworthy matters relating to Ocean Bio-Chem. During this first week of broadcasting, new product introductions, enhanced distribution through the recently announced Wal-Mart relationship, a discussion of the Company's manufacturing and distribution facility and other items were included in the interviews. Peter G. Dornau, CEO and President, indicated that, "We expect this effort will greatly increase the number of investors evaluating the Company as well as bring many new consumers to our customers' retail facilities to purchase our products." 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. 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 GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes. Ocean
Bio-Chem Profit Increase Jumps at Nine-Months Ending September 30, 2006
Ocean Bio-Chem President
and CEO Peter Dornau described the financial progress of the Company to
date, "The 3rd Quarter of 2006 was buoyed by our favorable Anti-freeze
season as well as largest customer resuming their purchasing, after apparently
reaching their inventory goals. Additionally, new customer development
and sales price increases passed along to customers to cover increasing
costs during the past nine months helped to produce a solid jump in profit.
This was reflected in a cost of goods sold decrease to 71 % of Net Sales
for the nine months ended September 30, 2006 compared to 80% of Net Sales
for the nine months ended September 30, 2005. Moreover, our improved margins
were boosted not only by sales price increases to customers but also by
certain initiatives adopted in our manufacturing processes, and the result
of spreading the fixed element of our manufacturing overhead over the
higher reported sales levels." Dornau added, "In
order to trim interest costs, on November 10, 2006 I notified the Company
that I am exercising my conversion rights on the $1.5 million that I loaned
to the company and, accordingly, our long-term debt will be reduced and
shareholders' equity will be increased by the approximate $1,250,000 net
obligation reflected on the September 30, 2006 financial statements. Ocean
Bio-Chem Reports Financial Results for 2nd Quarter Ending June 30, 2006
For the six-month period ending June 30, 2006 the Company reported net income (loss) of approximately ($20,396) or ($ - ) per share versus net income (loss) of ($887,442) or ($.06) per share for the comparable six-month period in 2005. Net sales increased 13.8% to approximately $8,741,100 for the six-months ended June 30, 2006 compared to approximately $7,682,900 for the six months ended June 30, 2005. Management attributed such increase significantly to its largest customer resuming their purchasing after apparently reaching their inventory goals pursuant to their publicly announced inventory reduction of 2005.
Peter Dornau, President and Chief Executive Officer of Ocean Bio-Chem, commented, "Overall, at the six-month mark, we have demonstrated a solid improvement for 2006 versus 2005. Cost of goods sold decreased to 71.1% of net sales for the six months ended June 30, 2006 compared to 78.2% of net sales for the six months ended June 30, 2005. This progress was supported by sales price increases passed along to our customers, certain initiatives adopted in our manufacturing processes, and the result of spreading our fixed element of manufacturing overhead over the higher sales levels experienced during the six-month period. On this note, we are pleased to report increased net sales of 13.8% at six months in 2006 versus 2005. Consequently, we are better positioned at this time in 2006 for improved performance than we were in 2005." About Ocean Bio-Chem Keyword: Florida Industry
Keywords: Boating, Recreational Vehicles, Chemicals, Automotive Ocean
Bio-Chem Reports Profit for First Quarter 2006
Ocean Bio-Chem CEO
Peter Dornau expounded, "As disclosed in our Form 10-Q for the quarter
ended March 31, 2005, our largest customer, West Marine, publicly announced
their adoption of a policy to reduce their overall inventory levels. This
policy adversely impacted our revenues for all of 2005. By the close of
the first quarter 2006, West Marine had increased their purchases from
us significantly over the 2005 first quarter. This increase in revenues
was further enhanced by a sales price increase passed along to substantially
all customers effective January 2006. NEWS
RELEASE 2005 Highlights: -- 2005 season's hurricanes caused only minimal direct damages to Company facilities and operations. -- Adopted Kinpak Inc. plan for reduction in material manufacturing costs thereby anticipating improved product margins and operations during 2006.
Management stated that net sales decreased 18.5% to approximately $17,652,000 for the year ended December 31, 2005 compared to approximately $21,657,100 for the year ended December 31, 2004. Management attributes such decrease significantly to its largest customer adopting a policy of reducing their inventory levels. This has resulted in an approximate $4,294,000 decrease in sales to that customer for the year ended December 31, 2005 compared to 2004. Peter Dornau explained,
"Company operations during the year ended December 31, 2005 were
adversely impacted by four significant challenges; an increasingly unstable
commodity market causing increased cost for petroleum related products,
the announcement by our largest customer (West Marine) that they have
adopted a policy of reducing their inventory levels, our immediate geographic
area sustaining three separate major hurricanes, and a decrease in our
manufacturing efficiency resulting in higher product costs. In response,
we have adopted a strategy to provide the Dornau continued, "Effective during the fourth quarter of 2005, we announced yet another sales price increase. In addition, we have alerted customers who purchase products, which are heavily dependent on this petroleum related issue, that we will be more responsive to commodity pricing and they must be receptive to short-term price swings or accept our refusal to ship at previously established pricing. Further, we have identified several areas that require improvement at our Kinpak Inc. facility and through increased on-site management presence, major personnel changes, and a variety of enhancements, we believe that we will achieve a material reduction in manufacturing cost thereby improving product margins and operations during 2006." "It appears that
West Marine has reached their goals and, during the first quarter of this
year has ordered product from us more closely aligned with historical 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 Star brite(TM) name. The Company trades publicly under NASDAQ SmallCap Symbol: OBCI. 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 GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes. SOURCE: Ocean Bio-Chem, Inc. Ocean Bio-Chem, Inc.
Peter Dornau, 954-587-6280 www.oceanbiochem.com or Ocean
Bio-Chem Reports Third Quarter Ending September 30, 2005
Company management
stated that operations during the first nine months of 2005 were adversely
impacted by four significant challenges: The foregoing resulted in material losses during each of the three quarters of the current year and the Company anticipates another loss during the fourth quarter. In response to these challenges the Company has devised strategies to provide the required working capital to cover these losses, maintain a sales pricing model that more closely follows pertinent commodity fluctuations and address those areas of manufacturing and other operations that can be improved. Ocean Bio-Chem CEO
and President Peter Dornau reported, "This season's hurricanes caused
only minimal direct damages to our facilities and operations, principally
power outages and the related down-time. However, the devastation sustained
in the geographic areas that were impacted was significant and contributed
to a reduction in sales to our retail and distribution customers both
in that region and nationally. In addition, the cost of petroleum related
products, major components in many of our products, which were already
in an increasing cost spiral, became even more unstable. This is clearly
a rough patch for the Company and to ensure that we have adequate working
capital, I am offering either personally or through affiliates, to advance
funds aggregating from $1 million to $1.5 million to the Company in order
to sustain working capital during this, what we believe to be, a temporary,
period of adjustment. We expect that the terms and other arrangements
for this financing will be finalized during the upcoming quarter and,
at that time, appropriate public disclosures will be made. We hope to
report progress in meeting the challenges that lay ahead and thank you
for your patience in these difficult times." Ocean
Bio-Chem Reports Financial Results for 2nd Quarter Ending June 30, 2005
For the six-month period of 2005, Net sales decreased 13.5% to approximately $7,682,900 for the six months ended June 30, 2005 compared to approximately $8,883,100 for the six months ended June 30, 2004. Management attributes the decreased sales mostly to its largest customer adopting a policy of reducing their inventory levels coupled with the unusually cold weather in various regions of our country resulting in the consequential delay in the start of the 2005 recreational boating season.
Peter Dornau, President and Chief Executive Officer of Ocean Bio-Chem, stated, "Despite our best efforts, natural forces and changes in customer ordering patterns clearly affected sales. Further, cost of goods sold increased to 78.2% of net sales for the six months ended June 30, 2005 compared to 75.9% of net sales for the six months ended June 30, 2004. This change resulted principally during the quarter ended March 31, 2005 and was attributed to increasing materials costs of petroleum related products which are significantly consumed in the production of our products. During May 2005, we announced a substantially "across the board" sales price increase to our customers in the 8% - 10% range effective June 1, 2005. The result of this increase has yet to be fully realized. We anticipate that it will favorably impact the second half of 2005 and we look forward to improved performance in the remainder of the year."
For additional information
contact: 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 GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes. Keyword: Florida Industry
Keywords: Boating, Recreational Vehicles, Chemicals, Automotive Ocean Bio-Chem Reports First Quarter Results for 2005 -Announces Filling of Two Key Positions and Price Increase- Fort Lauderdale, Florida, May 16, 2005. Ocean Bio-Chem, Inc. today reported a net loss of ($ .10) per share for the first quarter ending March 31, 2005 versus a net loss of ($ .03) per share for the comparable first quarter of 2004. Net sales decreased approximately 10% to $3,477,511 for the quarter ended March 31, 2005 compared to $3,903,944 for the same quarter of the preceding year. Management stated that lower net sales between comparable quarters, was due primarily to its largest customer adopting a policy of reducing its inventory levels coupled with the unusually cold weather and extended winter snow conditions in various regions of the United States country resulting in a delayed start of the 2005 recreational boating season. Cost of goods sold was also cited as a contributing factor toward the reported loss as reflected in cost of goods sold of 88.5% of net sales compared to 78.3% of net sales for the quarters ended March 31, 2005 and 2004, respectively.
Ocean Bio-Chem CEO Peter Dornau stated, "Profitability for the first quarter of 2005 was adversely impacted by the unprecedented unstable raw materials and commodities markets and increased administrative costs. The seemingly daily increases in petroleum related and other direct materials utilized in the manufacturing of our products and reduced sales levels created a challenging first quarter business environment. In response to increasing costs, during May 2005 we announced to our customers an "across the board" sales price increase in the 8% - 10% range effective June 1, 2005. In addition, 2005's first quarter administrative expenses included two key positions: Vice President - Operations and National Sales Manager - Automotive that were not present during the comparable 2004 period. We continue to seek opportunities to enhance our operational efficiency and generate increased revenues with our core marine, automotive and household products as well as our ancillary lines, such as bottle sales and contract filling." About Ocean Bio-Chem For additional information
contact: 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 GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes. Keyword: Florida Industry Keywords: Boating, Recreational Vehicles, Chemicals, Automotive Ocean Bio-Chem Announces 2004 Year End Financial Results -Posts Record Revenues for 2004- Fort Lauderdale, Florida, March 30, 2005. Ocean Bio-Chem, Inc. today reported net earnings for the calendar year ending December 31, 2004 of $ .02 per share or $134,554 versus $ .07 per share or $345,071 for the comparable 2003 year. Highlights:
Management attributes the 2004 increase in net sales to gains made during the fourth quarter of the year resulting from enhanced sales promotions. Cost of goods sold increased to 77% of net sales for the year ended December 31, 2004 as compared to 75.7% of net sales in the year ended December 31, 2003. Management explained specifically that petroleum product costs were higher than those experienced in prior years and therefore represented a higher portion of the company's manufacturing expenses. Price increases were passed along on certain products during the first and second quarters of 2004. The company anticipates further price increases during early 2005. Increased co-op advertising associated with increased sales to certain customers together and the timing of various advertising programs in 2004, resulted in increased advertising and promotion expenses of approximately $201,000 for 2004 versus 2003. Selling and administrative expenses for 2004 increased by approximately $100,000 or 3% vs. 2003. The increase was primarily due to higher personnel costs and other normal recurring increases in operating expenses. Ocean Bio-Chem President
and CEO Peter Dornau commented on the 2004 calendar year results, "The
fourth quarter proved to be one of our best ever and helped us to finish
2004 with a fourth consecutive year of profitability and all time record
revenues. We look forward to 2005 and another year of continuing growth." Ocean
Bio-Chem Receives Initial Order from Advance Auto Stores Headquartered in Roanoke, VA, Advance Auto Parts is the second largest specialty retailer of automotive parts, accessories, and maintenance items to "Do-it-yourself", or DIY, customers in the United States. As of October, 2004, Advance had 2,612 stores in 39 states, Puerto Rico and the Virgin Islands. Its 2003 sales topped $3.49 billion. Ocean Bio-Chem CEO and President, Peter Dornau stated, "These first orders from Advance help indicate through hard evidence the potential for Star brite's automotive marketing program which ultimately hopes to expand its marine presence throughout the multi-billion dollar automotive retailer market. Automotive retailers represent a huge market opportunity and are a relatively untapped segment by the marine industry. It's a natural placement for Star brite products as most boat owners drive cars. Now the products they need and use will be under one roof. Between Advance Auto and other major auto retailers there are thousands of potential additional outlets for Star brite products." Mr. Dornau continued, "In addition to the introduction of selected marine line items, we are very enthusiastic about our Startron Fuel Additive product. It is a unique new enzyme fuel additive for gas or diesel engines that both improves fuel efficiency and helps cut down on harmful pollutants. Star brite licensed the exclusive rights to market and sell Startron in all retail markets from Solpower Corporation. Last year we started marketing Startron in the marine marketplace and the reaction to the product has been outstanding. Placement of Startron with Advance gives us an opening to develop the huge automotive aftermarket channels. The potential for Startron is truly stellar." About Ocean Bio-Chem For additional
information contact: 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 GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes. Keyword: Florida Industry Keywords: Boating, Recreational Vehicles, Chemicals, Automotive Ocean
Bio-Chem Reports Preliminary Revenues for the Year Ended December 31,
2004 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™ name. The Company trades publicly under NASDAQ SmallCap Symbol: OBCI. www.oceanbiochem.com For additional
information contact: 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 GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes. Keyword: Florida Industry
Keywords: Boating, Recreational Vehicles, Chemicals, Automotive Ocean
Bio-Chem Comments on Recent Trading Activity Ocean Bio-Chem CEO
Peter Dornau stated, “The Company does not participate in About Ocean Bio-Chem For additional
information contact: NOTE: The foregoing
is news relating to Ocean Bio-Chem, Inc. (OBCI or “the Keyword: Florida Industry
Keywords: Boating, Recreational Vehicles, Ocean
Bio-Chem Announces Stock Purchase Program About Ocean Bio-Chem For additional
information contact: 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 GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes. Keyword: Florida Industry
Keywords: Boating, Recreational Vehicles, Chemicals, Automotive Ocean
Bio-Chem Reports Operating Results for Nine Months Ending September 30,
2004
Ocean Bio-Chem President and CEO Peter Dornau commented: "In the Third Quarter we weathered three hurricanes in the Southeast and continued to experience record prices for petroleum based raw materials. The higher cost of goods relating to the price of oil was offset to some extent with our previously announced general sales price increase. In addition, we adjusted prices further when practical and continued to take advantage of cash discounts offered by suppliers, and product pricing in response to current commodity cost pressure. Net Sales continue to increase overall and we continue our positive outlook for profitable year end." About Ocean Bio-Chem CONTACT: Ocean
Bio-Chem, Inc. SOURCE: Ocean Bio-Chem,
Inc. Ocean
Bio-Chem Reports Profit for 2nd Quarter Ending June 30, 2004 For the six-month
period of 2004, Gross Sales increased by approximately 17% or approximately
$1,511,300 when comparing the six-month periods of 2004 and 2003. Management
attributes the increase to mild weather in the northern states causing
an early start of the boating season and thereby increased sales of marine
products.
Ed Anchel, Chief Financial Officer of Ocean Bio-Chem, stated, "In the second quarter cost of goods sold increased as a percentage of net sales when comparing the quarter ended June 30, 2004 with the comparable quarter in 2003. The percentages were 74.42 % and 71.03% for the respective quarters. The increased costs relate mainly to higher oil and other raw materials pricing, some of which hit record industry highs during the second quarter. We are currently evaluating the possibility of further sales price increases in addition to those implemented in the first quarter of 2004 to offset these rising costs. However, for market considerations we are holding steady for the near term with hope that higher material costs will adjust to more favorable levels." |