Ocean Bio-Chem, Inc. , a leading manufacturer and distributor of appearance, performance, and maintenance products
serving the marine, automotive, power sports, recreational vehicle and outdoor power equipment markets, announced today its financial results for the first quarter of 2014.
Net income was approximately $224,000 or $0.03 per share both basic & diluted, for the first quarter of 2014, compared to approximately $349,000 or $0.04 per share both basic & diluted for the first quarter of 2013. The Company also reported first quarter 2014 net sales of approximately $5,921,000 compared to the first quarter of 2013 net sales of approximately $6,312,000.
Ocean Bio-Chem, Inc. President and CEO Peter Dornau stated, “As previously communicated, due to one of the coldest winters in many decades, the first quarter’s marine sector sales started off slower than we anticipated. Customers in the Northern and Midwestern parts of the U.S continued to experience winter weather conditions, including snow, throughout the first quarter of 2014, delaying boat owners from putting their boats into the water.
“We are disappointed in the drop in sales. However we have seen early indications of strong sales increases in the second quarter, as spring weather finally arrives in most parts of the United States. We are cautiously optimistic that we will recover the shortfall of sales from the first quarter and we will exceed our 2013 six month sales results.On a positive note, we had excellent first quarter growth sales of our fuel additive Star Tron. The Company recorded double digit sales growth of our Star Tron product group, which was led by increased sales to big box specialty retailers, and auto parts stores.”
Mr. Dornau continued, “The Company is excited to have started transitioning from the research and development stages into the sales and marketing phase of our new PerformacideÂ® product group. PerformacideÂ® is a disinfectant, sanitizer virucide, fungicide and deodorizer. We launched one of our new products from the family of PerformacideÂ® products at the National Hardware show in Las Vegas last week and received significant interest. We are currently presenting the first PerformacideÂ® products to our existing customers and expect retail placement as soon as the third quarter of this year. We anticipate sales of this product will increase earnings as we expand into new markets in 2015.
Mr. Dornau concluded, “The Company’s financial condition is strong. We ended the first quarter with a current ratio of over 5:1. We were very pleased to be able to provide to our shareholders a special cash dividend of $0.05 per share. This dividend demonstrates Ocean Bio-Chem’s strong financial condition and our commitment to increasing shareholder value.”
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 briteÂ® StarTronÂ® 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.
SOURCE Ocean Bio-Chem, Inc.