Ocean Bio-Chem, Inc. Reports Second Quarter 2013

Ocean Bio-Chem, Inc. Reports Second Quarter 2013 
Earnings Excluding Non Cash Expenses of $691 Thousand and Diluted
Earnings per Share Excluding Non Cash Expenses of $0.08 per Share 
FORT LAUDERDALE, FL -- (Marketwired) -- 08/14/13 --  Ocean Bio-Chem,
Inc. (NASDAQ: OBCI), 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 operating results for the
three and six months ended June 30, 2013.  
Net income excluding non cash expenses* was approximately $691,000
for the second quarter 2013 or $0.08 per diluted share compared to
$779,000 or $0.09 per diluted share for the second quarter 2012. For
the quarter ended June 30, 2013, net income was approximately
$173,000 or $0.02 per diluted share, as compared to approximately
$363,000 or $0.04 per diluted share for the same period in 2012.  
For the six months ended June 30, 2013, net income excluding non cash
expenses* was approximately $1,257,000 or $0.14 per diluted share,
compared to approximately $1,360,000 or $0.16 per diluted share for
the same period in 2012. Net income was approximately $522,000 or
$0.06 per diluted share for the six month period, compared to
approximately $727,000 or $0.09 per diluted share for the same period
in 2012. 


 
                                                                            
                                                                            
(000's Omitted)                                                             
                                                                            
                                      Three Months Ended   Six Months Ended 
                                           June 30,            June 30,     
                                        2013      2012      2013      2012  
                                     --------- --------- --------- ---------
NET SALES                            $   8,178 $   7,882 $  14,490 $  13,886
PRE-TAX INCOME                       $     255 $     596 $     763 $   1,190
NET INCOME                           $     173 $     363 $     522 $     727
NON CASH EXPENSES                    $     518 $     416 $     735 $     633
NET INCOME - EXCLUDING NON CASH                                             
 EXPENSES*                           $     691 $     779 $   1,257 $   1,360
                                                                            
                                                                            
EPS BASIC                            $    0.02 $    0.04 $    0.06 $    0.09
EPS DILUTED                          $    0.02 $    0.04 $    0.06 $    0.09
                                                                            
EPS BASIC-excluding non cash                                                
 expenses*                           $    0.08 $    0.09 $    0.15 $    0.17
EPS DILUTED-excluding non cash                                              
 expenses*                           $    0.08 $    0.09 $    0.14 $    0.16

 
*Net income excluding non-cash expenses and diluted and basic earnings
per share excluding non-cash expenses are non-GAAP measures of
performance that management believes may be useful to investors when
used as a supplement to GAAP measures of performance. 
Ocean Bio-Chem, Inc. CEO Peter Dornau stated: "Our net income for the
second quarter 2013 excluding non cash expenses are approximately at
the same levels as last year's second quarter. The continued strong
cash flow from our operations is also reflected in the strength of
the Company's Balance Sheet. At June 30, 2013 the Company's current
ratio is over 5:1. Also at June 30th, the Company did not have any
outstanding amount on its revolving line of credit. The Company also
reduced long term debt by more than $200,000 since the beginning of
the year. 
"Our net sales in the second quarter increased by 3.8%. Although not
fully reflective in the overall sales results for the quarter, the
Company achieved many sales successes in the 2nd quarter. The Company
increased its sales to its largest customer that started to return to
a more normal purchasing pattern after an inventory reduction program
last year. These sales increases were offset by lower sales to other
marine customers. The lower sales to other marine customers was a
result of reduced recreational boating in the second quarter due to
cold and inclement weather in most parts of the United States and
Canada. Although comparative marine sales were lower, it is believed
the Company's sales in the marine industry fared better than other
competitors in the marine sector. 
"The Company's growth strategy to expand sales beyond our core marine
industry continued to be successful in the second quarter 2013. We
increased sales of Star Tron(TM) in new markets including the
automotive, power sports and outdoor power equipment -- distributors
and retailers." 
Mr. Dornau continued: "We are continuing to invest in building
consumer recognition of our brands and products with a higher level
of advertising in print, radio and television, promoting both brand
awareness, as well as the attributes of our products. In the second
quarter the Company also increased its sponsorships of various
fishing tournaments. We have already seen a favorable response by a
major national automobile chain retailer to our increased marketing
initiatives. The buyer was quite impressed with the increased
marketing activities and we anticipate increasing sales to this major
4,000 store automobile retail chain. It is important to realize the
first step is to secure distribution of our products with the
national retailers. The second step is to build consumer awareness of
our products to insure continued sales of our products out the door,
to consumers." 
Peter Dornau concluded, saying, "We are in the final stages of
development of packaging of our new Performacide(TM) products. We
have started initial presentations to several national chain
retailers. As previously announced, we are on schedule for a first or
second quarter 2014 full product launch." 
Previously we had announced that our subsidiary Star brite(R) Inc.,
was recently honored at the annual meeting of the National Marine
Distributors Association (NMDA) as a finalist and a top three
recipient of the Supplier of the Year Award for 2013. The Company was
notified last week by the NMDA, that there was a miscount in the
tabulation of votes and in fact Star brite(R) Inc., was voted as the
# 1 Supplier in the Gold Category for overall excellence. The
Company's award by the National Marine Distributors Association
(NMDA) is a testimonial to the quality of Ocean Bio Chem, Inc.
products and services which we believe gives the Company an edge over
competitors. 
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(R) StarTron(R) 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
s.f facility in Montgomery, Alabama, from which they are distributed
across the globe. 
The Company trades publicly under NASDAQ Capital Markets, Ticker
Symbol: OBCI.  
The Company's web sites are:
 www.oceanbiochem.com,
www.Starbrite.com, www.Startron.com and www.nos-guard.com 
Forward-looking Statements:  
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.  
Contacts:
Peter Dornau
President & CEO
pdornau@starbrite.com
954-587-6280 
Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280  
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
940-262-3584 
 
 
Press spacebar to pause and continue. Press esc to stop.