Ocean Bio-Chem, Inc. Reports Record Fourth Quarter Sales; 2013 Top Sales Year
in Company's History
FORT LAUDERDALE, FL -- (Marketwired) -- 01/16/14 -- 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, today is pleased to announce all-time record
fourth quarter and full year net sales in 2013.
The fourth quarter 2013 record sales were the fourth consecutive
record net sales for the final quarter of the year. The full year
2013 net sales eclipsed the previous record sales totals accomplished
"The strong finish to 2013 is attributable to continued growth of
StarTron(R) in several markets. The Company also recorded strong
growth of sales of both its branded and private marine products in
the fourth quarter of 2013. The Company benefitted from the colder
weather around the country, with an increase of sales of our
winterizing product group, primarily antifreeze products," commented
Peter Dornau, Ocean Bio-Chem CEO.
Jeff Barocas, Ocean Bio-Chem CFO, commented: "We are especially
pleased with our fourth quarter sales record of approximately $7.8
million, compared to $6.9 million in the fourth quarter of 2012, an
increase of 13%. This double digit increase in sales in the fourth
quarter is a strong indicator that our increased spending in
marketing is having a positive impact on sales. For the full year
2013, net sales were approximately $32.7 million compared to $31.0
million in 2012, an increase of 5%. As we continue to increase sales,
the percent of marketing and selling expenses should decline as a
percent of sales."
The complete Form 10-K filing of Ocean Bio-Chem financial statements
for year 2013 will be available at www.sec.gov no later than March
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.
The Company trades publicly under NASDAQ Capital Markets, Ticker
The Company's web sites are: www.oceanbiochem.com, www.starbrite.com,
www.startron.com, and www.nos-guard.com
Certain statements contained in this Press Release, including without
limitation, our ability to provide required capital to support
inventory levels, the effect of price increases in raw materials that
are petroleum or chemical based or commodity chemicals on our
margins, and the sufficiency of funds provided through operations and
existing sources of financing to satisfy our cash requirements
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," or "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 actual results to be materially
different from those 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 relating to changes in
interest rates, foreign exchange rates, prices for raw materials that
are petroleum or chemical based and other factors.
CEO and President
Vice President & CFO
E & E Communications
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