Exhibit 99.1

Ocean Bio-Chem, Inc. Reports Third Quarter and

Nine Month Financial Results

FORT LAUDERDALE, FL., November 14, 2019 -- Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced today its financial results for the third quarter and the first nine months of 2019.

For the three months ended September 30, 2019, net sales were approximately $12,503,000, compared to net sales of approximately $13,182,000 for the three months ended September 30, 2018, a decrease of approximately $679,000 or 5.2%.

For the three months ended September 30, 2019, net income was approximately $1,125,000, compared to net income of approximately $1,272,000 for the three months ended September 30, 2018, resulting in a decrease of approximately $147,000 or 11.6%. Diluted earnings per share for the three months ended September 30, 2019, were $0.12 compared to $0.14 during the same period in 2018, a decrease of 12.5%.

For the nine months ended September 30, 2019, net sales were approximately $32,529,000, compared to net sales of approximately $32,965,000 for the same period of 2018, a decrease of approximately $436,000 or 1.3%.

For the nine months ended September 30, 2019, net income was approximately $2,849,000, compared to net income of approximately $2,917,000 for the first nine months of 2018, a decrease of approximately $68,000 or 2.3%. Diluted earnings per share for the nine months ended September 30, 2019, was $0.30 compared to $0.31 for the same period in 2018, a decrease of 3.2%.

(In thousands, except per share data)                
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2019   2018   2019   2018 
NET SALES  $12,503   $13,182   $32,529   $32,965 
PRE-TAX INCOME   1,443    1,631    3,662    3,748 
NET INCOME  $1,125   $1,272   $2,849   $2,917 
                     
EPS - DILUTED PER COMMON SHARE  $0.12   $0.14   $0.30   $0.31 
                     
DIVIDENDS PER COMMON SHARE   -      -     $0.05   $0.06 

Peter Dornau, the Company’s President and CEO commented: “We believe the decline in third quarter 2019 net sales as compared to the same period in 2018 reflects continued adverse weather conditions in parts of the United States and the resulting curtailment of boating activity. In addition, the decline was due to competitive pricing pressures as a result of reduced raw materials costs, which resulted in lower average selling prices for our winterizing products. However, as a result of an improved sales mix, the Company improved its gross margin as a percentage of sales to 35.2% in the third quarter of 2019 from 34.2% for the same period in 2018.”

Jeffrey Barocas, Chief Financial Officer of the Company, commented: “The financial position of the Company continues to be strong. At September 30, 2019, the Company had approximately $4.0 million in cash (including $2.1 million in unrestricted cash and $1.9 million restricted to use in connection with the expansion of our Montgomery, Alabama facilities), with a current ratio of 6.5 to 1. At September 30, 2019, the Company did not have any outstanding balances on its line of credit.”

 

 

About Ocean Bio-Chem, Inc.:

Ocean Bio-Chem, Inc. manufactures, markets and distributes a broad line of appearance and maintenance products for the marine, automotive, power sports, recreational vehicle and outdoor power equipment markets under the Star brite®, Star Tron®, Performacide®, Outdoor Collection and other brand names 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 also manufactures, markets and distributes a line of disinfectant, sanitizing and deodorizing products under the Star brite® and Performacide® brand names.

The Company's web sites are: www.oceanbiochem.com; www.starbrite.com; www.startron.com; and www.performacide.com

Forward-looking Statements:

Certain statements contained in this press release, including without limitation, any statements contained in this report that are not statements of historical fact may be deemed to be 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; unanticipated litigation developments; adverse weather conditions; 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 addressed in Part I, Item 1A (“Risk Factors”) in our annual report on Form 10-K for the year ended December 31, 2018.

Contact:

Peter Dornau
CEO and President
pdornau@starbrite.com
954-587-6280

Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280

 

 

View differences made from one to another to evaluate Ocean Bio Chem Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Ocean Bio Chem Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account