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Ocean Bio-Chem, Inc. Pronounces Document Six Month 2021 Monetary Outcomes and NMDA Platinum Provider of the 12 months Award

Document internet earnings for the primary six months of 2021 was roughly $4.5 million, a ten.5% improve in comparison with internet earnings of roughly $4.1 million for the primary six months of 2020. The six-month 2021 diluted internet earnings per share was roughly $0.48 per share as in comparison with diluted internet earnings per share of $0.43 for the six months of 2020, a rise of 10.1%. Internet gross sales for the six months ended June 30, 2021, had been roughly $28.8 million, a rise of roughly 22.5% in comparison with internet gross sales of roughly $23.5 million for the primary six months of 2020. The second quarter 2021 internet earnings was roughly $2.6 million in comparison with internet earnings of roughly $3.5 million for the second quarter of 2020, a lower of 24.7%. Diluted internet earnings per share was roughly $0.27 per share for the quarter, as in comparison with diluted internet earnings per share of $0.37 per share within the second quarter of 2020, a lower of roughly 25%. For the second quarter of 2021, internet gross sales had been roughly $15.7 million, roughly the identical for the second quarter of 2020.

(In 1000’s besides per share information)







Three Months Ended


Six Months Ended



June 30,


June 30,



2021


2020


2021


2020








NET SALES


$15,689


$15,702


$28,820


$23,521

PRE-TAX INCOME


$3,324


$4,366


$5,753


$5,168

NET INCOME


$2,601


$3,452


$4,506


$4,079










EPS – DILUTED            


$0.27


$0.36


$0.48


$0.43










DIVIDENDS PER SHARE

$0.03


$0.04


$0.06


$0.04

Ocean Bio-Chem Chairman, President, and Chief Government Officer, Peter Dornau, commented, “We’re happy to announce the distinctive monetary outcomes for the primary six months of 2021. The file internet earnings for the primary half of 2021 of $4.5 million is roughly 29% or $ 1.0 million larger than the total yr 2019 internet earnings, which we use as a barometer for monetary efficiency, earlier than the COVID-19 pandemic of 2020. 

The monetary energy within the first six months is because of the energy of our core marine, RV, and outside merchandise—each branded and personal label. Star Tron®—the #1-selling fuel remedy within the efficiency chemical class1—leads our particular person product gross sales and is already outpacing its YTD gross sales in comparison with 2020. Trying ahead into the third and fourth quarters, in preparation for winter storage season, Star Tron® will see a brand new, broadcast tv marketing campaign on Outside Channel and Sportsman Channel concentrating on new markets. As well as, This autumn will see the premier of RV There But?—a Star Tron-sponsored RV journey present debuting on Discovery Channel.

Different excessive performers are our teak merchandise, which seem like sustaining their maintain on the outside and residential care markets whilst increasingly more individuals are returning to work. And we won’t overlook to say boating and RV upkeep and look merchandise. With boat gross sales hitting a 13-year excessive in 2020, a current CNBC particular report highlights how this can be a long-lasting growth for our trade, partially fueled by boats which can be simpler to make use of.2 We anticipate our marine upkeep product traces to be part of the newfound ease-of-use with this new, youthful customer-base.

As anticipated, these sturdy gross sales outcomes had been partially offset by decrease gross sales of PERFORMACIDE®—our line of disinfectant and sanitization merchandise. With lowering emphasis on floor disinfection all through the nation, we foreshadowed this declining demand and are as an alternative planning a rebrand and repositioning out there. Since one of many main promoting factors of PERFORMACIDE® is how little cupboard space it consumes, we’re positive holding onto present stock—particularly with new Delta-variants of the COVID-19-causing virus spreading and our lately accredited 30-second kill-claim for SARS-CoV-2 coronavirus. Made in America, we’re able to pivot and ship as the necessity arises.  

As mentioned in our first-quarter press launch, the private-label model of PERFORMACIDE® continues to be outperforming our projections within the hashish market. The product line, together with its counterparts underneath the OdorStar® household of merchandise, have develop into indispensable to cultivators throughout the continent, aiding in sustaining optimum air and floor high quality to maximise crop yields, product high quality, and earnings for the growers. As the expansion of authorized hashish spreads throughout the nation we’re additionally anticipating continued adoption of our product line on this trade. There are different market initiatives which can be underway, and we anticipate within the fourth quarter to see these alternatives to be accretive to each gross sales and earnings.”

Mr. Dornau concluded, “And we’re comfortable to announce that only recently on the annual Nationwide Marine Distributors Affiliation (NMDA) S.T.E.P. Convention in Chicago, Star brite for the second yr in a row was awarded Provider of the 12 months within the platinum division. We swept your entire platinum class: Greatest All Round Packaging, Advertising Philosophy, and Provide Chain Requirements Effectivity. This honor is a testomony to our whole group’s dedication to perfection in each class. This excessive degree of efficiency by our group is the spine of our firm and why many shoppers and companions see us an extension of their very own firm. These are the long-lasting relationships we pleasure ourselves in and what we try for with each product we ship.”

About Ocean Bio-Chem, Inc.:

Ocean Bio-Chem, Inc. is principally engaged within the manufacturing, advertising and distribution of a broad line of look, upkeep, and efficiency merchandise for boats, leisure autos (RVs), cars, energy sports activities tools, outside energy tools and bikes underneath the Star brite®, Star Tron®, Odor Star®, PERFORMACIDE®,, Outside Assortment, and different model names inside the United States of America and Canada. As well as, the Firm produces personal label formulations of lots of its merchandise for numerous prospects and gives customized mixing and packaging providers for these and different merchandise.

The Firm’s websites are: www.oceanbiochem.comwww.Starbrite.comwww.Startron.com and www.Performacide.com

Ahead-looking Statements:

Sure statements contained on this Press Launch, together with with out limitation, our expectation that our marine upkeep product traces to be part of the newfound ease-of-use with this new, youthful customer-base.  Additionally our teak merchandise, seem like sustaining their maintain on the outside and residential care markets. Performacide merchandise  are able to pivot and ship as the necessity arises.  Moreover, there are different market initiatives which can be underway and we anticipate within the fourth quarter to see these alternatives to be accretive to each gross sales and earnings. For this goal, any statements contained on this report that aren’t statements of historic reality could also be deemed to be forward-looking statements. With out limiting the generality of the foregoing, phrases equivalent to “imagine,” “could,” “will,” “anticipate,” “anticipate,” “intend,” or “might,” together with the detrimental or different variations thereof or comparable terminology, are meant to establish forward-looking statements. These statements contain identified and unknown dangers, uncertainties and different elements which can trigger precise outcomes to be materially completely different from these expressed or implied by such forward-looking statements. Elements that will have an effect on these outcomes embody, however aren’t restricted to, the extremely aggressive nature of our trade; reliance on sure key prospects; adjustments in client demand for marine, leisure car and automotive merchandise; promoting and promotional efforts; publicity to market dangers referring to adjustments in rates of interest, international trade charges, costs for uncooked supplies which can be petroleum or chemical based mostly and different elements addressed in Half I, Merchandise 1A (“Danger Elements”) in our annual report on Type 10-Okay for the yr ended December 31, 2019 and in Half II, Merchandise 1A(“Danger Elements”) of subsequent quarterly reviews on Type 10Q.

Contacts:
Peter Dornau
President & CEO
[email protected]
954-587-6280

Jeff Barocas
Vice President & CFO
[email protected]
954-587-6280

1 In accordance with 09/2020 NPD information
2 https://www-cnbc-com.cdn.ampproject.org/c/s/www.cnbc.com/amp/2021/08/06/why-the-boating-industrys-boom-could-carry-on-for-a-long-time.html

SOURCE Ocean Bio-Chem, Inc.

Associated Hyperlinks

http://www.oceanbiochem.com