Ocean Bio-Chem Reports Profit for Nine-Months Ending September 30, 2002; Net Sales for the 3rd Quarter Sets New All-time Record
FORT LAUDERDALE, Fla.--Nov. 14, 2002--Ocean Bio-Chem, Inc. today reported net earnings for its 3rd Quarter or three-month period ending September 30, 2002 of $ .05 per share versus $ .01 per share for the same period in 2001. For the nine-month period ended September 30, 2002 and comparable period ending September 30, 2001, the Company reported net earnings of $.10 per share for 2002 versus net earnings of $ .02 per share for the comparable nine-month period in 2001. Net Sales for the 2002 3rd Quarter were $6,847,351 versus $5,537,576 for the 2001 3rd Quarter. For the nine-month period of 2002, Net Sales grew approximately 12% from $13,384,091 in 2001 to $15,030,257 for the nine-month period of 2002.
Three-months ending September 30 2002 2001
Net Sales $6,847,351 $5,537,576
Net income $255,771 50,400
Earnings per share $ .05 $ .01
Average Shares Outstanding (fully diluted) 4,318,370 4,149,037
Nine-months ending September 30 2002 2001
Net Sales $15,030,257 $13,384,091
Net income $451,585 78,653
Earnings per share $.10 $ .02
Average Shares Outstanding (fully diluted) 4,296,870 4,199,037
Ocean Bio-Chem President and CEO Peter Dornau commented, "We are now reporting a sixth consecutive quarter of profitability. Gross sales increased approximately 24% or $1,499,000 for the quarter ended September 30, 2002. Gross sales increased 13% or approximately $1,850,000 when comparing the nine-month periods of 2002 and 2001. Both increases were primarily due to improved sales of our anti-freeze program as well as increases in our core marine and automotive products. Our net sales aggregating $15,587,467 for the 2002 nine-month period is an all time Company record.
"In brief summary of the 3rd quarter and last nine months; we closed on a plant expansion financed through new Industrial Revenue Bonds aggregating $3,500,000 during late July, 2002, we distributed a 10% stock dividend on October 16, we posted record revenues and, earnings are fivefold above of last year's at this time. With all these factors considered, we believe Ocean Bio-Chem is an excellent under-valued investment with solid future prospects and we look forward to reporting continuing positive news as we move toward the year's close."
About Ocean Bio-Chem
Ocean Bio-Chem, Inc. manufactures and markets a full line of maintenance and care products for boats, recreational vehicles, automobiles, motorcycles and aircraft. Products are sold under the Starbrite(TM) name. The Company trades publicly under NASDAQ SmallCap Symbol: OBCI. www.oceanbiochem.com
NOTE: The foregoing is news relating to Ocean Bio-Chem, Inc. (OBCI or "the Company") and contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. When used in this report, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management, including without limitation the Company's other subsidiaries, are intended to identify such forward-looking statements. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. For more detailed information the reader is referred to the Company's 10-K and other documents filed with the United States Securities and Exchange Commission. This does not constitute an offer to buy or sell securities by GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes.