Ocean Bio-Chem, Inc. Reports Profit For 2nd Quarter 1999
16 August 1999
Ocean Bio-Chem, Inc. Reports Profit For 2nd Quarter 1999; Six-Month Net Earnings Rise Over Previous Year
FT. LAUDERDALE, Fla.--Aug. 13, 1999--Ocean Bio-Chem. Inc. net earnings per share for the 2nd Quarter ending June 30, 1999, increased to $.03 per share versus near break-even per share for the same quarter of 1998.Gross revenues increased approximately 16% for the quarter ended June 30, 1999 when compared to the same quarter of the previous year. Revenues for the first six-months of 1999 increased 19% or approximately $1,138,000 over the comparable six-month period in 1998. Six-month net earnings per share were $.05 versus $.01 per share. Management attributes the rises in revenues and earnings primarily to increased sales of new products introduced last year and to sale price increases on selected products.
Quarter Ending June 30, 1999 1998 Sales $ 3,674,386 $ 3,167,782 Net Income 128,364 2,955 Average Shares (fully diluted) 3,780,678 3,753,017 Per Share Earnings $ .03 $ -- Six-months Ending June 30, 1999 1998 Sales $ 7,093,200 $ 5,955,223 Net Income 193,262 22,940 Average Shares (fully diluted) 3,780,678 3,753,017 Per Share Earnings $ .05 $ .01
Ocean Bio-Chem manufactures and markets a full line of maintenance and care products for boats, recreational vehicles, automobiles, motorcycles and aircraft. Products are sold under the Star brite name. The Company trades publicly under NASDAQ Symbol: OBCI.
Note to Editors: The foregoing is news relating to Ocean Bio-Chem, Inc. For more detailed information the reader is referred to the Company's 10-K filed with the Securities and Exchange Commission. This does not constitute an offer to buy or sell securities by GeoMarketing or Ocean Bio-Chem, Inc. and is meant purely for informational purposes.