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 second quarter net sales.
Ocean Bio-Chem, Inc. President and CEO Peter Dornau commented, "We are especially pleased that in the second quarter of 2014 we achieved a new Company record for second quarter net sales of approximately $8.8 million dollars, compared to approximately $8.2 million dollars in the second quarter of 2013, an increase of approximately 8%. This was achieved after a slower than anticipated first quarter due to the unusually long and cold winter. During the second quarter the Company recorded double digit sales growth in both branded and private labeled marine products. These sales increases were partially offset by lower margin sales decreases of our winterizing products."
Ocean Bio-Chem Executive Vice President of Sales & Marketing Greg Dornau commented on the six month results, "We anticipated we would make up the shortfall of net sales reported for the first quarter of 2014 compared to the first quarter of 2013. For the six months ended June 30, 2014, the Company will report net sales of approximately $14.7 million dollars an increase of approximately 2%, compared to the comparable 2013 period, making up for a 6% first quarter net sales shortfall. For the six month period the Company had significant growth of fuel treatment sales to the 'Big Box' hardware retailers. In addition, sales of our fuel treatment products — Star Tron — continue to increase to the national automobile parts retailers. During the six months ended June 30, 2014, both sales to big box hardware retailers and sales to national auto chain retailers recorded double digit sales growth."
Ocean Bio-Chem Chief Financial Officer Jeff Barocas emphasized that "we expect a favorable increase in earnings as a result of our sales results."