Ocean Bio-Chem reports solid earnings
FORT LAUDERDALE, Fla. — Ocean Bio-Chem, Inc. reported that net earnings for the third quarter ending September 30 were $ .10 per share compared to $ .05 per share for the same period of the previous year. For the nine-month period ended September 30, the company reported net earnings of $.05 per share compared to net earnings of $.10 per share for the same period of last year, according to a statement from the company yesterday.
Ocean Bio-Chem also reported a decrease in net sales for the third quarter with $6,432,550 compared to $6,847,351 for the same period of the previous year. For the nine-month period ended September 30, net sales were down 4 percent with $14,414,068 compared to $15,030,257 for the same period of last year.
“We are very pleased to report a second-consecutive quarter of solid earnings and a return to profitability at the nine-month mark,” said Ocean Bio-Chem President and CEO Peter Dornau. “In addition, we set an all time record for third quarter net earnings per share. This achievement was due in part to improved gross margins and decreased cost of goods sold as a percentage of net sales, from 73 percent to 80 percent respectively, when comparing the quarters ended September 30, 2003 and 2002.
“We also initiated a general sales price increase, utilized cash discounts offered by suppliers, and product pricing in response to current commodity cost pressure,” Dornau explained.
Dornau said that his company is “looking forward to a strong profitable year end.”
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 name.
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