Ocean Bio-Chem, www.oceanbiochem.com – the manufacturer/marketer of a panoply of highly recognized maintenance and care products designed for a variety of systems from marine, auto and sport vehicles, to RVs, outdoor power equipment and even lawn and garden, to name but a few, today reported record net income for the year and a second year in a row of record net sales (values expressed in comparison to 2009):
• Net Income up 92% to over $2M
• Net Sales up 11.2% to $27.4M
• Basic EPS up 85.7% to $0.26
• Diluted EPS up 71.4% to $0.24
• Gross Margin Percent set a new record at 34.2%
• Gross Margin Dollars also set a record at $9.4M
• Gross Profit Margin up 2.3%
President and CEO of OBCI, Peter Dornau, hailed this resounding news as a clear indicator that the previously disclosed sales and marketing plans were indeed successful. Dornau pointed to sales in marine markets and newer pioneered areas as contributing strongly to the bottom line in 2010.
Dornau attributed gross profit margin increases largely to boosted sales figures for the higher margin products and improved efficiency and performance from the Kinpak manufacturing subsidiary, which resulted in significantly increased output volume.
Further elements highlighted by Dornau in his overview were:
• Impressive activity for the first two months of 2011, resulting in a 30% increase in gross sales, a strong indicator that 2011 will be another good year for OBCI
• The Company’s ability to reign in operational overhead during the year
• Extinguishment of some $2.8M in borrowings under the revolving line of credit over the past two years
• Shareholder Equity up sharply to $11.2M
Finalization of the joint venture proceedings with Odorstar Technology, LLC has brought a series of mold and mildew odor eliminating products/systems to the portfolio. With EPA registrations in all states except CA, fully re-designed packaging for ease of use and positive projections for Odorstar products being accretive to 2011 earnings, OBCI is primed to extend its winning streak.
Shipping has begun to larger targets within the marine market, with home and auto up next for distribution on the strength of Odorstar’s established footholds in these markets.