Ocean Bio-Chem President and CEO Peter Dornau stated, "Given the soft economy in 2009, our Company has performed extremely well. The Company had record sales, with revenue growth of approximately $3.7 million or 18% in this difficult economy. The Company also reported all time record net income of $1.05 million compared to $154 thousand in 2009. The record earnings included two unusual expense items in the year -- legal expenses for a lawsuit settled in the first quarter of 2010, in addition to an accounts receivable write-off for the bankruptcy of one of our larger customers, Boaters' World.
"The Company ended the year with a stronger balance sheet. Total liabilities decreased by over $1,900,000. The largest decrease was in money owed to banks which was reduced from $2,800,000 as of December 31, 2008 to $250,000 at December 31, 2009....
Peter Dornau concluded, "In 2009, we continued to increase sales in our core markets, as a result of strengthening and building strong strategic relationships....We are in the final stages of due diligence for a joint venture (previously announced) for a new group of products that utilizes a unique patented delivery system to safely kill mold, mildew, bacteria and viruses. This is an exciting opportunity for the Company to increase future revenue and profits and expand into new markets.
"We have created a base in 2009, and as we look forward to 2010, we are cautiously optimistic that we will have another successful year."
| Shares Outstanding5: | 7.70M |
| Float: | 2.64M |
| Book Value Per Share (mrq): | 1.183 |
| BUSINESS SUMMARY |
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Ocean Bio-Chem, Inc. is engaged in the manufacturing, marketing and distribution of a line of appearance and maintenance products for boats, recreational vehicles, automobile and aircraft under the Star brite and other trademarks within the United States of America and Canada. In addition, the Company produces private label formulations of many of its products for various customers, as well as provides custom blending and packaging services of these and other products. Its marine and recreational vehicle products are sold through national mass merchandisers such as Wal-mart and Home Depot and through specialized marine retailers, such as West Marine and Bass Pro Shops.
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Co-Founder, Chairman, Chief Exec. Officer
email pdornau@starbrite.com
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