FORT LAUDERDALE, Fla., Aug. 14, 2019 /PRNewswire/ -- Ocean Bio-Chem, Inc. (NASDAQ:OBCI) announced today its financial results for the second quarter and first six months of 2019.
For the second quarter of 2019, net sales were approximately $10.9 million, compared to net sales of approximately $11.4 million in the second quarter of 2018. The Company believes the adverse severe weather conditions during the second quarter, in some regions of the United States effected sales results. Second quarter 2019 net income was approximately $1.0 million compared to net income of approximately $1.1 million for the second quarter of 2018. Second quarter net income per share was approximately $0.11 per share as compared to net income per share of $0.12 in the second quarter of 2018.
Net sales for the six months ended June 30, 2019 were approximately $20.0 million, an increase of approximately 1% compared to net sales of approximately $19.8 million for the first six months of 2018. This was a six months record sales for the Company. Net income for the first six months of 2019 was also a Company record of approximately $1.7 million, a 5% increase compared to net income of approximately $1.6 million for the first six months of 2018. Net income per common share was $0.18 for the first six months of both 2019 and 2018.
Ocean Bio-Chem Chairman, President and Chief Executive Officer Peter Dornau stated, "The decline in second quarter net sales principally reflects reduced sales to our marine customers. Some major marine customers advised us that their reduced orders were due to both the extended unseasonably cold weather in the northern United States and severe flooding occurring throughout the Midwestern United States, which adversely affected consumer demand for our products. The adverse weather conditions in these markets stopped boaters from using their watercrafts. Despite the inclement weather, the Company achieved record net income and record net sales for the six-month period."
Mr. Dornau continued: "Our gross margins benefitted from a favorable sales mix in the second quarter of 2019, compared to our first quarter 2019, reflecting increased sales of more profitable products. As a result, our gross margin percentage increased 3.6% to 41.3% of net sales in the second quarter of 2019."
Mr. Dornau concluded: "Considering the negative impact of adverse weather conditions, we think that the Company performed well during the last 6-month period. Our business remains healthy and we are cautiously optimistic that we can achieve solid performance during the balance of this year and in 2020."
About Ocean Bio-Chem, Inc.:
Forward-looking Statements:
Contacts:
Peter Dornau
President & CEO
[email protected]
954-587-6280
Jeff Barocas
Vice President & CFO
[email protected]
954-587-6280
SOURCE Ocean Bio-Chem, Inc.
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
