FORT LAUDERDALE, Fla.,
Jan. 19, 2021 /PRNewswire/
-- Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced today record
net sales for both the fourth quarter and the full year 2020. For
the fourth quarter of 2020, net sales were approximately
$12.9 million, compared to
approximately $9.7 million for the
fourth quarter of 2019, an increase of approximately 32% or
$3.2 million.
For the full year 2020, net sales were approximately
$55.6 million, compared to
approximately $42.3 million for the
full year 2019, an increase of also approximately 32% or
$13.3 million.
Peter Dornau, President and CEO
commented, "This is the fifth consecutive year in a row that the
Company had record fourth quarter net sales. The fourth quarter
2020 sales growth was primarily in both our chlorine dioxide
product group of disinfectants and sanitizers—including our branded
Performacide® product—as well as private-labeled
products. In addition, the Company also had significant increase in
its core product groups as well as its winterizing products and
antifreeze sales."
Mr. Dornau continued "We are exceptionally pleased with the
record annual sales of approximately $55.6
million. This is the eighth-consecutive year of record
sales. The annual sales increase of $13.3
million is also a record sales growth for a full year."
In reference to the record sales growth, Dornau remarked,
"During the lockdown, we saw increases on home projects and storage
items—from Teak Care to Star Tron Enzyme Fuel Treatment. And then
after the lockdown, America essentially 'went outside.' Boat sales,
RV sales, kayaks and paddleboards—all seeing record highs this past
year. It's only natural that these new owners need to take care of
their investments. We see this continuing well into 2021."
"Then there are our chlorine dioxide products," the CEO
continued. "With the scarcity of many common bleach-based
disinfectants or disinfecting wipes that use quaternary ammonium
compounds (quats), customers were able to try out products—such as
ours—that don't rely on carcinogenic or poisonous residue to kill
viruses and bacteria. We hope to see this trend continue for the
health and safety of the population. We also have some great plans
for 2021 to help educate customers on the benefits of disinfecting
without harmful residue or caustic fumes."
Mr. Dornau concluded, "We opened the year 2021 with a strong
backlog of open sales orders of over $7.0
million, the largest in Company's history at a year end. And
with outdoor activities on the rise as well as the ongoing need for
disinfecting products, we are optimistic that it will lead to
increased sales growth in 2021 in all major product groups."
About Ocean Bio-Chem, Inc.
Ocean Bio-Chem, Inc. manufactures, markets, and distributes a
broad line of appearance and maintenance products for the marine,
automotive, power sports, recreational vehicle, and outdoor power
equipment markets under the brand names Star brite®,
Star Tron®,
Performacide® and OdorStar® within
the United States and Canada. In addition, the Company produces
private label formulations of many of its products for various
customers and provides custom blending and packaging services for
these and other products.
The Company's web sites are: www.oceanbiochem.com,
www.starbrite.com, www.startron.com and www.performacide.com
Forward-looking Statements:
Certain statements contained in this Press Release, including
without limitation, our estimated sales for the fourth quarter and
full year 2020. In addition, continued strong sales and order pace
in 2021, continued sales in all major product groups doing well in
2021 constitute forward-looking statements. For this purpose, any
statements contained in this report that are not statements of
historical fact may be deemed to be forward-looking statements.
Without limiting the generality of the foregoing, words such as
"believe," "may," "will," "expect," "anticipate," "intend," or
"could," including the negative or other variations thereof or
comparable terminology, are intended to identify forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors which may cause actual results to
be materially different from those expressed or implied by such
forward-looking statements. Factors that may affect these results
include, but are not limited to, the highly competitive nature of
our industry; reliance on certain key customers; changes in
consumer demand for marine, recreational vehicle and automotive
products; advertising and promotional efforts; exposure to market
risks relating to changes in interest rates, foreign exchange
rates, prices for raw materials that are petroleum or chemical
based and other factors addressed in Part I, Item 1A ("Risk
Factors") in our annual report on Form 10-K for the year ended
December 31, 2019.
Contact:
Peter Dornau
CEO & President
pdornau@starbrite.com
954-587-6280
Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280
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SOURCE Ocean Bio-Chem, Inc.