FORT LAUDERDALE, Fla.,
March 1, 2021 /PRNewswire/
-- Ocean Bio-Chem, Inc. (NASDAQ: OBCI), parent company of Star
brite, Inc.—vertical manufacturer and distributor of performance,
appearance, and maintenance chemicals for the marine, RV, and
outdoor industries — is pleased to announce the Board of Directors
unanimously voted to increase the annual dividend to $0.12 per share of common stock, payable
quarterly at a rate of $0.03 per
share. The current dividend is payable on March 25, 2021, to holders of record of the
Company's Common Stock on March
11,2021.
President and CEO, Peter Dornau,
commented on the vote, "We are just passing the Q1 halfway mark,
and our shipments and open orders so far are setting a pace never
previously achieved by our company in a
first quarter. We are excited to be looking at a record
first quarter.
Looking forward into the year ahead, new and used boat sales as
well as new and used RV sales are setting their own records, which
we hope translates into another excellent financial year for our
Company as a new generation of boaters and RVers adopt our products
into their routines.
Other favorable conditions include the upward trend of the
outdoor furniture market—for both our branded and luxury private
label, the continued adoption of pro-cultivation legislature, and
increased disinfection and sanitization protocols in businesses
across the US.
It is with this optimism as well as record cash on hand of
approximately $11 million that
management recommended to the Board of Directors an increase in
dividend."
Mr. Dornau concluded, "The Company is always mindful of our
long-term shareholders. In 2014 the Company implemented its first
special dividend of $0.05 per share.
Since then, as the Company's income growth and cash flow increased,
so too have the dividends to shareholders. In May 2020, the Company announced a regular
quarterly dividend of $.02 per share
or $0.08 per share annually. This
dividend increase of 50% to $0.12 per
share is yet another step in rewarding our shareholders. We look
forward to releasing our 2020 year-end financials at the end of the
month, at which time we can discuss in more detail our successes of
2020."
About Ocean Bio-Chem, Inc.:
Ocean Bio-Chem, Inc. is principally engaged in the
manufacturing, marketing and distribution of a broad line of
appearance and maintenance products for boats, recreational
vehicles, automobiles, power sports, outdoor power equipment and
motorcycle markets under the Star brite®, Star Tron®,
Performacide®, 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 and provides custom blending and packaging services for
these and other products.
The Company trades publicly under NASDAQ Capital Markets, Ticker
Symbol: OBCI.
The Company's web sites are: www.oceanbiochem.com,
www.starbrite.com www.startron.com, and www.performacide.com
Forward-looking Statements:
The declaration and payment of any future dividend will be
subject to the discretion of the Board of Directors and will depend
on a variety of factors including the Company financial condition
and result of operations.
Certain statements contained in this press release constitute
forward-looking statements, including without limitation those
relating to our outlook for strong financial results for the first
quarter and full year 2021, the boating industry and boating season
continue to be strong., new and used boat sales as well as new and
used RV sales continue to be strong, new generation of boaters and
RVers adopt our products. Other forward-looking statements
constitute forward – looking statements- favorable conditions
continue including the upward trend of the outdoor furniture
market—for both our branded and luxury private label will continue,
the continued adoption of pro-cultivation legislature, and
increased disinfection and sanitization protocols in businesses
across the US.
For this purpose, any statements contained in this release 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 are subject
to known and unknown risks, uncertainties and other factors that
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 Performacide, marine,
recreational vehicle and automotive products; expenditures on, and
the effectiveness of, our advertising and promotional efforts;
unanticipated litigation developments; exposure to market risks
relating to changes in interest rates, foreign currency exchange
rates and prices for raw materials that are petroleum or chemical
based; adverse changes to unemployment rates, fuel prices and the
economy in general; and other factors addressed in our annual
report on Form 10-K for the year ended December 31, 2019 and in our subsequent
quarterly reports on Form 10-Q.
Contact:
Peter Dornau
CEO and 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.