FORT LAUDERDALE, Fla.,
April 19, 2021 /PRNewswire/
-- Ocean Bio-Chem, Inc. (NASDAQ: OBCI), parent of Star brite,
Inc., announced today record net sales for the first quarter of
2021. For the first quarter of 2021, net sales were approximately
$13.1 million, compared to
approximately $7.8 million for the
first quarter of 2020, an increase of approximately 68% or
$5.3 million.
Peter Dornau, President and CEO
commented, "Our first quarter net sales continued to be
exceptionally strong, building on the success of our outstanding
2020 results. The unprecedented growth of core products is
attributable to the many customers we serve in several markets. The
Company's sales increased across the board to marine retailers and
wholesale distributors, as well as online customers. In addition,
the Company realized specific sales increases in specialty sporting
goods stores, major national auto chains, and RV markets."
Mr. Dornau continued, "One of the core strengths of our Company
and reason for our current success is a smart inventory investment
strategy. Through leveraging our long-standing relationships with
our supply chain partners and streamlining our management systems,
we have been able to keep production flowing, while many other
companies are experiencing disruptions. In an era of raw material
shortages often resulting in delayed or missed sales, our Company
has been able to meet our customers' needs and keep orders
filled."
Mr. Dornau concluded, "We are hopeful that the boating season
breaks early. Good weather coupled with an increase in the number
of recreational boaters should bode well for a continued strong
pace of incoming sales orders."
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 Star brite®, Star Tron®, Performacide®
and Odor Star® 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 first quarter
ending March 31th
2021, continued strong order pace, strong boating season and
continued uninterrupted supply of raw materials 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,
2020.
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.