Ocean Bio-Chem recently reported its financial results for the third quarter and the first nine months of 2018 showing net sales of $13.2 million, an increase of $1.8 million, or 16.3 percent, over the third quarter of 2017.
For the three months ended Sept. 30, net income was approximately $1.3 million, compared to net income of approximately $854,000 for the third quarter of 2017, an increase of approximately $419,000, or 49.1 percent.
“We had a very strong third quarter in 2018, with record net sales and an almost 50 percent increase in our net income,” said Peter Dornau, Bio-Chem’s president and CEO. “The increase in net income is principally a result of the company’s increased net sales and the benefit of a reduced corporate tax rate under the Tax Cuts and Jobs Act. … Most of our product groups experienced robust sales, particularly Star brite marine products, Star brite and private label winterizing products and Star Tron fuel treatment products.”
The company also reported record net sales for the nine months ended Sept. 30 of approximately $33 million, compared to net sales of approximately $29.2 million for the same period of 2017, an increase of 13 percent.
For the nine months ended Sept. 30, net income was approximately $2.9 million, compared to net income of approximately $2.3 million for the first nine months of 2017, an increase of approximately $607,000 or 26.3 percent.
“In the third quarter, we had a ribbon-cutting ceremony for our expanded plant and distribution facilities in Montgomery, Ala., and commenced operations in our expanded distribution space,” said Dornau. “The timing of the expansion enabled the company to accommodate its increased sales volume.”
