Ocean Bio-Chem has announced its full year and fourth quarter 2018 financial results.
The company’s 2018 net income was approximately $2.8 million, compared to 2017 net income of $2.6 million, an increase of approximately $200,000, or 7.4%.
The company also reported record 2018 net sales of approximately $41.8 million, compared to approximately $37.9 million for 2017, an increase of approximately $3.9 million or 10.2%.
Fourth quarter 2018 net sales were approximately $8.8 million, compared to fourth quarter 2017 net sales of approximately $8.7 million, an increase of approximately $72,000 or 1%. Fourth quarter 2018 net loss was approximately $122,000 compared to income of approximately $293,000 in 2017, a decrease of approximately $415,000. The fourth quarter performance reflected lower gross margins due to higher operating costs at the company’s Kinpak manufacturing and distribution facility in Montgomery, Ala., partially offset by lower advertising and promotion expenses and selling and administrative expenses.
“The company’s 2018 net sales marked the sixth consecutive year in which the company achieved record annual net sales,” said Peter Dornau, president and CEO. “Once again, our Star brite-branded and private-label marine products led the way. … Sales of our disinfectant group products, including our chlorine dioxide-based deodorizers, disinfectants and sanitizers, continued to increase.”
“We intend to continue to focus on advertising efforts in 2019,” Dornau continued. “Among other things, we intend to introduce an advertising campaign directed to the RV market.”
