Ocean Bio-Chem has announced its third quarter and first nine months of 2017 financial results, showing that net income was $2.31 million, compared to $1.64 million for the first nine months of 2016, an increase 40.5 percent.
It constituted the highest first nine months’ net income in the company’s history.
For the first nine months of 2017, net sales were $29.95 million, as compared to $27.68 million for the same period of 2016, an increase of 8.2 percent.
For the three months ended Sept. 30, net income was approximately $854,000, compared to $1.53 million for the third quarter of 2016, a decline of 44 percent.
Net sales declined by 3.5 percent.
Peter Dornau, president and CEO of Ocean Bio-Chem said that the third quarter sales were adversely affected by Hurricane Harvey and Hurricane Irma, which caused some customers in the Houston metropolitan area and in numerous Florida locations to temporarily close retail and warehouse/distribution operations.
“Despite the challenges presented by the hurricanes, we achieved the highest first nine months’ net sales and net income in the company’s 44-year history,” said Dornau. “Our nine-month financial results reflect the strong sales growth of our Star brite and Star Tron branded products in the marine sector of our business.”
Moreover, some shipments of our products in these areas were delayed because trucking companies were utilized to support of victims of the hurricanes.
“The 84,000-square-foot expansion of our manufacturing and distribution facilities in Montgomery, Ala., is expected to be completed in the first quarter of 2018,” said Dornau, “positioning us well for anticipated increased sales of our Performacide products in addition to both Star Tron and Star brite branded products in 2018 and beyond.”
