Ocean Bio-Chem has announced its financial results for the second quarter and first six months of 2019, showing net sales were approximately $10.9 million, compared to net sales of approximately $11.4 million in the second quarter of 2018.
The company said it believes the adverse severe weather conditions during the second quarter, in some regions of the U.S. effected sales results. Second quarter 2019 net income was approximately $1 million compared to net income of approximately $1.1 million for the second quarter of 2018.
Net sales for the six months ended June 30 were approximately $20 million, an increase of approximately 1 percent compared to net sales of approximately $19.8 million for the first six months of 2018. This was a six-months-record sale for the company. Net income for the first six months of 2019 was also a company record of approximately $1.7 million, a 5-percent increase compared to net income of approximately $1.6 million for the first six months of 2018.
“The decline in second quarter net sales principally reflects reduced sales to our marine customers,” said Peter Dornau, Ocean Bio-Chem chairman, president and CEO. “Some major marine customers advised us that their reduced orders were due to both the extended unseasonably cold weather in the northern U.S. and severe flooding occurring throughout the Midwestern U.S., which adversely affected consumer demand for our products.”
Ocean Bio-Chem is parent company of Star brite.