Ocean Bio-Chem, supplier of Star brite products, announced a record second quarter 2017 net income of $953,000 compared to net income of about $657,000 for the second quarter of 2016. Overall, that’s an increase of about $296,000 or 45 percent.
The 2017 second quarter net income is the highest second quarter net income in the company’s history.
The company also announced record net sales for the second quarter and the first six months of 2017. For the second quarter of 2017, net sales were about $9.9 million, compared to about $8.7 million for the second quarter of 2016, an increase of about 14 percent.
For the six months ended June 30, net income was $1.4 million compared to net income of $116,000for the same period in 2016. The net income for the first six months of 2017 constitutes a company record for the first six months of the year, 40 percent higher than the company’s previous record first half results in 2011.
For the first six months of 2017, net sales were $18.3 million compared to $15.5 million for the first six months of 2016, an increase of approximately 18 percent.
“In addition to our record second quarter net sales, it is important to note that the sales increases are at higher average gross margins,” said Peter Dornau, Ocean Bio-Chem’s chairman, president, and CEO. “Our overall gross margin percentage for the second quarter of 2017 increased to 43.2 percent, the highest second quarter gross margin percentage we have experienced in several years. More importantly, our second quarter gross profit dollars increased to $4.3 million and our second quarter operating income was approximately $1.4 million, both second quarter records.”