Ocean Bio-Chem, the parent company of Star brite Inc. and Kinpak Inc. – vertical manufacturer and distributor of performance, appearance, maintenance, and disinfectant chemicals for the marine, RV, and outdoor industries – has reported record sales and income for its most recent quarter and for the full year.
The company reported fourth quarter net sales of $12.9 million, up 32 percent compared to 2019, and its fourth quarter net income was $881,000, up 36 percent year-over-year.
For the full year, the company reported sales of $55.6 million, up 32 percent compared to 2019. Its net income for the year was $9.6 million, up 175 percent compared with 2019.
“On almost every level, 2020 was our best year ever financially,” said CEO and President, Peter Dornau. “Despite the challenges of the pandemic, I am extremely pleased with our team’s responsiveness, resilience, and performance. The 2020 net income of $9.6 million exceeded the previous three years combined. This increase was primarily a result of higher sales volume coupled with an increased gross margin percent. The significant sales growth of $13.3 million, or 31.5 percent, marks the eighth consecutive year in which the company has set a sales record.”