Ocean Bio-Chem, parent company of Star brite, has announced its financial results for the second quarter of 2018, showing a net income of $1.1 million, an 18 percent increase over the prior year period.
Second quarter 2018 net sales were a second quarter record of approximately $11.4 million, an increase of approximately $1.8 million, or 19 percent, compared to net sales of approximately $9.6 million for the second quarter of 2017.
For the six months ended June 30, net income was approximately $1.6 million, an increase of approximately $188,000 compared to net income of approximately $1.5 million, for the same period in 2017.
“As we anticipated, sales to marine markets improved as the extended unseasonably cold weather that affected most of the country ended during the second quarter of 2018,” said Peter Dornau, chairman, president and CEO. “Second quarter sales increased to brick-and-mortar retailers in marine, hardware and sporting goods specialty stores. … The expansion of our manufacturing, warehouse and distribution facilities in Montgomery, Ala., is almost complete, and we have scheduled a ribbon cutting ceremony at the facilities for later this month. We also have hired additional personnel and increased employee compensation. In addition, during the second quarter, we increased our advertising and promotion efforts, largely through increased television, magazine and internet advertising. We believe that our increased advertising and promotional spending has had a positive effect on sales.”
