Ocean Bio-Chem announced that its 2017 net income was approximately $2.6 million, compared to 2016 net income of $2.1 million, an increase of approximately $500,000 or 24 percent. The company manufactures a broad line of appearance and maintenance products for the RV market under the Star brite, Star Tron, and Odor Star brand names.
“Despite the challenges faced by many brick and mortar retailers, Ocean Bio-Chem continued to increase sales in a variety of retail channels, enabling us to realize record net sales in 2017,” said Peter Dornau, president and CEO. “For example, we saw increased sales into the U.S. marine specialty retail sector, with both branded and private label products along with strong sales increases into the hardware and online channels.”
The company also reported record 2017 net sales of approximately $38.9 million, compared to approximately $36.2 million for 2016, an increase of approximately $2.7 million or 7.5 percent.
Fourth quarter 2017 net sales were approximately $9 million, compared to fourth quarter 2016 net sales of approximately $8.5 million, an increase of approximately $500,000 or 5.4 percent.
Fourth quarter 2017 net income was approximately $293,000 compared to approximately $451,000 in 2016, a decrease of approximately $160,000.
“We remain cautiously optimistic that the strong sales trends of 2017 will continue,” said Dornau. “The 84,000-square-foot expansion of our manufacturing and distribution facilities in Montgomery, Ala., is nearing completion. We anticipate that the expanded facility will be operational in the second quarter of 2018 and will support the continued growth of our company.”