Ocean Bio-Chem has reported its first quarter 2019 financial results, showing net sales of approximately $9.1 million, an increase of approximately $697,000, or 8.3%, over net sales of approximately $8.4 million in the first quarter of 2018.
“We had a very strong first quarter. Our achievement of record net sales was principally due to increased sales of our Star brite marine products,” said Peter Dornau, president and CEO. “We believe that demand for these products by retailers and consumers reflects the quality of the products, which has led consumers to look to Star brite for their marine and other maintenance and appearance needs. In addition, we believe that our continued investment in advertising has further increased consumer awareness of our products.”
Net income for the first quarter of 2019 was approximately $715,000, a first quarter record and an increase of approximately $192,000, or 37%, over net income for the first quarter of 2018.
“Our record net sales were a key contributor to our record first quarter net income,” said Dornau. “We also benefitted from higher gross margins, as our mix of sales during the quarter included a greater proportion of our higher margin Star brite marine products. The net income increase also reflects a reduction in the provision for income taxes, primarily resulting from federal tax legislation enacted in 2017.”