Ocean Bio-Chem, parent company of Star brite and Kinpak – vertical manufacturer and distributor of performance, appearance, maintenance and disinfectant chemicals for the RV, marine and outdoor industries – revealed what it said are record financial results for the first six months of 2021.
The company had record net income for the first six months of 2021 of nearly $4.5 million, a 10.5 percent increase compared to net income of approximately $4.1 million for the first six months of 2020. The six-month 2021 diluted net income per share was approximately $0.48 per share, as compared to diluted net income per share of $0.43 for the six months of 2020, an increase of 10.1 percent.
Net sales for the six months ended June 30 were approximately $28.8 million, an increase of approximately 22.5 percent compared to the $23.5 million for the first six months of 2020.
Second quarter 2021 net income was approximately $2.6 million compared to net income of approximately $3.5 million for the second quarter of 2020, a decrease of 24.7 percent.
“We are pleased to announce the exceptional financial results for the first six months of 2021. The record net income for the first half of 2021 of $4.5 million is approximately 29 percent, or $ 1.0 million, higher than the full year 2019 net income, which we use as a barometer for financial performance, before the COVID-19 pandemic of 2020,” said Ocean Bio-Chem Chairman, President and CEO Peter Dornau.