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Ocean Bio-Chem, Inc. (NASDAQ: OBCI) reports first-quarter net sales of $12.7 million and net income of $1.3 million.
This represents 10.2% net income as a percentage of sales. The company maintains strong cash flow with $10.2 million in cash and a 7.4:1 current assets to liabilities ratio. Earnings per share for Q1 2022 stands at $0.14. Despite experiencing inflation and supply chain challenges, price increases are expected to improve margins. The Board declared a dividend increase from $0.12 to $0.16 per share.
Ocean Bio-Chem, Inc. (OBCI) reported record net sales of $64.3 million for 2021, marking a 15.7% increase from 2020, and net income of $8.4 million.
While 2021 sales grew, net income decreased by 12.6% compared to $9.6 million in 2020. The company faced challenges due to rising costs of raw materials and shipping, which impacted gross margins. Despite these challenges, OBCI continues to anticipate growth in core product lines and has begun price increases to offset rising costs.
Ocean Bio-Chem announced a 33% quarterly dividend increase, declaring $0.04 per share, now totaling an annual dividend of $0.16. This dividend is payable on March 25, 2022, to shareholders on record by March 10, 2022. The increase reflects a 100% rise from the initial $0.02 per share established in 2020, emphasizing the company's commitment to shareholder returns. The firm plans to release its 2021 financial results on March 31, 2022.
Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced record net sales for Q4 and full year 2021, with full-year net sales reaching approximately $64.3 million, a 16% increase from 2020. Q4 sales also rose to about $14 million, up 9% year-over-year. The company maintained a high OTIF rate of approximately 98%, attributing its success to strong demand in the recreational boating and RV markets. Peter Dornau, CEO, noted the positive trends and the company's resilience against supply chain interruptions. This marks the ninth consecutive year of record sales.
Ocean Bio-Chem, Inc. (NASDAQ: OBCI) reported a 12% increase in net sales to $21.5 million for Q3 2021, with a year-to-date sales rise of 18% to $50.3 million. Cash on hand increased 62% to $10.7 million. Despite these gains, net income dropped to $3.3 million from $4.7 million year-on-year. EPS for Q3 was $0.34, down from $0.49. The company is expanding its plant with a $11 million investment, targeting continued sales growth into 2022.
Ocean Bio-Chem, Inc. (OBCI) reported record financial results for the first half of 2021, with net income reaching approximately $4.5 million, a 10.5% increase from $4.1 million in the same period of 2020. The diluted net income per share rose to $0.48, up 10.1% from $0.43. Net sales for the same period hit about $28.8 million, marking a 22.5% increase from $23.5 million year-over-year. However, the second quarter reported net income of $2.6 million, a 24.7% decline compared to $3.5 million in Q2 2020, with sales of $15.7 million showing little change.
Ocean Bio-Chem, Inc. (OBCI) reported record net sales of approximately $28.8 million for the first half of 2021, representing a 23% increase from $23.5 million in the same period of 2020. Q2 sales matched 2020 at $15.7 million. President and CEO Peter Dornau highlighted strong growth in marine, RV, and home care sectors. However, chlorine dioxide product sales have slowed compared to 2020, though a rebranding and marketing campaign is anticipated to boost future sales, especially in cannabis-related markets.
OdorStar Technology, a subsidiary of Ocean Bio-Chem (NASDAQ: OBCI), announced the EPA approval for its PERFORMACIDE® disinfectant, now certified to kill SARS-CoV-2 in just 30 seconds on hard surfaces. This marks a significant reduction from the previous 10-minute timeframe. CEO Peter Dornau highlighted that this quick kill time could enhance market opportunities and profitability for various sectors, including restaurants and healthcare. PERFORMACIDE® is noted for its no-rinse formula and is available online and in stores nationwide.
Ocean Bio-Chem, Inc. (OBCI) announced record first-quarter results for 2021, with net income reaching $1.9 million, up 204% year-over-year, and net sales of $13.1 million, a 68% increase. The net income margin improved to 14.5%, up from 8.0% in 2020. The company maintains a solid cash position with $11.2 million on hand and a current assets to liabilities ratio of 6.9:1. Earnings per share were $0.20, compared to $0.07 in 2020. The company continues to invest in future growth, with $5.0 million allocated for facility expansion.
Ocean Bio-Chem, Inc. (NASDAQ: OBCI) reported record net sales of approximately $13.1 million for Q1 2021, marking a 68% increase from $7.8 million in Q1 2020. The growth was attributed to strong demand from diverse markets, including marine retailers and online customers. CEO Peter Dornau emphasized the company's effective inventory management and strong supply chain relationships, which helped maintain production amid industry disruptions. The company anticipates a strong boating season, which could further boost sales.
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