OBCI - OBCI STOCK NEWS

Ocean Bio-Chem, Inc. (NASDAQ: OBCI) has announced a 50% increase in its annual dividend to $0.12 per share, payable quarterly at $0.03 per share. This change reflects strong company performance, including anticipated record shipments and orders in Q1 2021. The dividend will be paid on March 25, 2021, to shareholders of record as of March 11, 2021. The company also reports record cash on hand of approximately $11 million and favorable market conditions for boating and RV sales, projecting continued growth for the year.

Ocean Bio-Chem, Inc. (OBCI) announced an expansion of its subsidiary Kinpak Inc.'s manufacturing and distribution facility by 69,000 sq. ft., increasing the total to over 370,000 sq. ft. This is the second major expansion in less than five years, supporting significant sales growth of over 32% in 2020, totaling approximately $55.6 million. Kinpak employed around 145 full-time staff, marking a 50% increase since early 2020. The expansion is vital for anticipated future growth, particularly in the boating and RV markets.

Ocean Bio-Chem, Inc. (NASDAQ: OBCI) reported record net sales for Q4 and full-year 2020, with net sales of approximately $12.9 million for Q4, a 32% increase from $9.7 million in Q4 2019, and full-year sales reaching $55.6 million, also a 32% growth from $42.3 million in 2019. The sales growth primarily stemmed from increased demand for their chlorine dioxide disinfectants and core products. The company enters 2021 with a sales backlog of over $7 million, indicating optimism for continued growth amidst rising outdoor activities and disinfectant needs.

Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced a share repurchase program authorized by its Board of Directors, allowing the company to buy back up to $3 million of its common stock. This initiative is effective immediately and aims to enhance shareholder value. The program's execution depends on market conditions, and the company may use a Rule 10b5-1 trading plan for purchases outside normal trading windows. Additionally, a quarterly dividend of $0.02 per share was approved, payable on December 17, 2020, for shareholders of record on December 3, 2020.

Ocean Bio-Chem, Inc. (NASDAQ: OBCI) reported record net income for Q3 and the first nine months of 2020. Q3 net income rose 315% to approximately $4.7 million, with EPS increasing 312% to $0.49. For nine months, net income increased 207% to $8.7 million, and EPS rose 204% to $0.92. Net sales for Q3 reached $19.2 million, a 53% increase, while nine-month sales rose 31% to $42.7 million. The company highlighted robust sales growth across various markets, driven by increased demand from consumers seeking outdoor and home maintenance products, despite challenges from the pandemic.

Ocean Bio-Chem announced record net sales for Q3 2020, reporting approximately $19.2 million, a 53% increase from $12.5 million in Q3 2019. For the first nine months, net sales reached $42.7 million, up 31% from $32.5 million in the same period last year. The growth is attributed to increased demand for their disinfectant products amidst the pandemic, with strong sales in marine maintenance chemicals as well. The company is optimistic about future sales through partnerships with various sectors including sports leagues and government agencies, indicating expectations of continued growth.

Ocean Bio-Chem reported record financial results for the second quarter and first half of 2020. Net income for Q2 was approximately $3.5 million, a 242% increase from Q2 2019. Diluted EPS for Q2 reached $0.36, up 227% year-over-year. Net sales for Q2 were $15.7 million, rising 43.5% from the prior year. For the first six months, net income was approximately $4.1 million, a 136.5% increase, with total sales of $23.5 million, showing a 17.5% growth compared to 2019. Increased sales volume and improved gross profit margins contributed significantly to these results.

Ocean Bio-Chem, Inc. (OBCI) announced on August 3, 2020, that its subsidiary Kinpak Inc. has initiated a third production line for its disinfectant Performacide®, an EPA-registered product effective against the SARS-CoV-2 virus. CEO Peter Dornau expects increased sales in Q3 2020 due to enhanced manufacturing capabilities, which have tripled since the year's start. The expansion is funded through the company's 2017 Industrial Development Bond proceeds, ensuring strong working capital. Performacide® is known for its broad spectrum of efficacy against viruses and bacteria.

Ocean Bio-Chem, Inc. (NASDAQ: OBCI) reported record net sales for Q2 2020, achieving approximately $15.7 million, a 44% increase from $10.9 million in Q2 2019. For the first six months of 2020, net sales reached $23.5 million, an 18% rise from $20.0 million in the same period last year. Key growth drivers included the marine and RV categories, and a notable surge in the Performacide® disinfectant line, which prompted a tripling of production capacity. The CEO expressed optimism regarding ongoing consumer engagement with outdoor activities during the pandemic.