Of interest, think of the possible spike when they have a big number to report going forward?
Ocean Bio-Chem, Inc. (NASDAQ: OBCI) March 31 reported net earnings for 2008 of approximately $154,000 compared to net earnings of approximately $725,000 for 2007. Earnings per share for 2008 were $.02 per share (fully-diluted) compared to net earnings of $.08 per share (fully-diluted) for the year ending on December 31, 2007. Net sales, for the year ending December 31, 2008, were $20.9 million compared to $21.3 million for 2007.
Ocean Bio-Chem President and CEO Peter Dornau stated, "We are emerging from one of the most difficult years in our industry, in good condition for future growth and profits. In 2008, we had to cope with record oil prices, which directly increased our cost of goods and also decreased usage of recreational boating. Additionally, the effects of the tight credit markets and the resulting dramatic reduction of financing available for sales of new and used boats and the general slow down in the US economy, hurt many of our customers. Despite the negative factors, the Company was able to maintain sales at approximately the same level as the prior year thru expansion into new markets. The historically high petroleum prices also adversely affected our gross margins, as the higher cost of products could not be fully passed on to our customers in a timely manner. During the year we implemented price increases, cost controls, saving approximately $400,000 in operating expenses compared to 2007, that partially offset the increased material costs."
Peter Dornau continued, "In 2009, we are continuing to build on the sales expansion accomplished in 2008, with increased distribution of StarTron(R) in the automotive markets, entry to other new markets, including power sports, hardware and lawn & garden and gained market share. We also increased sales distribution of private label products in the 4th quarter of 2008, which should have a positive full year impact in 2009. In 2008 we also had success with our new line of environmentally safe products Spider Away and Sea Safe, which results will show in 2009. We are cautiously optimistic that 2009 will be a positive year for the Company, as our sales and marketing plans are executed, despite the weak economy. While the final numbers are not complete for the first quarter 2009, sales and profits look as if they will exceed those of 2008." |
