Ocean Bio-Chem, which manufactures Starbrite and StarTron products, reported an increase in net sales and pretax profits for the second quarter ended June 30, 2009.
The company reported pretax profits of about $338,000 for the second quarter 2009, compared to a pretax loss of about $8,000 for the year-ago quarter. Net income, after tax, was about $133,000, compared to a net loss of about $18,000 for the 2008 quarter.
Net earnings per share, both basic and diluted, for the second quarter 2009 were 2 cents, compared to no earnings per share in the second quarter of 2008. Net sales increased 14.5 percent to a record $5,715,000, compared to about $4,991,000 for the same period in 2008.
"I am extremely pleased with the financial results of the company for both the second quarter and six month period. Despite the many negative economic factors, the company reported record sales for both the quarter and six month periods," said Ocean Bio-Chem president and CEO Peter Dornau, in a statement.
"We are seeing signs of recovery in the boating industry. We believe as the boating industry picks up and more people use their boats, the company will continue to be the benefactor of increased sales, and market share," he added.
For the six month period ended June 30, the company reported record pretax profits of about $555,000 compared to a pretax loss of about $320,000 for the comparative 2008 period. Record net income, after tax, was about $259,000, compared to an operating loss of about $224,000 for the same period in 2008.
For the first six months of 2009, net sales increased 12.5 percent to a record $9,825,000, compared to $8,736,000 for the same period last year.