Ocean Bio-Chem soars on Q2 sales
Shares of Ocean Bio-Chem, Inc. (Nasdaq: OBCI) soared 81% or $1.40 to $3.13 after the manufacturer of maintenance and care products for boats, recreational vehicles, automobiles, motorcycles and aircraft reported Tuesday that net sales for the second quarter increased 32% over the second quarter of 2006.
For the three months ended June 30, 2007, the Fort Lauderdale, Fla., company recorded a 32% increase in net sales to $5.72 million, compared with $4.33 million for the second quarter of 2006.
Ocean Bio-Chem increased sales in both its marine and auto care product lines, while increasing distribution of its auto care products. The company said that sales for the second quarter were favorably affected by improved boating weather regionally.
"The company remains focused on building brand recognition of our StarTron brand with continued advertising in both print and TV media," said Ocean Bio-Chem President and CEO Peter Dornau.
Ocean Bio-Chem expects to release its second quarter earnings report in the coming weeks and will comment further at that time on the company’s financial performance.
