Shares of Ocean Bio-Chem Inc. (OTCBB: OBCI) soared as high as 89 percent in early morning trading, hovering around $3.10, up $1.37 or 80 percent by mid-afternoon. This morning the company announced its second-quarter sales for 2007 were up 32 percent.The company reported its second-quarter sales at $5.7 million, up $1.4 million, or 32 percent, from $4.3 million the same period of 2006. For the six months ended June 30, 2007, net sales increased $1.4 million, or 12 percent, to $9.7 million – up from $8.7 million for the same period last year.
Ocean Bio-Chem manufactures and markets a full line of maintenance and care products for boats, recreational vehicles, automobiles, motorcycles and aircrafts under its Star brite brand. Ocean Bio-Chem President and CEO Peter Dornau attributed the rise in sales to its marine/boating products, naming the weather as a sales-enhancer.
“The company increased its sales in both the marine and auto care products. Sales for the 2nd quarter were favorably affected by the improved boating weather regionally. In addition the company increased its distribution of our auto care products,” said Dornau in a statement.
Ocean Bio-Chem products are sold under the trademark Star brite to small outlets, national retailers and Canadian retail chains.