Florida
|
59-1564329
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
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Large accelerated filer ¨
|
Accelerated filer ¨
|
Non-accelerated filer ¨
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Smaller reporting company x
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Page
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3
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3
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4
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5
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6
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7-12
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13-16
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17
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17
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17
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18
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19
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Item 1.
|
September 30,
2013
|
December 31,
2012
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash
|
$ | 679,494 | $ | 1,508,385 | ||||
Trade accounts receivable less allowances of approximately $183,000 and $73,000, respectively
|
6,880,603 | 2,931,479 | ||||||
Receivables due from affiliated companies
|
442,535 | 556,051 | ||||||
Inventories, net
|
8,597,728 | 9,256,589 | ||||||
Prepaid expenses and other current assets
|
665,432 | 530,305 | ||||||
Deferred tax asset
|
178,127 | 56,221 | ||||||
Total Current Assets
|
17,443,919 | 14,839,030 | ||||||
Property, plant and equipment, net
|
5,266,114 | 5,327,909 | ||||||
Other Assets:
|
||||||||
Trademarks, trade names, royalty rights, and patents, net
|
937,617 | 819,194 | ||||||
Other assets
|
20,625 | 24,350 | ||||||
Total Other Assets
|
958,242 | 843,544 | ||||||
Total Assets
|
$ | 23,668,275 | $ | 21,010,483 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable – trade
|
$ | 2,265,776 | $ | 1,431,457 | ||||
Revolving line of credit
|
300,000 | - | ||||||
Current portion of long term debt
|
412,786 | 407,095 | ||||||
Income taxes payable
|
- | 65,944 | ||||||
Accrued expenses payable
|
1,164,712 | 913,129 | ||||||
Total Current Liabilities
|
4,143,274 | 2,817,625 | ||||||
Deferred tax liability
|
343,657 | 230,478 | ||||||
Long term debt, less current portion
|
1,222,119 | 1,532,286 | ||||||
Total Liabilities
|
5,709,050 | 4,580,389 | ||||||
Commitments and contingencies
|
||||||||
Shareholders' Equity:
|
||||||||
Common stock - $.01 par value, 12,000,000 shares authorized; 8,749,888 shares issued
|
87,499 | 87,499 | ||||||
Additional paid in capital
|
8,805,460 | 8,617,081 | ||||||
Less cost of common stock in treasury, 79,941 and 351,503 shares, respectively
|
(65,029 | ) | (288,013 | ) | ||||
Accumulated other comprehensive loss
|
(264,982 | ) | (261,807 | ) | ||||
Retained earnings
|
9,164,469 | 8,021,136 | ||||||
Total Shareholders' Equity of Ocean Bio-Chem, Inc.
|
17,727,417 | 16,175,896 | ||||||
Noncontrolling interest
|
231,808 | 254,198 | ||||||
Total Shareholders' Equity
|
17,959,225 | 16,430,094 | ||||||
Total Liabilities and Shareholders' Equity
|
$ | 23,668,275 | $ | 21,010,483 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Gross sales
|
$
|
10,878,028
|
$
|
10,750,275
|
$
|
26,058,406
|
$
|
25,446,178
|
||||||||
Less: discounts, returns, and allowances
|
437,303
|
488,413
|
1,127,666
|
1,297,936
|
||||||||||||
Net sales
|
10,440,725
|
10,261,862
|
24,930,740
|
24,148,242
|
||||||||||||
Cost of goods sold
|
7,258,766
|
6,997,495
|
16,535,366
|
15,877,264
|
||||||||||||
Gross profit
|
3,181,959
|
3,264,367
|
8,395,374
|
8,270,978
|
||||||||||||
Operating Expenses:
|
||||||||||||||||
Advertising and promotion
|
633,015
|
783,523
|
2,019,838
|
1,890,438
|
||||||||||||
Selling and administrative
|
1,552,490
|
1,305,613
|
4,580,519
|
3,964,994
|
||||||||||||
Total operating expenses
|
2,185,505
|
2,089,136
|
6,600,357
|
5,855,432
|
||||||||||||
Operating income
|
996,454
|
1,175,231
|
1,795,017
|
2,415,546
|
||||||||||||
Other expense
|
||||||||||||||||
Interest expense
|
(16,219
|
)
|
(22,138
|
)
|
(51,843
|
)
|
(75,586
|
)
|
||||||||
Other expense
|
-
|
(3,449
|
)
|
-
|
(627
|
)
|
||||||||||
Income before income taxes
|
980,235
|
1,149,644
|
1,743,174
|
2,339,333
|
||||||||||||
Provision for income taxes
|
351,081
|
388,755
|
622,231
|
870,579
|
||||||||||||
Net income
|
629,154
|
760,889
|
1,120,943
|
1,468,754
|
||||||||||||
(Gain) loss attributable to noncontrolling interests
|
(7,489
|
)
|
9,729
|
22,390
|
29,168
|
|||||||||||
Net income attributable to Ocean Bio-Chem, Inc.
|
$
|
621,665
|
$
|
770,618
|
$
|
1,143,333
|
$
|
1,497,922
|
||||||||
Earnings per common share – basic
|
$
|
0.07
|
$
|
0.09
|
$
|
0.13
|
$
|
0.18
|
||||||||
Earnings per common share – diluted
|
$
|
0.07
|
$
|
0.09
|
$
|
0.13
|
$
|
0.18
|
||||||||
Weighted average shares - basic
|
8,605,183
|
8,288,613
|
8,499,800
|
8,201,376
|
||||||||||||
Weighted average shares - diluted
|
8,839,244
|
8,595,506
|
8,770,158
|
8,540,777
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
|
|
|
|||||||||||||
Net income
|
$ | 629,154 | $ | 760,889 | $ | 1,120,943 | $ | 1,468,754 | ||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Foreign currency translation adjustment
|
3,438 | 6,838 | (3,175 | ) | 6,356 | |||||||||||
Comprehensive income
|
632,592 | 767,727 | 1,117,768 | 1,475,110 | ||||||||||||
Comprehensive (gain) loss attributable to noncontrolling interests
|
(7,489 | ) | 9,729 | 22,390 | 29,168 | |||||||||||
Comprehensive income attributable to Ocean Bio-Chem, Inc.
|
$ | 625,103 | $ | 777,456 | $ | 1,140,158 | $ | 1,504,278 |
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
|
|
||||||
|
|
|||||||
Net income
|
$ | 1,120,943 | $ | 1,468,754 | ||||
Adjustments to reconcile net income to net cash used in operating activities
|
||||||||
Depreciation and amortization
|
578,734 | 522,499 | ||||||
Deferred income taxes
|
(8,727 | ) | (22,073 | ) | ||||
Stock based compensation
|
318,110 | 267,477 | ||||||
Other operating non-cash items
|
132,499 | 87,654 | ||||||
Changes in assets and liabilities:
|
||||||||
Trade accounts receivable
|
(4,059,225 | ) | (3,409,339 | ) | ||||
Inventories
|
649,554 | 83,478 | ||||||
Other assets
|
3,725 | 7,851 | ||||||
Prepaid expenses and other current assets
|
(135,127 | ) | (112,453 | ) | ||||
Receivables due from affiliated companies
|
113,516 | 159,384 | ||||||
Accounts payable and other accrued expenses
|
1,019,958 | 883,277 | ||||||
Net cash used in operating activities
|
(266,040 | ) | (63,491 | ) | ||||
Cash flows from investing activities:
|
||||||||
Purchases of property, plant and equipment
|
(475,362 | ) | (374,428 | ) | ||||
Purchase of royalty rights
|
(160,000 | ) | - | |||||
Net cash used in investing activities
|
(635,362 | ) | (374,428 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net borrowings under revolving line of credit
|
300,000 | 850,000 | ||||||
Payments on long-term debt
|
(304,476 | ) | (300,615 | ) | ||||
Proceeds from exercise of stock options
|
79,667 | 78,020 | ||||||
Net cash provided by financing activities
|
75,191 | 627,405 | ||||||
Effect of exchange rates on cash
|
(2,680 | ) | 556 | |||||
Net (decrease) increase in cash
|
(828,891 | ) | 190,042 | |||||
Cash at beginning of period
|
1,508,385 | 585,357 | ||||||
Cash at end of period
|
$ | 679,494 | $ | 775,399 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for interest during period
|
$ | 52,700 | $ | 76,203 | ||||
Cash paid for income taxes during period
|
$ | 701,100 | $ | 1,212,879 |
1.
|
SUMMARY OF ACCOUNTING POLICIES
|
2.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
3.
|
INVENTORIES
|
September 30,
2013
|
December 31,
2012
|
|||||||
Raw materials
|
$
|
3,584,737
|
$
|
4,055,812
|
||||
Finished goods
|
5,294,292
|
5,472,771
|
||||||
Inventories, gross
|
8,879,029
|
9,528,583
|
||||||
Inventory reserves
|
(281,301)
|
)
|
(271,994
|
)
|
||||
Inventories, net
|
$
|
8,597,728
|
$
|
9,256,589
|
4.
|
PROPERTY, PLANT, & EQUIPMENT
|
Estimate
Useful Life
|
September 30,
2013
|
December 31,
2012
|
||||||||
|
|
|||||||||
Land
|
$ | 278,325 | $ | 278,325 | ||||||
Building and improvements
|
30 years
|
4,567,212 | 4,489,377 | |||||||
Manufacturing and warehouse equipment
|
6-20 years
|
8,192,904 | 7,982,669 | |||||||
Office equipment and furniture
|
3-5 years
|
831,676 | 738,584 | |||||||
Construction in process
|
14,293 | 249,027 | ||||||||
Leasehold improvements
|
10-15 years
|
419,315 | 122,644 | |||||||
Automobile
|
3 years
|
32,263 | - | |||||||
Property, plant and equipment, gross
|
14,335,988 | 13,860,626 | ||||||||
Less accumulated depreciation
|
(9,069,874 | ) | (8,532,717 | ) | ||||||
Property, plant and equipment, net
|
$ | 5,266,114 | $ | 5,327,909 |
5.
|
ODORSTAR JOINT VENTURE
|
6.
|
REVOLVING LINE OF CREDIT
|
7.
|
LONG TERM DEBT
|
Current Portion
|
Long Term Portion
|
|||||||||||||||
September 30,
2013
|
December 31,
2012
|
September 30,
2013
|
December 31,
2012
|
|||||||||||||
Term loan
|
$
|
399,527
|
$
|
389,075
|
$
|
1,211,789
|
$
|
1,512,754
|
||||||||
Capitalized equipment leases
|
13,259
|
18,020
|
10,330
|
19,532
|
||||||||||||
Total long term debt
|
$
|
412,786
|
$
|
407,095
|
$
|
1,222,119
|
$
|
1,532,286
|
12 month period ending September 30,
|
||||
2014
|
$
|
412,786
|
||
2015
|
423,384
|
|||
2016
|
429,644
|
|||
2017
|
369,091
|
|||
Total
|
$
|
1,634,905
|
8.
|
RELATED PARTY TRANSACTIONS
|
9.
|
COMMITMENTS
|
10.
|
EARNINGS PER SHARE
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Earnings per common share -Basic
|
||||||||||||||||
Net income attributable to OBCI
|
$
|
621,665
|
$
|
770,618
|
$
|
1,143,333
|
$
|
1,497,922
|
||||||||
Weighted average number of common shares outstanding
|
8,605,183
|
8,288,613
|
8,499,800
|
8,201,376
|
||||||||||||
Earnings per common share - Basic
|
$
|
0.07
|
$
|
0.09
|
$
|
0.13
|
$
|
0.18
|
||||||||
Earnings per common share – Diluted
|
||||||||||||||||
Net income attributable to OBCI
|
$
|
621,665
|
$
|
770,618
|
$
|
1,143,333
|
$
|
1,497,922
|
||||||||
Weighted average number of common shares outstanding
|
8,605,183
|
8,288,613
|
8,499,800
|
8,201,376
|
||||||||||||
Effect of employee stock-based awards
|
234,061
|
306,893
|
270,358
|
339,401
|
||||||||||||
Weighted average number of common shares outstanding - assuming dilution
|
8,839,244
|
8,595,506
|
8,770,158
|
8,540,777
|
||||||||||||
Earnings per common share - Diluted
|
$
|
0.07
|
$
|
0.09
|
$
|
0.13
|
$
|
0.18
|
11.
|
SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
|
Plan
|
Date
Granted
|
Options Outstanding
|
Exercisable
Options
|
Exercise
Price
|
Expiration
Date
|
Weighted
Average
Remaining Life
|
|||||||||
Non Plan
|
3/25/09
|
115,000
|
115,000
|
$
|
0.55
|
3/24/14
|
0.5
|
||||||||
2002NQ
|
5/25/04
|
30,000
|
30,000
|
$
|
1.46
|
5/24/14
|
.7
|
||||||||
2002NQ
|
4/03/06
|
40,000
|
40,000
|
$
|
1.08
|
4/02/16
|
2.5
|
||||||||
2002NQ
|
12/17/07
|
40,000
|
40,000
|
$
|
1.32
|
12/16/17
|
4.3
|
||||||||
2008NQ
|
1/11/09
|
40,000
|
40,000
|
$
|
0.69
|
1/10/19
|
5.4
|
||||||||
2008NQ
|
4/26/10
|
20,000
|
20,000
|
$
|
2.07
|
4/25/20
|
6.7
|
||||||||
285,000
|
285,000
|
$
|
0.95
|
2.4
|
Item 4.
|
Exhibit
No.
|
Description
|
|
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act. *
|
|
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act. *
|
|
32.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350. *
|
|
32.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350. *
|
|
101
|
The following materials from Ocean Bio-Chem, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September, 30, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012, (ii) Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2013 and 2012, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2013 and 2012; (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2013 and 2012 and (v) Notes to Condensed Consolidated Financial Statements. .
|
|
* Filed herewith.
|
OCEAN BIO-CHEM, INC.
|
|
Dated: November 14, 2013
|
/s/ Peter G. Dornau
|
Peter G. Dornau
|
|
Chairman of the Board, President and
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
Dated: November 14, 2013
|
/s/ Jeffrey S. Barocas
|
Jeffrey S. Barocas
|
|
Vice President and
|
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
Dated: November 14, 2013
|
By:
|
/s/ Peter G. Dornau
|
Peter G. Dornau
|
||
Chairman of the Board, President and
|
||
Chief Executive Officer
|
||
(Principal Executive Officer)
|
Dated: November 14, 2013
|
By:
|
/s/ Jeffrey S. Barocas
|
Jeffrey S. Barocas
|
||
Vice President
|
||
Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
|
1.
|
The Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated: November 14, 2013
|
By:
|
/s/ Peter G. Dornau
|
Peter G. Dornau
|
||
Chairman of the Board, President and
|
||
Chief Executive Officer
(Principal Executive Officer)
|
1.
|
The Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated: November 14, 2013
|
By:
|
/s/ Jeffrey S. Barocas
|
Jeffrey S. Barocas
|
||
Vice President
|
||
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Securities Authorized for Issuance under Equity Compensation Plans
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Authorized for Issuance under Equity Compensation Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS |
During the three months ended September 30, 2013, stock options to purchase an aggregate of 138,400 shares were exercised. Following the withholding of an aggregate of 21,570 shares in connection with the net exercise feature of the stock options, the Company delivered an aggregate of 116,830 shares to the option holders who exercised their options.
During the nine months ended September 30, 2013, stock options to purchase an aggregate of 193,400 shares were exercised. Following the withholding of an aggregate of 42,838 shares in connection with the net exercise feature of the stock options, the Company delivered an aggregate of 150,562 shares to the option holders who exercised their options.
On May 1, 2013, the Company issued stock awards covering 121,000 shares of common stock under its 2011 Omnibus Equity Compensation Plan. The Company recognized compensation expense based upon the average of the high and low trading price of its common stock on the issuance date.
The Company delivered an aggregate of 271,562 treasury shares in connection with the stock awards and stock option exercises described above.
There was no stock compensation expense related to stock awards during the three months ended September 30, 2013 and 2012 .Non cash stock based compensation recognized during the
nine months ended September 30, 2013 and 2012 attributable to stock awards totaled approximately $306,000 and $223,000, respectively. Non cash stock compensation expense attributable to stock options was $3,000 and $10,000 for the three months ended September 30, 2013 and 2012, respectively, and $12,000 and $44,000 for the nine months ended September 30, 2013 and 2012, respectively.
At September 30, 2013, there was no unrecognized compensation expense related to stock options awarded to employees.
The following table provides information at September 30, 2013 regarding outstanding stock options under the Company’s stock option plans as well as a grant made outside of the Company’s stock option plans. As used in the table below, “2002 NQ” refers to the Company’s 2002 Non-Qualified Stock Option Plan and “2008 NQ” refers to the Company’s 2008 Non-Qualified Stock Option Plan.
|
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