8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

January 19, 2022

OCEAN BIO-CHEM, INC.

(Exact name of registrant as specified in charter)

Florida	0-11102	59-1564329
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

4041 S.W. 47 Avenue, Fort Lauderdale, Florida	33314
(Address of principal executive offices)	(Zip Code)

(954) 587-6280

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	OBCI	The NASDAQ Stock Market

Item 2.02. Results of Operations and Financial Condition

On January 18, 2022 Ocean Bio-Chem, Inc. (the “Company”) issued a press release announcing sales results for the fourth quarter and year ended December 31, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.

The information furnished pursuant to Item 2.02 of this Current Report, including the exhibit furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The Company is furnishing the following exhibit to this Current Report:

Exhibit No.	Description
99.1	Press Release, dated January 18, 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

1 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	OCEAN BIO-CHEM, INC.
Date: January 20, 2022	By:	/s/ Jeffrey S. Barocas
		Jeffrey S. Barocas
		Chief Financial Officer

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EX-99.1

EXHIBIT 99.1

Ocean Bio-Chem, Inc. Reports Another Quarter and Year of Record Net Sales for Q4 and Full Year 2021

The Star brite Parent Sees Sales More than Double in Nine Years

FORT LAUDERDALE, FL, January 18, 2022 - Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced today record net sales for both the fourth quarter and the full year 2021, continuing a 9-year trend of record-breaking sales.

2021 Highlights

Record full-year net sales of approximately $64.3 million, up 16% over 2020

Record Q4 2021 net sales of approximately $14 million, up 9% over Q4 2020

OTIF rate at approximately 98%

National Marine Distributor Association (NMDA) - Supplier of the Year

West Marine – Supplier of the Year

West Marine – Best Supply Chain Partner

For the full year 2021, net sales were approximately $64.3 million, compared to approximately $55.6 million for the full year 2020, an increase of approximately 16% or $8.8 million.

For the fourth quarter of 2021, net sales were approximately $14 million, compared to approximately $12.9 million for the fourth quarter of 2020, an increase of approximately 9% or $1.1 million.

Ocean Bio-Chem Chairman, President, and Chief Executive Officer, Peter Dornau, commented, “We are exceptionally pleased with the record annual sales of approximately $64.3 million. This is the ninth consecutive year of record net sales. Over this nine-year period our sales have more than doubled, with more than 75% increase in just the last five years.

With most of our products manufactured in our own plant in Montgomery, Alabama, our supply chain was not as interrupted as other companies that may be more dependent on imported goods. As a result, the Company was able to achieve an On Time In Full (OTIF) rate of approximately 98%, keeping customers’ inventories at high levels resulting in increased product sell-through to consumers.”

Mr. Dornau continued, “This is the sixth consecutive year in a row that the Company had record fourth quarter net sales. The fourth quarter 2021 sales growth was primarily in its marine and RV winterizing and antifreeze products.”

Peter Dornau concluded, “The recreational boating industry is continuing a strong and robust trend: there is still a significant order backlog for new recreational boats by consumers. Also, the RV industry has seen record sales this past year. The Company has benefitted from a renewed interest in the outdoors, as families are more focused on out-of-the-house, recreational leisure activities. The leisure boating and RV sectors of the economy bode well for our Company as new and existing owners maintain and care for their investments. We see these strong trends continuing into 2022.”

About Ocean Bio-Chem, Inc.

Ocean Bio-Chem, Inc. manufactures, markets, and distributes a broad line of appearance and maintenance products for the marine, automotive, power sports, recreational vehicle, and outdoor power equipment markets under the brand names Star brite®, Star Tron®, Performacide® and OdorStar® within the United States and Canada. In addition, the Company produces private label formulations of many of its products for various customers and provides custom blending and packaging services for these and other products.

The Company’s web sites are: www.oceanbiochem.com, www.starbrite.com, www.startron.com and www.performacide.com

Forward-looking Statements:

Certain statements contained in this Press Release, including without limitation, outlook for continued strong trend of sales in both the recreational boating and RV markets in 2022. These statements constitute forward-looking statements. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “believe,” “may,” “will,” “expect,” “anticipate,” “intend,” or “could,” including the negative or other variations thereof or comparable terminology, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Factors that may affect these results include, but are not limited to, the highly competitive nature of our industry; reliance on certain key customers; changes in consumer demand for marine, recreational vehicle and automotive products; advertising and promotional efforts; exposure to market risks relating to changes in interest rates, foreign exchange rates, prices for raw materials that are petroleum or chemical based and other factors addressed in Part I, Item 1A (“Risk Factors”) in our annual report on Form 10-K for the year ended December 31, 2020.

Contact:

Peter Dornau
CEO & President
pdornau@starbrite.com
954-587-6280

Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280

XML

Cover	Jan. 19, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 19, 2022
Entity File Number	0-11102
Entity Registrant Name	OCEAN BIO CHEM INC
Entity Central Index Key	0000350737
Entity Tax Identification Number	59-1564329
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	4041 S.W. 47 Avenue
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33314
City Area Code	954
Local Phone Number	587-6280
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	OBCI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false