RVIA Economic Impact Study

The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.

Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .

Star Brite's Parent Company's Net Income Increased $1.6M

Mon Apr 3, 2017

145494654088330.pngFORT LAUDERDALE, Florida - Ocean Bio-Chem, Inc. has announced its 2016 financial results, which came in at about $2.1 million, compared to $461,000 in 2015, an increase of $1.6 million or a 355 percent increase. Earnings per share for 2016 were $0.23 compared to $0.05 for 2015, a nearly 340 percent increase.

For the three months ended Dec. 31, 2016, net income was about $451,000, compared to about $67,000 for the fourth quarter of 2015, an increase of about $384,000. Earnings per share for the fourth quarter of 2016 were $0.05, compared to $0.01 for the same period in 2015.

The company also reported record net sales of about $36.2 million for the year ended Dec.31, 2016, compared to about $34 million for 2015, an increase of about $2.2 million or 6.5 percent.

"Our financial results reflect our strong sales growth during the year, as well as our improved gross margin," Ocean Bio-Chem President and CEO Peter Dornau says. "For 2016, the company's gross margin increased to 38.3 percent compared to 33.4 percent for 2015. The combination of increased sales volume of our Star brite branded marine products, along with the increase in our gross margin, resulted in record gross profit of approximately $13.9 million in 2016, an approximately $2.5 million increase over our 2015 gross margin.

"Our net sales and gross margin enabled us to achieve significantly increased net income and earnings per share in 2016. Our operating results were adversely affected early in 2016 by the previously disclosed litigation expense of approximately $1.1 million that we incurred in the first quarter of 2016. Once the litigation was behind us, our operating results improved substantially.

"First quarter 2017 sales were strong and we anticipate a meaningful sales increase as compared to first quarter of 2016. We are cautiously optimistic that we can continue to achieve favorable results in future 2017 quarters."

"The financial condition of the company continues to be very strong," Chief Financial Officer Jeffrey Barocas says. "At Dec. 31, 2016, the company had approximately $4.1 million in cash, $4.9 million in trade accounts receivable and $8.6 million in inventory. Our current ratio was 6.85:1 at Dec. 31, 2016."

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 Star brite, Star Tron, Odor Star, Outdoor Collection and other brand names within the United States of America 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 also manufactures, markets and distributes a line of disinfectant, sanitizing and deodorizing products under the Performacide and Star brite brand names.