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 .
Tue May 16, 2017
FORT LAUDERDALE, Florida - Ocean Bio-Chem, Inc. has announced its first quarter 2017 financial results.
The company reported record first quarter 2017 net sales and gross profit. Net sales in the first quarter of 2017 were about $8.4 million, compared to about $6.8 million for the same period in 2016, an increase of about $1.6 million or 24.3 percent. Gross profit increased to about $3.1 million in the first quarter of 2017 from $2.4 million in the same period of 2016, an increase of about $753,000 or 31.6 percent.
Net income for the first quarter of 2017 was about $504,000, compared to a net loss of about $541,000 in the first quarter of 2016, an increase of about $1 million. Diluted earnings per common share during the first quarter of 2017 was $0.05, compared to a diluted loss per common share of $0.06 for the first quarter of 2016.
"Our operating income in the first quarter of 2017 was approximately $742,000, an increase of approximately $1.6 million from an operating loss of approximately $820,000 during the same period last year," Ocean Bio-Chem President and CEO Peter Dornau says. "Our robust sales growth and improved efficiencies in our manufacturing operations enabled us to achieve a strong increase in our gross margin. For the first quarter of 2017, gross margin increased to 37.4 percent compared to 35.3 percent for the first quarter of 2016. Our net sales and gross profit enabled us to achieve significantly increased net income and earnings per share for the first quarter of 2017 as compared to the first quarter of 2016. Our operating results also benefitted from a $942,000 decrease in selling and administrative expenses in the first quarter of 2017 as compared to the first quarter of 2016. This decrease primarily reflects the conclusion, in 2016, of a lawsuit that adversely affected our operating results in the first quarter of 2016. Expenses relating to the lawsuit in the first quarter of 2016 were approximately $1,085,000.
"Ocean Bio Chem, Inc. is well positioned to benefit from the improving economy, lower unemployment rates and moderate fuel prices. We are cautiously optimistic that our financial performance will continue to benefit from these trends for the balance of 2017."
"The company's financial condition remains strong," Ocean Bio-Chem Chief Financial Officer Jeff Barocas says. "We ended the first quarter with a cash balance of approximately $3.4 million, and had no borrowings under our revolving line of credit. Our financial position enabled the company to pay a special dividend of $0.06 per common share on May 11 to shareholders of record on April 27. Total dividend payments were $540,531. This was the third time since 2014 that the company has paid a special dividend to its shareholders."