FORT LAUDERDALE, Fla., May 27, 2020 /PRNewswire/ -- Ocean Bio-Chem, Inc. (NASDAQ: OBCI), is pleased to announce the Board of Directors unanimously voted to declare a regular annual dividend of $0.08 per share of common stock, payable quarterly at $0.02 per share.
In addition, the Board of Directors also unanimously voted to declare a one-time special dividend of $0.02 per share.
Both the quarterly dividend and one-time special dividend of $0.02 will be payable on June 23, 2020 to holders of record of the Company's Common Stock on June 9, 2020.
Peter Dornau, the Company's President and Chief Executive Officer commented, "We believe the Company is on track to deliver strong financial results for 2020. Ocean Bio-Chem, Inc. continues to have large backorders of our disinfectant product, Performacide®. We supply the largest national passenger railroad in the United States, the largest online retailer, as well as many other national companies and retailers. This includes our own branded products as well as private-label products."
Performacide® is an EPA-registered sanitizer and disinfectant that is also approved for use against the SARS-CoV-2 virus, the cause of COVID-19.
Mr. Dornau continued, "Our commitment is to Clean + Protect—a responsibility that goes beyond merely manufacturing cleaning products. We're changing how companies clean and how they protect their customers. We're putting health and safety first, with the goal of delivering industry-leading, innovative products for use during the COVID-19 outbreak and the economic recovery to follow."
Mr. Dornau concluded "This declaration of the regular quarterly dividend and one-time special cash dividends is also a demonstration of the financial strength of our balance sheet. As of March 31, 2020, the Company had a ratio of current assets to current liabilities of over 7:1."
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 Star brite®, Star Tron® names along with other brand names within the United States of America and Canada. The Company manufactures, markets and distributes a line of disinfectant, sanitizing and deodorizing products under the Performacide® and Star brite® brand names. 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.
Forward Looking Statement:
Certain statements contained in this press release constitute forward-looking statements, including without limitation those relating to our outlook for strong financial results for 2020, continued large backorders, our ability to continue to supply customers with Performacide®, the effectiveness and utility of Performacide® in use against SARS-CoV-2, general economic activity over the balance of the year and our payment of additional quarterly dividends. For this purpose, any statements contained in this release 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 are subject to known and unknown risks, uncertainties and other factors that 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 Performacide, marine, recreational vehicle and automotive products; expenditures on, and the effectiveness of, our advertising and promotional efforts; unanticipated litigation developments; exposure to market risks relating to changes in interest rates, foreign currency exchange rates and prices for raw materials that are petroleum or chemical based; adverse changes to unemployment rates, fuel prices and the economy in general; and other factors addressed in our annual report on Form 10-K for the year ended December 31, 2019 and in our subsequent quarterly reports on Form 10-Q.
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SOURCE Ocean Bio-Chem, Inc.