FORT LAUDERDALE, Fla., April 17, 2017 /PRNewswire/ -- Ocean Bio-Chem, Inc. (NASDAQ: OBCI) is pleased to announce the Board of Directors unanimously voted on April 13, 2017 to declare for the second consecutive year a special cash dividend of $0.06 per share payable May 11, 2017, to holders of record of the Company's Common Stock on April 27, 2017.
Peter Dornau stated, "This special cash dividend is the third special cash dividend in past four years rewarding our loyal shareholders. We are pleased to issue the special dividend to our shareholders as we continue to generate strong cash flow from our operations."
Mr. Dornau concluded, "Our Company remains financially strong with a current ratio of over 5:1 on February 28, 2017."
About Ocean Bio-Chem, Inc.:
Ocean Bio-Chem, Inc. is principally engaged in the manufacturing, marketing and distribution of a broad line of appearance and maintenance products for boats, recreational vehicles, automobiles, power sports, outdoor power equipment and motorcycle markets under the Star brite®, StarTron® and other trademarks 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 trades publicly under NASDAQ Capital Markets, Ticker Symbol: OBCI.
Certain statements contained in this Press Release, including without limitation, our ability to provide required capital to support inventory levels, the effect of price increases in raw materials that are petroleum or chemical based or commodity chemicals on our margins, and the sufficiency of funds provided through operations and existing sources of financing to satisfy our cash requirements constitute forward-looking statements. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed 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.
CEO and President
Vice President & CFO
SOURCE Ocean Bio-Chem, Inc.