2010 ANNUAL REPORT
WWW.OCEANBIOCHEM.COM
OVERVIEW
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PRESIDENT’S LETTER
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__________________________________________________________________________________________________ _________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(cid:2)
(cid:3)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2010
Commission File Number 000-11102
OCEAN BIO-CHEM, INC.
(Exact name of registrant as specified in its charter)
Florida
(State Or Other Jurisdiction Of Incorporation Or Organization)
59-1564329
(I.R.S. Employer Identification No.)
4041 SW 47 AVENUE
FORT LAUDERDALE, FLORIDA 33314
(Address of principal executive offices)
954-587-6280
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Common Stock, $0.01 par value
Name of each exchange on which registered
The NASDAQ Stock Market
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act. Yes (cid:3) No (cid:4)
Securities registered pursuant to Section 12(g) of the Act:
None.
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes (cid:3) No (cid:4)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes (cid:4) No (cid:3)
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not
be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III
of this Form 10-K or any amendment to this Form 10-K. (cid:4)
Indicate by check mark whether registrant has submitted electronically and posted on its corporate Website, if any Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 (or for such shorter period
that the registrant was required to submit and post such files). Yes (cid:3) No (cid:3)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and smaller reporting company” in Rule 12b-2
of the Exchange Act.
Large accelerated filer (cid:3)
Non-accelerated filer (cid:3)
Accelerated filer (cid:3)
Smaller reporting company(cid:4)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes (cid:3) No (cid:4)
At March 28, 2011, 7,853,613 shares of the registrant’s voting Common Stock were outstanding. The aggregate market value of the
Common Stock held by non-affiliates of the registrant at March 28, 2011 was approximately $8,643,542, based on the closing price of
the Common Stock as reported by NASDAQ on such date. For purposes of the making this computation only, all executive officers,
directors and beneficial owners of more than five percent of the registrant's Common Stock of the registrant are deemed to be
affiliates.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant's definitive proxy statement, which will be filed not later than April 30, 2011, are incorporated by reference
in Part III of this report.
OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
PART I
Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.
PART II
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
PART III
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
PART IV
Item 15.
Business
Risk Factors
Unresolved Staff Comments
Properties
Legal Proceedings
Market for Registrant’s Common Equity and Related Shareholder Matters and Issuer
Purchases Equity Securities
Selected Financial Data
Management’s Discussion and Analysis of Financial Condition and Results of
Operations
Quantitative and Qualitative Disclosures about Market Risk
Financial Statements and Supplementary Data
Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
Controls and Procedures
Other information
Directors, Executive Officers and Corporate Governance
Executive Compensation
Security Ownership of Certain Beneficial Owners and Management and Related
Shareholder Matters
Certain Relationships and Related Transactions, and Director Independence
Principal Accounting Fees and Services
Exhibits, Financial Statements Schedules
Page
7
9
10
10
10
11
11
11
15
15
15
15
16
16
16
16
16
16
17
Forward-looking Statements:
Certain statements contained in this Annual Report on Form 10-K, including without limitation expectations as to future sales and
operating results, 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," "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 our actual results, performance or achievements to be materially different from any future results,
performance or achievements 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 for changes in
interest rates and in foreign exchange rates, and other factors.
Item 1. Business
General:
PART I
We are principally engaged in the manufacturing, marketing and distribution of a broad line of appearance and maintenance products
for boats, recreational vehicles, automobiles and home care under the Star brite® and other trademarks within the United States of
America and Canada. In addition, we produce private label formulations of many of our products for various customers and provide
custom blending and packaging services of these and other products. Unless, the context indicates otherwise, we sometimes refer to
Ocean Bio-Chem, Inc. and its consolidated subsidiaries as “the Company," "we" or "our.”
Ocean Bio-Chem, Inc. was organized in 1973 under the laws of the state of Florida.
On May 10, 2010, the Company announced the formation of OdorStar Technology LLC (OST), a joint venture between the Company
and BBL Distributors, LLC. OST owns patents that relate to a formula and delivery system, for use with products containing
Chlorine Dioxide, designed to safely prevent and eliminate all types of odors relating to mold, mildew, and other sources of
unpleasant odors. The Company and BBL Distributors LLC share equally in profits or losses from OST. Because the Company
manages OST, it has consolidated OST's as part of its financial statements.
Products:
The products that we manufacture and market include the following:
Marine: Our marine line consists of polishes, cleaners, protectants and waxes of various formulations under the Star brite® brand
name, enzyme fuel treatment under the StarTron® brand name, and private label products. The Marine line also includes motor oils,
boat washes, vinyl cleaners, protectants, teak cleaners, teak oils, bilge cleaners, hull cleaners, silicone sealants, polyurethane sealants,
polysulfide sealants, gasket materials, lubricants, antifouling additives and anti-freeze coolants. In addition, we manufacture a line of
brushes, poles and tie-downs and other related marine accessories.
Automotive: We manufacture a line of automotive products under the Star brite® brand name and enzyme fuel treatments for both
diesel and gas engines under the StarTron® brand name. The automotive line includes hydraulic, gear and motor oils, and related
items. In addition, we produce anti-freeze and windshield washes in varying formulations, both under the Star brite® brand as well as
under private labels for customers. We also produce a line of automotive polishes, cleaners and associated appearance items.
Recreational Vehicle/Power Sports: We also market StarTron® fuel treatment to the recreational vehicle market, including snow
mobiles, all terrain vehicles and motorcycles. Power Sports enthusiasts have found StarTron® a viable solution to a number of
problems associated with E-10 fuel, which is fuel containing ethanol. Other recreational vehicle products include cleaners, polishes,
detergents, fabric cleaners and protectors, silicone sealants, water proofers, gasket materials, degreasers, vinyl cleaners, protectors,
toilet treatment fluids and anti-freeze coolants.
Contract Filling and Blow Molded Bottles: We blend and package a variety of chemical formulations to our customers’
specifications. In addition, we manufacture for sale to various customers assorted styles of both PVC and HDPE blow molded bottles.
Mold/Mildew Odor Control: We manufacture a variety of products that prevent and eliminate all types of mold, mildew, and other
unpleasant odors, through our patented delivery system. Our odor control products are effective for homes, automobiles, boats, and
recreational vehicles.
Although our products are utilized for different types of vehicles, boats, and home care, we believe our operations constitute one
industry segment.
Manufacturing: We produce the majority of our products at the manufacturing facilities of our subsidiary, Kinpak, Inc. ("Kinpak"),
in Montgomery, Alabama. In addition, we contract with various unaffiliated companies located in the northeastern and mid-western
areas of the country to manufacture our other products, which are manufactured to our specifications using our provided
formulas. Each third party packager enters into a confidentiality agreement with us.
We purchase raw materials from a wide variety of suppliers; all raw materials used in manufacturing are readily available from other
sources. We design our own packaging and supply our outside manufacturers with the appropriate design or packaging. We believe
that our internal manufacturing capacity and our arrangements with our current outside manufacturers are adequate for our present
needs.
(cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:202) 7
In the event that arrangements with any third-party manufacturer are discontinued, we believe that we will be able to locate substitute
manufacturing facilities without a substantial adverse effect on our manufacturing and distribution.
Marketing: Our products are sold through national retailers such as Wal-mart, West Marine and Bass Pro Shops. We also sell to
national and regional distributors who in turn sell our products to specialized retail outlets for that specific market. Currently we have
one customer to whom sales exceeded 10% of consolidated net revenues for the year ended December 31, 2010. Sales to our five
largest customers for the year ended December 31, 2010, amounted to approximately 58% of consolidated net revenues and
outstanding accounts receivable balances due to us at December 31, 2010 from our five largest customers aggregated approximately
40% of consolidated trade receivables.
We market our products through internal salesmen and approximately 125 sales representatives who work on an independent
contractor commission basis. Our personnel also participate in sales presentations and trade shows. In addition, we market our brands
and products through advertising campaigns in national magazines, TV advertising and product catalogs. Our products are distributed
primarily from our manufacturing and distribution facility in Alabama. Since 2008, the Company participates in a vendor managed
inventory program with one major customer.
In 1981, we purchased, from Peter G. Dornau and Arthur Spector, the co-founders of the Company, rights to the Star brite® trademark
and related products for the United States and Canada, and Mr. Dornau our Chief Executive Officer, has retained rights to these assets
with respect to all other geographic areas. Accordingly, products that we manufacture are sold outside of the United States and
Canada by two distribution companies owned by our Chief Executive Officer. If these two companies were deemed to be a single
customer, they would have constituted our fourth largest customer in 2010. See Note 8 to the consolidated financial statements
included in this report for additional information.
Backlog, seasonality, and selling terms: We had no significant backlog of orders as of December 31, 2010. We do not give
customers the absolute right to return product. The majority of our products is non-seasonal and is sold throughout the year. Normal
trade terms offered to credit customers range from 30 to 60 days. However, at times special dating and/or discount arrangements are
offered as purchasing incentives to customers. Such programs do not materially affect normal margins.
Competition:
Competition with respect to our principal product lines is described below: With respect to each of our product lines, the principal
elements of competition are brand recognition, price, service and the ability to deliver products on a timely basis.
Marine: We have several national and regional competitors in the marine marketplace. In the opinion of management, no one or few
competitors holds a dominant market share. We believe that we can increase or maintain our market share through our present
methods of advertising and distribution.
Automotive: There are a large number of companies, both national and regional, that compete with us. Many are more established
and have greater financial resources than we do. While our market share is small, the total market size is substantial. We believe that
we have established a reasonable market share through our present methods of advertising and distribution, considering the large size
of this market.
Recreational Vehicle: In this market, we compete with national and regional competitors. In the opinion of management, no one or
few competitors have a dominant market share. We believe that we can increase or maintain our market share by utilizing similar
methods as those employed in the marine market.
Trademarks: We have obtained registered trademarks for Star brite®, StarTron® and other trade names used on our products. We
view our trademarks as significant assets because they provide product recognition. We believe that our intellectual property is
significantly protected, but there are no assurances that these rights can be successfully asserted in the future or will not be invalidated,
circumvented or challenged.
Patents: In 2010, the Company acquired an interest in patents held by its 50% owned joint venture, Odorstar Technology, LLC. The
patents relate to a formula and delivery system, for use with products containing Chlorine Dioxide (ClO2), designed to safely prevent
and eliminate all types of odors relating to mold, mildew, and other unpleasant odors.
New Product Development: We continue to develop specialized products for the marine, automotive, and recreational vehicle
marketplace. Expenditures for new product development have not been significant and are charged to operations in the year incurred.
8 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
Environmental Costs: We endeavor to comply with applicable regulatory mandates on environmental issues. Under a consent
agreement and final order filed with the U.S. Environmental Protection Agency that became effective on January 19, 2011, Kinpak
agreed to resolve alleged reporting violations by payment of a civil penalty of $110,000, which will be paid in installments through
January 2012. The proceeding related solely to filing violations. See Item 3, "Legal Proceedings" below for additional
information. The Company is now current with all EPA administrative filing requirements.
Personnel: At December 31, 2010, we had 103 full-time employees. The following table provides information regarding personnel
working for the Company and its subsidiaries at December 31, 2010:
Location
Fort Lauderdale, Florida
Fort Lauderdale, Florida
Montgomery, Alabama
Description
Administrative
Manufacturing and distribution
Manufacturing and distribution
Full-time Employees
23
7
73
103
Item 1A. Risk Factors
If we do not compete effectively, our business will suffer.
We confront aggressive competition in the sale of our appearance and maintenance products. In each of our principal marine,
automotive and recreational vehicle product lines, we compete with a number of national and regional competitors. Competition in
automotive market is particularly intense, with many national and regional companies marketing competitive products. Many of our
competitors in the automotive market are more established and have greater financial resources than we do. Our inability to
successfully compete in our principal markets would harm our business.
Economic conditions can adversely affect our business.
We are subject to risks arising from adverse changes in general domestic and global economic conditions, including recession or
economic slowdown and disruption of credit markets. One of our major customers filed for bankruptcy in 2009, and while we have
received most of the amount due from the customer, we cannot assure that the ability of other companies to satisfy obligations due to
us will not be adversely affected. In addition, adverse economic conditions in recent years have adversely affected discretionary
spending, which can have an indirect adverse affect on our product lines, particularly those directed to the marine and recreational
vehicle markets. A further decline in economic conditions could have an adverse affect on our net sales and results of operations.
Failure to effectively utilize or successfully assert intellectual property rights could materially adversely affect our
competitiveness.
We rely on trademarks and trade names in connection with our products, the most significant of which are Star brite® and
StarTron®. Our Odorstar Technology, LLC joint venture also owns patents we consider important to our business. We rely on
trademark, trade secret, patent and copyright laws to protect our intellectual property rights. We cannot be sure that these intellectual
property rights will be effectively utilized or, if necessary, successfully asserted. There is a risk that we will not be able to obtain and
perfect our own intellectual property rights, or, where appropriate, license from others intellectual property rights necessary to support
new product introductions. Even if we obtain these rights, we cannot be sure that they will not be invalidated, circumvented or
challenged in the future. Our failure to perfect or successfully assert intellectual property rights could make us less competitive and
could have a material adverse affect on our business, operating results and financial condition.
Environmental matters may cause potential liability risks.
We must comply with various environmental laws and regulations in connection with our operations, including those relating to the
handling and disposal of hazardous wastes and the remediation of contamination associated with the use and disposal of hazardous
substances. A release of such substances due to accident or intentional act could result in substantial liability to governmental
authorities or to third parties. In addition, we are subject to reporting requirements with respect to certain materials we use in our
manufacturing operations. In January 2011, Kinpak, which owns our manufacturing facility in Montgomery, Alabama, became
subject to a consent agreement and final order with the United States Environmental Protection Agency relating to its alleged failure to
complete and submit certain required forms with respect to toxic and hazardous chemicals used at its facilities. Under the consent
agreement and final order, Kinpak agreed to pay a civil penalty of $110,000. It is possible that we could become subject to additional
environmental liabilities in the future that could have a material adverse affect on our results of operations or financial condition.
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Our variable rate indebtedness exposes us to risks related to interest rate fluctuation.
We carry a meaningful amount of indebtedness that is subject to fluctuating interest rates. In particular, interest rates under currently
outstanding industrial revenue bonds used to finance plant expansion and acquisition of equipment at Kinpak's facilities are reset
weekly. The aggregate outstanding principal amount of the bonds was $2,905,000 and $2,450,000 at December 31, 2010 and
March 31, 2011, respectively. Interest rates on these obligations are reset weekly. During the years ended December 31, 2010 and
2009, interest rates per annum ranged between 2.0% and 4.0%, and 2.5% and 5%, respectively. If interest rates were to increase
significantly, our cash flow and results of operations would be adversely affected.
Our Chief Executive Officer and majority shareholder controls us, and his interest may conflict with or differ from the
Company's interests.
Peter G. Dornau, our Chief Executive Officer owns approximately 58% of our Common Stock. As a result, Mr. Dornau has the power
to elect all of our directors and effectively has the ability to prevent any transaction that requires the approval of our Board of
Directors and our shareholders. In addition, Mr. Dornau owns two companies that do business with the Company. Transactions with
these affiliated companies made in the ordinary course of business were not made on substantially the same terms and conditions as
those prevailing at the same time for comparable transactions with other customers. Management believes that the sales transactions
did not involve more than normal credit risk or present other unfavorable features
Trading in our Common Stock has been limited, and our stock price could potentially be subject to substantial fluctuations.
Our common stock is listed on the NASDAQ Capital Market, but trading in our stock has been limited. Our stock price could be
affected substantially by a relatively modest volume of transactions.
Item 1B. Unresolved Staff Comments
Not applicable.
Item 2. Properties
Our executive offices and warehouse located in Fort Lauderdale, Florida are held under a lease with an entity controlled by our Chief
Executive Officer. The lease covers approximately 12,700 square feet of office, manufacturing, and warehouse space. See Note 9 to
the consolidated financial statements included in this report for additional information.
Our Alabama facility currently contains approximately 300,000 square feet of office, plant, and warehouse space located on 20 acres
of land. We also lease a 1.5 acre docking facility on the Alabama River located approximately eleven miles from these facilities. The
Alabama plant has undergone two separate expansions of 60,000 and 70,000 square feet in 1998 and 2002, respectively. We financed
the facility's expansion and related equipment acquisition with Industrial Development Bonds issued through the city of Montgomery,
AL. Our manufacturing facility and our manufacturing equipment serves as collateral to a financial institution, which issued letters of
credit to secure the Company’s obligations under the municipal bonds.
Item 3. Legal Proceedings
On January 28, 2010, the Company received a notice from the U.S. Environmental Protection Agency (EPA) that it was not in
compliance with certain reporting requirements under the Emergency Planning and Community Right-To-Know Act
(EPCRA). Under a consent agreement and final order (CAFO) filed with Region 4 of the EPA that was signed by the Company on
December 23, 2010 and became effective on January 19, 2011, the Company's subsidiary, Kinpak, Inc. agreed to resolve the alleged
reporting violations. In the CAFO, the EPA alleged that Kinpak failed to submit, by July 1 of the required reporting year, toxic
chemical release reporting forms for calendar years 2008, 2007 and 2006 to the EPA and the State of Alabama with respect to
methanol and ethylene glycol used at Kinpak's facilities. In addition, the EPA alleged that Kinpak failed to submit a completed
emergency and hazardous chemical inventory form for ammonia in 2008 with authorities designated under the EPCRA by the
March 1, 2009 filing deadline. Under the CAFO, Kinpak agreed to pay a civil penalty $110,000 in equal monthly increments from
February 2011 through January 2012. Kinpak is now in compliance with these filing requirements.
10 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
PART II
Item 5. Market for the Registrant’s Common Equity and Related Shareholder Matters and Issuer Purchases of Equity
Securities
The common stock of the Company is traded on the NASDAQ Capital Market under the symbol OBCI. A summary of the high and
low sales prices during each quarter of 2010 and 2009 is presented below.
Market Range of Common Stock Bid:
1st Qtr.
2nd Qtr.
3rd Qtr.
4th Qtr.
2010
2009
High
Low
High
Low
$
$
$
$
1.73 $
0.90 $
0.75 $
0.42 $
2.57 $
1.64 $
1.05 $
0.46 $
2.29 $
1.64 $
1.17 $
0.78 $
2.20
1.70
1.14
0.81
We had approximately 150 record holders of our Common Stock at December 31, 2010. We believe that there are approximately 900
additional beneficial holders of our Common Stock, based on information obtained from our transfer agent and from broker-dealers
that hold shares on behalf of their clients.
The Company has not paid any cash dividends since its incorporation. The Company does not currently intend to pay any cash
dividends.
Item 6. Selected Financial Data
Not applicable.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with our consolidated financial statements contained herein as Item 8.
Overview:
We are principally engaged in the manufacturing, marketing and distribution of a broad line of appearance and maintenance products
for boats, recreational vehicles, automobiles and home care under the Star brite® and other trademarks within the United States of
America and Canada. In addition, we produce private label formulations of many of our products for various customers and provide
custom blending and packaging services of these and other products. We sell our products through notional retailers and to notional
and regional distributors who, in turn, sell our products to specialized retail outlets.
Critical accounting estimates:
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates and assumptions.
We have identified the following as critical accounting estimates, which are defined as those that are reflective of significant
judgments and uncertainties, are the most pervasive and important to the presentation of our financial condition and results of
operations and could potentially result in materially different results under different assumptions and conditions.
Revenue recognition and collectability of accounts receivable.
Revenue from product sales is recognized when persuasive evidence of a contract exists, the sales price is fixed and determinable, the
title of goods pass to the customer, and collectability of the related receivable is probable. For customers for whom the Company
manages the inventory at the customer's location, revenue is recognized when the products are sold to a third party. In the ordinary
course of business, we grant non-interest bearing trade credit to our customers on normal credit terms. In an effort to reduce our credit
risk, we perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and customers’
creditworthiness, as determined by our review of their current credit information. We continuously monitor collections and payments
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from our customers and maintain a provision for estimated credit losses based upon our historical experience, specific customer
collection issues that we have identified and reviews of agings of trade receivables based on contractual terms. We generally do not
require collateral on trade accounts receivable. An allowance for doubtful accounts is maintained for accounts receivable based on our
historical collection experience and expected collectability of the accounts receivable, considering the period an account is
outstanding, the financial position of the customer and information provided by credit rating services. The adequacy of this
allowance is reviewed each reporting period and adjusted as necessary. Our allowance for doubtful accounts was approximately
$63,600 at December 31, 2010 and approximately $61,700 at December 31, 2009, which was approximately 2.7% and 2.8%,
respectively, of gross accounts receivable. If the financial condition of the Company's customers were to deteriorate, resulting in an
impairment of their ability to make payments, or if unexpected events or significant future changes in trends were to occur, additional
allowances may be required or bad debt expense may increase.
The downturn in economic conditions over the recent past has underscored the difficult of estimates with regard to the allowance for
doubtful accounts. The bankruptcy of a major customer in 2009 caused us to incur a bad debt expense of $210,000, although we have
recovered $140,000 and recorded a bad debt recovery in 2010.
Inventories
Inventories are primarily composed of raw materials and finished goods and are stated at the lower of cost or market, using the first-in,
first-out method. Accordingly, we maintain a reserve for excess and obsolete inventory to reduce the carrying value of our inventories
to reflect the diminution of value resulting from product obsolescence, damage or other issues affecting marketability by an amount
equal to the difference between the cost of the inventory and its estimated market value.
The adequacy of this reserve is reviewed each reporting period and adjusted as necessary. We regularly compare inventory quantities
on hand against historical usage or forecasts related to specific items in order to evaluate obsolescence and excessive quantities. In
assessing historical usage, we also qualitatively assess business trends to evaluate the reasonableness of using historical information as
an estimate of future usage.
Our excess and obsolete inventory reserve was $329,626 and $255,308 at December 31, 2010 and December 31, 2009 respectively,
which was 4.0% and 3.7% of gross inventories at those respective dates.
Income taxes
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are
recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which the differences are expected to be recovered or settled. For the Company,
the differences are attributable to differing methods of reflecting depreciation and stock based compensation for financial statement
and income tax purposes.
The likelihood of a material change in the Company's expected realization of these assets is dependent on, among other factors, future
taxable income and tax settlements. While management believes that its judgments and interpretations regarding income taxes are
appropriate, significant differences in actual experience may require future adjustments to our tax assets and liabilities, which could be
material.
We are also required to assess the realizability of our deferred tax assets. We evaluate positive and negative evidence and use
judgments regarding past and future events, including operating results and available tax planning strategies that could be
implemented to realize the deferred tax assets. Based on this assessment, we determine when it is more likely than not that all or some
portion of our deferred tax assets may not be realized, in which case we would be required to apply a valuation allowance to offset our
deferred tax assets in an amount equal to future tax benefits that may not be realized. We currently do not apply a valuation allowance
to our deferred tax assets. However, if facts and circumstances change in the future, valuation allowances may be required.
Significant judgment is required in determining income tax provisions and in evaluating tax positions. We establish additional
provisions for income taxes when, despite the belief that tax positions are fully supportable, there remain certain positions that do not
meet the minimum probability threshold, which is a tax position that is more likely than not to be sustained upon examination by the
applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined by various federal and
state tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or
prior years in determining the adequacy of our provision for income taxes. We adjust the income tax provision, the current tax
liability and deferred taxes in any period in which facts that give rise to an adjustment become known. The ultimate outcomes of the
examinations of our income tax returns could result in increases or decreases to our recorded tax liabilities, which could affect our
financial results.
12 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
Trademarks, trade names and patents - We acquired the rights to the Star brite® trademark and related products for the United States
and Canada in conjunction with our original public offering during March 1981 for $880,000. The cost of these intangible assets was
amortized on a straight-line basis over an estimated useful life of 40 years through December 31, 2001. Effective January 1, 2002 and
pursuant to Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets" (now codified in Financial
Accounting Standards Board Accounting Standards Codification Topic 350, "Intangibles - Goodwill and Other"), we determined that
these intangible assets have indefinite lives and therefore, we no longer recognize amortization expense. In addition, our 50% owned
joint venture, Odorstar Technology, LLC, owns patents we use in our business. The Company amortizes these patents over their
remaining life of 12 years on a straight line basis. We review the carrying values of the trademarks and patents periodically for
possible impairment. The Company's impairment review is based on a discounted cash flow approach that requires significant
judgment with respect to unit volume, revenue and expense growth rates, and the selection of an appropriate discount
rate. Management uses estimates based on expected trends in making these assumptions. All impairment charge would be recorded
for the difference between the carrying value and the net present value of estimated future cash flows, which represents the estimated
fair value of the asset. The Company uses its judgment in assessing whether assets may have become impaired between annual
valuations. Indicators such as unexpected adverse economic factors, unanticipated technological change, distribution losses, or
competitive activities and acts by governments and courts may indicate that an asset has become impaired.
Results of Operations:
Net sales increased to approximately $27,404,000 in 2010 from $24,633,000 in 2009, an increase of $2,771,000 or 11.2%. The
$2,771,000 increase is a result of increased sales to existing and new customers in both our core marine market as well as new
markets. The Company increased its sales of StarTron® as well as other marine products.
Cost of sales and gross margins – Gross profit in 2010 increased approximately $1,512,000 or 19.2%, to approximately $9,381,000
from approximately $7,869,000 in 2009. Gross margin percentages also increased by approximately 2%, from approximately 32% to
34%. The increases reflected improved plant utilization and improved sales mix of higher margin products.
Operating expenses - For 2010, total operating expenses aggregated approximately $6,132,000, an increase of approximately
$253,000 from 2009. As a percentage of net sales, operating expenses decreased from 23.9% to 22.4%. The improvement of
operating expenses as a percentage of net sales reflects the allocation of fixed operating expenses over a greater volume of sales.
Advertising & promotion decreased approximately $27,000 or 1.6%. The Company maintained its level of advertising and
promotion in 2010.
Selling, general & administrative expenses increased by about $280,000 or 6.6%. The increase is primarily related to expenses
associated with the Company’s new joint venture, Odorstar Technology, LLC, half of which is attributable to noncontrolling interests,
and the civil penalty payable to the EPA. See Item 3 in this report for additional information.
Interest expense decreased approximately $90,000 to $116,000 in 2010, compared to $206,000 in 2009. The decrease principally
resulted from lower outstanding loan balances throughout the year partially offset by higher interest rates on the industrial revenue
bond obligations.
Operating profit - Operating profit increased to approximately $3,249,000 in 2010 from an operating profit of approximately
$1,991,000 in 2009, an increase of $1,258,000 or 63.2%.
Income taxes - The Company had a tax expense of approximately $1,247,000 in 2010 or 39.1% of pretax income, compared to
$755,000 in 2009 or 41.8% of pretax income. For additional information see Note 7.
Net income attributable to Ocean Bio-Chem, Inc. increased to approximately $2,018,000 in 2010, from approximately $1,053,000
in 2009, an increase of $965,000 or 91.6%.
Liquidity and Capital Resources:
Our cash balance was approximately $615,000 at December 31, 2010 compared to approximately $495,000 at December 31, 2009. At
December 31, 2010 there were no short-term borrowings outstanding under the Company’s revolving line of credit compared to a
balance of $250,000 at December 31, 2009.
Cash provided by operating activities for the year ended December 31, 2010 was approximately $2,600,000 compared to about
$2,804,000 for the year ended December 31, 2009. The decrease in cash provided from operations is due to a strategic increase in
inventory to address rising petroleum prices and an anticipated increase in first half 2011 sales.
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Cash used in investing activities for the year ended December 31, 2010 was approximately $907,000 compared to $394,000 in
2009. The increase cash used in investing for the year ended December 31, 2010 was attributable to the purchase of manufacturing
equipment at our Kinpak facility, and contributions to the Company’s Odorstar Technology, LLC joint venture, together with related
purchases of patents, trademarks and trade names.
Cash used in financing activities for the year ended December 31, 2010 was approximately $1,573,000 compared to $2,445,000 for
the year ended December 31, 2009. In 2009, we used $2,550,000 to reduce outstanding amounts under our revolving line of credit; in
the year ended December 31, 2010 only $250,000 was used for this purpose, compared to $2,550,000 in the year ended December 31,
2009. This $2,300,000 difference more than offset the $901,000 used to redeem warrants held by our Chief Executive Officer, as
described in Note 8 to the consolidated financial statements included in this report.
During the year ended December 31, 2010, the Company continued to focus on programs to effectively manage trade accounts
receivable. Net trade accounts receivable aggregated approximately $2,267,000 at December 31, 2010 and $2,144,000 at December
31, 2009. While accounts receivable increased 5.7%, this increase was modest in light of the 11.2% increase in net sales. We believe
that the comparatively lower increase in accounts receivable is a result of the Company’s credit policy and collection efforts designed
to limit its financial exposure.
Inventory was approximately $7,726,000 and $6,663,000, at December 31, 2010 and 2009, respectively, representing an increase of
approximately $1,063,000 or 16% in 2010. The increase in inventory reflects management's determination to address rising petroleum
prices and an anticipated increase in sales during the first half 2011.
Accounts payable at December 31, 2010 decreased to approximately $1,418,000 from $1,741,000 in 2009, a decrease of
$323,000. The decrease reflects increased cash flow provided by operations, excluding accounts payable and other accrued liabilities.
The Company has a $6 million asset based line of credit with Regions Bank that matures on June 30, 2011. Interest on the line of
credit is based on the 30 day LIBOR rate plus 250 basis points (approximately 2.51% at December 31, 2010) payable monthly, and is
collateralized by the Company’s inventory, trade receivables, and intangible assets. We are required to maintain a minimum working
capital of $1.5 million and meet certain other financial covenants during the term of the agreement. At December 31, 2010 and 2009,
the Company was in compliance with these financial covenants. At December 31, 2010, we had no outstanding obligations under the
line of credit compared to $250,000 at December 31, 2009. The borrowing base under the line of credit is limited to 80% of accounts
receivable and 50% of inventory as defined in the line of credit agreement. At December 31, 2010 $5,300,000 was available under the
line of credit.
In 1997, we obtained financing in connection with the purchase and expansion of our Alabama facility, through Industrial
Development Bonds (IDBs) issued through the City of Montgomery, Alabama. The proceeds were utilized for both the repayment of
certain advances used to purchase the Alabama facility and to expand the facility to accommodate our future needs. In July 2002, we
completed a second IDB financing, aggregating $3.5 million, through the City of Montgomery, Alabama. The transaction funded an
approximately 70,000 square foot addition to the manufacturing facility as well as machinery and equipment purchases for the facility.
In order to market the IDBs at favorable rates, we obtained, from Regions Bank, an irrevocable letter of credit for the 1997 issue and
an irrevocable letter of credit for the 2002 issue. Under the terms of the letters of credit, Regions Bank is obligated to pay the
bondholders if there is a default by the Company. The letters of credit are renewable annually. Under the letters of credit, we are
required to maintain a stipulated level of working capital, a designated maximum debt to tangible net worth ratio, and a required debt
service coverage ratio. At December 31, 2010, we were in compliance with these requirements. The letters of credit are secured by a
first priority mortgage on the underlying Alabama facility and equipment.
In the first quarter of 2009, both IDB’s were tendered as a result of the volatility and uncertainties in the financial markets. At
December 31, 2009, the bonds had not been remarketed. However, on March 3, 2010, the Company received notification from its
bond remarketing agent that IDBs having an approximate aggregate balance of $3,250,000 were sold to various bondholders. As a
result of the remarketing, the interest rate was approximately 2 percent per annum, subject to weekly adjustment, based on prevailing
trends in the tax exempt interest market. On December 31, 2010, the interest rate on the IDBs was 4% and the aggregate outstanding
principal balance was $2,905,000. On March 1, 2011 the Company paid in full the Series 1997 IDBs.
Principal and interest on the Series 2002 IDBs are payable quarterly. The Series 2002 IDBs mature in July 2017.
We make sales in the Canadian market and are subject to currency fluctuations relating to the Canadian dollar. We do not engage in
currency hedging and address currency risk as a pricing issue. In the year ended December 31, 2010 the Company recorded
approximately $5,000 in foreign currency translation adjustments (increasing shareholders equity by $5,000) as a result of the
strengthening of the Canadian dollar in relationship to the US dollar.
14 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
During the past few years, we have introduced various new products to our customers. At times, new product introductions have
required us to increase our overall inventory and have resulted in lower inventory turnover rates. The effects of reduced inventory
turnover have not been material to our overall operations. We believe that all required capital to maintain such increases can continue
to be provided by operations and current financing arrangements.
Many of the raw materials that we use in the manufacturing process are petroleum chemical based and commodity chemicals that are
subject to fluctuating prices. The nature of our business does not enable us to pass through the price increases to our national retailers
and distributors, as promptly as we experience increases in raw material costs.
At December 31, 2010 and through the date of this report, we did not and do not have any material commitments for capital
expenditures, nor do we have any other present commitment that is likely to result in our liquidity increasing or decreasing in any
material way.
We believe that funds provided through operations and our existing sources of financing will be sufficient to satisfy our cash
requirements over at least the next twelve months.
Contractual obligations:
The following table reflects our contractual obligations for the years ended December 31,
Long-term debt obligations
Capital leases
Operating leases
Total
Total
$ 2,905,000
93,112
750,465
$ 3,748,577
$
$
2011
460,000
30,127
96,064
586,191
2012-2015
$ 1,765,000
62,985
403,856
$ 2,231,841
Thereafter
$
$
680,000
-
250,545
930,545
Item 7A. Quantitative and Qualitative Disclosure about Market Risk
Not applicable.
Item 8. Financial Statements and Supplementary Data
The audited financial statements of the Company required pursuant to this Item 8 are included in a separate section commencing on
page F-1 and are incorporated herein by reference.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
Item 9A. Controls and Procedures:
Evaluation of Disclosure Controls and Procedures. The Company’s management, with the participation of the Company’s Chief
Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") at the end of
the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the
Company’s disclosure controls and procedures as of the end of the period covered by this report are effective to provide reasonable
assurance that the information required to be disclosed by the Company in reports filed under the Exchange Act are (i) recorded,
processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms,
and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial
Officer, as appropriate to allow timely decisions regarding the disclosure.
Change in Internal Controls over Financial Reporting. No change in internal control over financial reporting (as defined in rule
13a-15(f) under the Exchange Act) occurred during the Company’s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting.
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Management’s Annual Report on Internal Control over Financial Reporting.
Management of Ocean Bio-Chem, Inc. is responsible for establishing and maintaining adequate internal control over financial
reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management evaluated the Company’s internal control over financial reporting as of December 31, 2010. In making this assessment,
management used the framework established in Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). As a result of this assessment and based on the criteria in the COSO framework,
management has concluded that, as of December 31, 2010, the Company’s internal control over financial reporting was effective.
Item 9B. Other Information
Not applicable.
Item 10. Executive Officers and Directors of the Registrant
PART III
Information required by this item is incorporated by reference to the Company's definitive proxy statement, which will be filed with
the Commission no later than 120 days after the close of the fiscal year covered by this report.
Item 11. Executive Compensation
Information required by this item is incorporated by reference to the Company's definitive proxy statement, which will be filed with
the Commission no later than 120 days after the close of the fiscal year covered by this report.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
Information required by this item is incorporated by reference to the Company's definitive proxy statement, which will be filed with
the Commission no later than 120 days after the close of the fiscal year covered by this report.
Item 13. Certain Relationships and Related Transactions
Information required by this item is incorporated by reference to the Company's definitive proxy statement, which will be filed with
the Commission no later than 120 days after the close of the fiscal year covered by this report.
Item 14. Principal Accounting Fees and Services
Information required by this item is incorporated by reference to the Company's definitive proxy statement, which will be filed with
the Commission no later than 120 days after the close of the fiscal year covered by this report.
16 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
Item 15. Exhibits, Financial Statements, Schedules and Reports Filed on Form 8K
PART IV
(a)
Financial Statements – See the Index to Consolidated Financial Statements on page F-1.
(b)
Exhibits:
Exhibit
3.1
3.2
4.1
4.2
4.3
4.4
4.5
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
Articles of Incorporation *
Bylaws *
Form of Certificate for Series 1997 Bonds - Incorporated by reference to Exhibit 4.1 to the Company’s Annual Report on
Form 10-K for the year ended December 31, 2004.
Form of Certificate for Series 2002 Bond - Incorporated by reference to Exhibit 4.2 to the Company’s Annual Report on
Form 10-K for the year ended December 31, 2004.
Trust Indenture dated as of December 1, 1996 between the IDB Board and Regions Bank, as Trustee and Registrar relating
to the $4,000,000 1997 IDB Bonds - Incorporated by reference to Exhibit 4.3 to the Company’s Annual Report on Form
10-K for the year ended December 31, 2004.
Supplement to Trust Indenture for 1997 Bonds dated March 1, 1997 - Incorporated by reference to Exhibit 4.4 to the
Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Trust Indenture dated as of July 1, 2002 between the IDB Board and Regions Bank, as Trustee and Registrar relating to the
$3,500,000 Taxable IDB Bonds Series 2002 - Incorporated by reference to Exhibit 4.5 to the Company’s Annual Report on
Form 10-K for the year ended December 31, 2004.
Restated Lease Agreement dated as of December 1, 1996 between The Industrial Development Board of the City of
Montgomery (“IDB Board”) and Kinpak, Inc. - Incorporated by reference to Exhibit 10.1 to the Company’s Annual Report
on Form 10-K for the year ended December 31, 2004.
First Supplemental Lease dated as of March 1, 1997 between the IDB Board and Kinpak, Inc. - Incorporated by reference
to Exhibit 10.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Second Supplemental Lease dated as of July 1, 2002 between the IDB Board and Kinpak, Inc. - Incorporated by reference
to Exhibit 10.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Credit Agreement dated as of July 1, 2002 by and among the Company, Star-Brite Distributing, Inc., Star Brite-
Automotive, Inc., Star-Brite Distributing (Canada), Inc., Kinpak Inc. and Regions Bank - Incorporated by reference to
Exhibit 10.4 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Amendment to Credit Agreement dated June 1, 2004 by and among the Company, Star-Brite Distributing, Inc., Star-Brite
Automotive, Inc., Star Brite Distributing (Canada), Inc., Kinpak, Inc. and Regions Bank - Incorporated by reference to
Exhibit 10.5 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Mortgage, Assignment of Leases and Security Agreement dated as of July 1, 2002 between Kinpak, Inc. and Regions
Bank. - Incorporated by reference to Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the year ended
December 31, 2004.
Security Agreement dated as of July 1, 2002 between Kinpak, Inc. and Regions Bank - Incorporated by reference to
Exhibit 10.7 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Irrevocable Letter of Credit dated July 22, 2002 issued by Regions Bank to secure the Series 1997 Bonds - Incorporated by
reference to Exhibit 10.8 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
(cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:202) 17
10.9
10.10
10.11
10.12
10.13
10.14
10.15
10.16
Irrevocable Letter of Credit dated July 22, 2002 issued by Regions Bank to secure the Series 2002 Bonds - Incorporated by
reference to Exhibit 10.9 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Extension to Credit Agreement dated May 31, 2003 by and among the Company, Star-Brite Distributing, Inc., Star-Brite
Automotive, Inc., Star Brite Distributing (Canada), Inc., Kinpak, Inc. and Regions Bank - Incorporated by reference to
Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Ocean Bio-Chem, Inc. 1992 Incentive Stock Option Plan (incorporated by reference to Form S-8 filed with the United
States Securities and Exchange Commission on June 24, 1994). - Incorporated by reference to Exhibit 4(c) to the
Company’s registration statement of Form S-8 filed with the SEC on July 1, 1994.
Ocean Bio-Chem, Inc. 1994 Non-Qualified Stock Option Plan - Incorporated by reference to Exhibit 4(d) to the
Company’s registration statement of Form S-8 filed with the SEC on July 1, 1994.
Ocean Bio-Chem, Inc. 2002 Incentive Stock Option Plan - Incorporated by reference to Appendix A to the Company’s
Proxy Statement for its 2003 Annual Meeting of Shareholders filed on April 28, 2003.
Ocean Bio-Chem, Inc. 2007 Incentive Stock Option Plan Incorporated by reference to Appendix A to the Company’s
Proxy Statement for its 2007 Annual Meeting of Shareholders filed on May 23, 2007.
Lease dated May 1, 1998 between Star Brite Distributing, Inc. and PEJE, Inc - Incorporated by reference to Exhibit 10.14
to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004.
Renewal of Lease dated May 1, 1998 between Star Brite Distributing, Inc. and PEJE, Inc. - Incorporated by reference to
Exhibit 10.24 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008.
10.17
OdorStar Technology, LLC joint venture agreement dated May 4, 2010. *
10.18
Letters of credit for Industrial Development Bonds dated May 24, 2010. *
10.19
Revolving line of credit agreement dated June 1, 2010. *
14.1
21.
31.1
31.2
32.1
32.2
Code of Ethics - Incorporated by reference to Exhibit B to the Company’s Proxy Statement for its 2004 Annual Meeting of
Shareholders filed on April 13, 2004.
List of Subsidiaries *
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act. *
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act. *
Certification of Chief Executive Officer pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350. *
Certification of Chief Financial Officer pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350. *
* Filed herewith.
18 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
Pursuant to the requirements of Section 13 or 15(d) 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.
SIGNATURES
Date: March 31, 2011
Date: March 31, 2011
OCEAN BIO-CHEM, INC.
Registrant
By:
By:
/s/ Peter G. Dornau
PETER G. DORNAU
Chief Executive Officer, President
Chairman of the Board of Directors
/s/ Jeffrey S. Barocas
JEFFREY S. BAROCAS
Chief Financial Officer
Vice President
Director
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of
the Registrant and in the capacities and on the dates indicated.
Signature
Capacity
Date
/s/ Peter G. Dornau
Peter G. Dornau
/s/Jeffrey S. Barocas
Jeffrey S. Barocas
/s/Greg M. Dornau
Greg Dornau
/s/William W. Dudman
William Dudman
/s/ Edward Anchel
Edward Anchel
/s/ James M. Kolisch
James M. Kolisch
/s/ Laz L. Schneider
Laz L. Schneider
/s/ John B. Turner
John B. Turner
/s/ Sonia B. Beard
Sonia B. Beard
President, Chief Executive
Officer and Chairman of the Board
(Principal Executive Officer)
Chief Financial Officer Vice President
(Principal Financial Officer)
March 31, 2011
March 31, 2011
Vice President Sales & Marketing
March 31, 2011
Vice President Operations
March 31, 2011
Director
Director
Director
Director
Director
March 31, 2011
March 31, 2011
March 31, 2011
March 31, 2011
March 31, 2011
(cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:202) 19
THIS PAGE INTENTIONALLY LEFT BLANK
OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Report of independent registered public accounting firm
Consolidated balance sheets
Consolidated statements of operations
Consolidated statements of comprehensive income
Consolidated statements of changes in shareholders’ equity
Consolidated statements of cash flows
Notes to consolidated financial statements
Certifications
Page
22
23
24
25
26
27
28-37
38-41
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Ocean Bio-Chem, Inc. and Subsidiaries
We have audited the accompanying consolidated balance sheets of Ocean Bio-Chem, Inc. and Subsidiaries as of December 31, 2010
and 2009 and the related consolidated statements of operations, comprehensive income, changes in shareholders’ equity, and cash
flows for each of the years in the two-year period ended December 31, 2010. Ocean Bio-Chem, Inc.'s management is responsible for
these consolidated financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on
our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining on a
test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Ocean Bio-Chem, Inc. and Subsidiaries as of December 31, 2010 and 2009, and the results of its operations and its cash
flows for each of the years in the two-year period ended December 31, 2010, in conformity with accounting principles generally
accepted in the United States of America.
/s/ Goldstein Schechter Koch P.A.
Certified Public Accountants
Hollywood, Florida
March 30, 2011
22 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2010 AND 2009
ASSETS
Current Assets:
Cash
Trade accounts receivable net of allowance for doubtful accounts of approximately
$63,600 and $61,700 at December 31, 2010 and 2009, respectively
Inventories, net
Prepaid expenses and other current assets
Deferred tax asset
Total Current Assets
Property, plant and equipment, net
Other Assets:
Trademarks, trade names and patents, net
Due from affiliated companies, net
Other assets
Total Other Assets
Total Assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable – trade
Revolving line of credit
Notes payable related party
Current portion of long term debt
Income taxes payable
Accrued expenses payable
Total Current Liabilities
Deferred tax liability
Long term debt, less current portion
Total Liabilities
Commitments and contingencies
Shareholders' Equity:
Common stock - $.01 par value, 10,000,000 shares authorized; 8,205,116 and
8,053,816 shares issued at December 31, 2010 and 2009, respectively
Additional paid in capital
Less cost of common stock in treasury, 351,503 shares at December 31, 2010
and 2009, respectively
Foreign currency translation adjustment
Retained earnings
Total Shareholders' Equity of Ocean Bio-Chem, Inc.
Noncontrolling interest
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
The accompanying notes are an integral part of these consolidated financial statements.
December
31, 2010
December
31, 2009
$
615,044
$
494,973
2,266,695
7,725,580
289,930
127,676
11,024,925
2,144,265
6,663,246
504,384
69,267
9,876,135
5,421,787
5,464,356
947,814
212,736
75,036
330,439
237,172
153,224
1,235,586
$ 17,682,298
720,835
$ 16,061,326
$ 1,417,959
-
471,950
490,127
539,628
993,010
3,912,674
$ 1,741,309
250,000
-
513,053
222,055
924,078
3,650,495
81,030
2,507,985
6,501,689
115,121
2,937,206
6,702,822
-
-
82,051
7,689,183
80,538
8,194,917
(288,013)
(271,939)
3,666,211
10,877,493
(288,013)
(277,025)
1,648,087
9,358,504
303,116
-
11,180,609
$ 17,682,298
9,358,504
$ 16,061,326
(cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:202) 23
OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 2010 AND 2009
Gross sales
Less: discounts, returns, and allowances
Net sales
Cost of goods sold
Gross profit
Operating Expenses:
Advertising and promotion
Selling and administrative
Total operating expenses
Operating income
Other income (expense)
Interest (expense)
Other income
Income before income taxes
Provision for income taxes
Net income
Loss attributable to non-controlling interests
Net income attributable to Ocean-Bio Chem, Inc.
Income per common share - basic
Income per common share - diluted
Weighted average shares - basic
Weighted average shares - diluted
The accompanying notes are an integral part of these consolidated financial statements.
2010
2009
$ 29,221,396
1,817,663
$ 26,281,520
1,648,630
27,403,733
24,632,890
18,022,215
16,763,401
9,381,518
7,869,489
1,635,163
4,497,059
6,132,222
1,661,948
4,216,824
5,878,772
3,249,296
1,990,717
(115,592)
54,879
(205,626)
23,705
3,188,583
1,808,796
1,247,420
755,318
1,941,163
1,053,478
76,961
$ 2,018,124
-
$ 1,053,478
$
$
0.26
0.24
$
$
0.14
0.14
7,789,699
8,443,797
7,673,438
7,697,100
24 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2010 AND 2009
Net Income
Foreign currency translation adjustment
Comprehensive income
Comprehensive loss attributable to noncontrolling interests
2010
2009
$ 1,941,163
$ 1,053,478
5,086
3,098
1,946,249
1,056,576
76,961
-
Comprehensive income attributable to Ocean-Bio Chem, Inc.
$ 2,023,210
$ 1,056,576
The accompanying notes are an integral part of these consolidated financial statements.
(cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:202) 25
OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
YEARS ENDED DECEMBER 31, 2010 AND 2009
Common
Stock
Shares
Amount
Additional
Paid In
Capital
Foreign
Currency
Adjustment
(deficit)
Retained
Earnings
Treasury
Stock
Non
Controlling
Interest
Total
7,886,816
$78,868
$7,928,269
$(280,123)
$ 594,609
$(288,013)
$ -
$ 8,033,610
1,053,478
1,053,478
167,000
1,670
83,623
183,025
3,098
85,293
183,025
3,098
8,053,816
$80,538
$8,194,917
$(277,025)
$1,648,087
$(288,013)
$ -
$9,358,504
January 1,
2009
Net Income
Stock based
compensation
grants
Stock based
compensation –
options
Foreign currency
translation
adjustment
December 31,
2009
Net Income (loss)
Contribution from
non-controlling
partner
Options exercised
6,800
68
7,017
Stock based
compensation –
grants
Stock based
compensation –
options
Redemption of
warrants
Foreign currency
translation
adjustment
December 31,
2010
144,500
1,445
256,990
132,209
(901,950)
5,086
2,018,124
(76,961)
1,941,163
380,077
380,077
7,085
258,435
132,209
(901,950)
5,086
8,205,116
$82,051
$7,689,183
$(271,939)
$3,666,211
$(288,013)
$303,116
$11,180,609
The accompanying notes are not an integral part of these consolidated financial statements.
26 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2010 AND 2009
Cash flows from operating activities:
Net income attributable to OBCI
Adjustment to reconcile net income to net cash provided by operations:
Loss attributable to noncontrolling interests
Depreciation and amortization
Stock based compensation
Change in provision for deferred taxes
Other operating non cash items
Changes in assets and liabilities:
Accounts receivable
Inventory
Other assets
Prepaid expenses
Amount due from affiliates
Accounts payable and other accrued liabilities
2010
2009
$ 2,018,124
$ 1,053,478
(76,961)
689,379
378,845
(92,500)
93,035
(124,255)
(1,113,687)
78,188
214,454
24,436
63,155
-
709,855
268,318
45,854
216,844
(340,356)
(152,462)
31,404
(138,402)
673,381
1,109,895
Net cash provided by operating activities
2,152,213
3,477,809
Cash flows from investing activities:
Purchases of property, plant and equipment
Trademarks, trade names and patents, net
Contributions to joint venture
Net cash (used in) investing activities
Cash flows from financing activities:
Borrowings line of credit, net
Notes payable related party
Payments on long-term debt
Redemption of warrants
Proceeds from exercise of stock options
Net cash (used in) financing activities
Change in cash prior to effect of exchange rate on cash
Effect of exchange rate on cash
Net increase (decrease) in cash
Cash at beginning of period
Cash at end of period
Supplemental disclosure of cash transactions:
Cash paid for interest during period
Cash paid for income taxes during period
Supplemental disclosure of non-cash transactions:
Assets contributed to consolidated joint venture by non-controlling partner
Patents
Inventory
Equipment
Total assets contributed to consolidated joint venture by noncontrolling partner.
The accompanying notes are an integral part of these consolidated financial statements.
(632,110)
(177,036)
(97,927)
(907,073)
(250,000)
471,950
(452,147)
(901,950)
7,085
(1,125,062)
120,078
(7)
120,071
494,973
615,044
103,662
737,383
(393,816)
-
-
(393,816)
(2,550,000)
-
(568,769)
-
-
(3,118,769)
(34,776)
2,693
(32,083)
527,056
494,973
205,626
714,000
$
$
$
440,339
22,965
14,700
478,004
$
$
$
$
$
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OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED STATEMENTS
YEARS ENDED DECEMBER 31, 2010 AND 2009
Note 1 – Organization and summary of significant accounting policies:
Organization – The Company was incorporated during November, 1973 under the laws of the state of Florida and operates as a
manufacturer and distributor of products principally under the Star brite® brand to the marine, automotive and recreational vehicle
aftermarkets.
Basis of presentation – The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and
a joint venture in which the Company has a controlling interest. All significant inter-company accounts and transactions have been
eliminated in consolidation. Certain prior-period data have been reclassified to conform to the current period presentation.
Revenue recognition – Revenue from product sales is recognized when persuasive evidence of a contract exists, the sales price is
fixed and determinable, the title of goods passes to the customer, and collectability of the related receivable is probable. Reported net
sales are net of customer prompt pay discounts, contractual allowances, authorized customer returns, consumer rebates and other
sales incentives from our invoices.
Collectability of accounts receivable – Trade accounts receivable at December 31, 2010 and 2009 are net of allowances for doubtful
accounts aggregating approximately $63,600 and $61,700, respectively. Such amounts are based on management's estimates of the
creditworthiness of its customers, current economic conditions and other historical information. For the year ended December 31,
2010 the Company had a net bad debt recovery of approximately $135,000, compared to a net bad debt expense of $162,000 for the
year ended December 31, 2009.
In October 2010, the Company received a check for approximately $140,000 related to a former customer (Boater’s World) that filed
for bankruptcy in January 2009. The Company had written off approximately $141,000 and $69,000 during the years ended
December 31, 2009 and 2008, respectively.
Inventories – Inventories are primarily composed of raw materials and finished goods and are stated at the lower of cost, using the
first-in, first-out method, or market.
Shipping and handling costs - All shipping and handling costs incurred by us are included in cost of goods sold in the consolidated
statements of operations. Shipping and handling costs totaled approximately $1,086,000 and $855,600 for the years ended December
31, 2010 and 2009, respectively.
Advertising and Promotion Expense – Advertising and promotion expense consists of advertising costs and catalog costs. Advertising
costs are expensed in the period in which the advertising occurs and totaled $1.6 million and $1.7 million in 2010 and 2009,
respectively. The Company capitalizes the direct cost of producing and distributing its catalogs. Capitalized catalog costs are
amortized, once a catalog is distributed, over the expected net sales period, which is generally from one to 12 months. At December
31, 2010 and 2009 the Company did not have any significant accumulated cost of collateral materials on hand.
Property, plant and equipment – Property, plant and equipment is stated at cost, net of depreciation. Depreciation is provided over the
estimated useful lives of the related assets using the straight-line method.
Research and Development Costs —Research and development costs are expensed as incurred and recorded in selling and
administrative expenses in the consolidated statements of operations. The Company incurred approximately $56,000 and $30,000 of
research and development costs for the years ended December 31, 2010 and 2009 respectively.
Stock based compensation – The Company records stock-based compensation in accordance with the provisions of Financial
Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 718, "Accounting for Stock Compensation,"
which establishes accounting standards for transactions in which an entity exchanges its equity instruments for goods or
services. Under FASB ASC Topic 718, we recognize an expense for the fair value of our outstanding stock options as they vest,
whether held by employees or others.
28 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
Use of estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
Concentration of credit risk; dependence on major customers – Financial instruments that potentially subject the Company to
concentration of credit risk consist primarily of accounts receivable. The Company’s five largest customers represented
approximately 58% and 63% of consolidated net revenues for the years ended December 31, 2010 and 2009, and 40% and 58% of
consolidated accounts receivable at December 31, 2010 and 2009, respectively. The Company has a longstanding relationship with
each of these entities and previously has collected all open receivable balances. The loss of any of these customers could have an
adverse impact on the Company’s operations (see Note 11).
Concentration of cash – At various times of the year and at December 31, 2010, the Company had a concentration of cash in one bank
in excess of prevailing insurance offered through the Federal Deposit Insurance Corporation at such institution. Management does not
consider the excess deposits to be a significant risk.
Fair value of financial instruments – FASB ASC Topic 825, “Financial Instruments,” permits entities to choose to measure financial
instruments and certain other items at fair value. Unrealized gains and losses on items for which the fair value option has been elected
are recognized in earnings at each subsequent reporting date. For purposes of this statement, the fair value of a financial instrument is
the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced sale or
liquidation.
The carrying amounts of the Company’s short-term financial instruments, including accounts receivable, accounts payable, customer
credits on account, certain accrued expenses and loans payable to related parties approximate their fair value due to the relatively short
period to maturity for these instruments. The fair value of long-term debt is based on current rates at which the Company could
borrow funds with similar remaining maturities, and the carrying amount of the long-term debt approximates fair value.
Impairment of long-lived assets - Potential impairments of long-lived assets are reviewed annually or when events and circumstances
warrant an earlier review. In accordance with FASB
ASC Subtopic 360-10, "Property, Plant and Equipment – Overall," impairment is determined when estimated future undiscounted
cash flows associated with an asset are less than the asset’s carrying value.
Income Taxes – The Company follows the authoritative guidance for income taxes, under FASB ASC Topic 740, "Income Taxes" for
the recognition of current and deferred income taxes. Under the asset and liability method of FASB ASC Topic 740, deferred tax
assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is
recognized in income in the period that includes the enactment date.
In determining whether the realization of deferred tax assets may be impaired, we evaluate both positive and negative evidence as
required in accordance with FASB ASC Subtopic 740-10. At December 31, 2010 and December 31, 2009, we concluded that it is
more likely than not that our deferred tax assets will be realized. Therefore, we have not recorded a valuation allowance with respect
to any deferred tax assets.
Under FASB ASC Subtopic 740-10, we recognize liabilities for uncertain tax positions based on a two-step process. The first step is
to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not
that the position will be sustained on audit, including resolution of any related appeals or litigation. The second step requires us to
estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement with
the taxing authorities. We reevaluate uncertain tax positions on a quarterly basis, based on factors including, but not limited to,
changes in facts or circumstances, changes in tax law, effectively settled issues under audit, new audit activity and lapses in the
statutes of limitations on assessment. Such a change in recognition or measurement would result in the recognition of a tax benefit or
an additional charge to the tax provision in the period that such event occurs and can have a significant effect on our consolidated
financial statements.
In accordance with FASB ASC Subtopic 740-10, the Company recognizes any penalties related to unrecognized tax positions as
income tax expense, which is included in selling, general and administrative expenses. The Company has been audited by the Internal
Revenue Service through the year ended December 31, 2009.
(cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:202) 29
Trademarks, trade names and patents – The Company purchased the Star brite® trade name and trademark in 1980 for $880,000. The
cost of the trade mark and trade name initially were amortized on a straight-line basis over an estimated useful life of 40
years. Effective January 1, 2002 and in accordance with FASB ASC Topic 350, "Intangibles – Goodwill and Other," the Company
determined that these intangible assets have indefinite lives and therefore, the Company no longer recognizes amortization
expense. The Company evaluates intangible assets for impairment every year and at other times when an event occurs or
circumstances change such that it is reasonably possible that an impairment may exist. In addition, our 50% owned joint venture,
Odorstar Technology, LLC, owns patents for a delivery system that enables the precise control of release rates of chlorine dioxide
(ClO2) products to safely prevent and eliminate odors caused by mold, mildew and other sources of unpleasant odors. The Company
amortizes these patents over their remaining life of 12 years on a straight line basis.
Foreign currency - Translation adjustments result from translating foreign subsidiaries’ financial statements into U.S. dollars. The
Company has a Canadian subsidiary whose functional currency is the Canadian dollar. Balance sheet accounts are translated at
exchange rates in effect at the balance sheet date. Income statement accounts are translated at average exchange rates during the
year. Resulting translation adjustments are included in Shareholders’ Equity as a component of comprehensive income.
Earnings Per Share – The Company computes earnings per share in accordance with the provisions of FASB ASC Topic 260,
"Earnings Per Share," which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for
entities with publicly held common stock. Basic earnings per share are computed by dividing net earnings available to common
shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share are computed
assuming the exercise of dilutive stock options under the treasury stock method and the related income taxes effects. For loss periods
common share equivalents are excluded from the calculation, as the effect would be anti-dilutive. See Note 12 - Earnings per share.
Note 2 – Inventories:
The composition of inventories at December 31, 2010 and 2009 are as follows:
Raw materials
Finished goods
Inventories, gross
Inventory reserves
Inventories, net
$
2010
4,116,577
3,938,629
8,055,206
$
2009
3,595,862
3,322,692
6,918,554
(329,626)
(255,308)
$
7,725,580
$
6,663,246
The inventory reserves shown in the table above reflect slow moving and obsolete inventory.
The Company operates a vendor managed inventory program with one of its customers to improve the promotion of the Company's
products. The Company manages the inventory levels at this customer’s warehouses and recognizes revenue as the products are sold
by the customer. The inventories managed at the customer’s warehouses amounted to approximately $352,000 and $387,000 at
December 31, 2010 and 2009, respectively.
30 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
Note 3 – Property, plant and equipment:
The Company’s property, plant and equipment consisted of the following:
Land
Building
Manufacturing and warehouse equipment
Office equipment and furniture
Construction in process
Leasehold improvement
Less accumulated depreciation
Property, plant and equipment, net
Estimated
Useful Life
30 years
6-20 years
3-5 years
10-15 years
$
2010
2009
278,325 $
4,402,275
7,481,644
552,306
76,499
122,644
12,913,693
278,325
4,402,275
6,877,940
541,449
109,001
122,644
12,331,634
7,491,906
6,867,278
$ 5,421,787 $ 5,464,356
Depreciation expense for the years ended December 31, 2010 and 2009 amounted to approximately $689,000 and $709,900,
respectively.
Note 4 – Revolving Line of Credit:
During 2002, the Company secured a revolving line of credit from Regions Bank, which provides up to $6 million of working capital
financing. The line of credit bears interest based on the 30 day LIBOR rate plus 275 basis points (approximately 2.51% at
December 31, 2010) and is collateralized by the Company’s inventory, trade receivables, and intangible assets. The revolving line of
credit was renewed annually until July 1, 2008, when it was renewed for a three year period ending on June 30, 2011.
The line of credit currently matures on June 30, 2011 and bears interest at the 30 Day LIBOR plus 250 basis points. The borrowing
base under the line of credit is limited to 80% of accounts receivable and 50% of inventory, as defined in the line of credit agreement.
These limitations did not prevent the Company from meeting its borrowing needs. The line of credit agreement includes financial
covenants relating to minimum working capital levels, maintaining stipulated debt to tangible net worth and adhering to debt coverage
ratios, and other financial covenants. Under the line of credit agreement, we are required to maintain a minimum working capital of
$1.5 million. At December 31, 2010 and 2009, the Company was in compliance with all financial covenants under the line of credit
agreement.
At December 31, 2010, the Company had no outstanding borrowings under the line of credit. At December 31, 2009, $250,000 in
borrowings was outstanding. The average outstanding loan balances during 2010 and 2009 were approximately $1,295,000 and
$2,046,000, respectively. Interest expense related to the line of credit for the years ended December 31, 2010 and 2009 was
approximately $33,000 and $49,000, respectively.
Note 5 – Accrued expenses payable
Accrued expenses payable at December 31, 2010 and 2009 consisted of the following:
Accrued customer promotions
Accrued payroll, commissions, and benefits
Accrued insurance
EPA civil penalty
Other
Total accrued expenses payable
2010
2009
$ 502,278 $ 367,453
238,285
160,832
-
157,508
176,767
-
110,000
203,965
$ 993,010 $ 924,078
(cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:202) 31
On January 28, 2010, the Company received notice from the U.S. Environmental Protection Agency (the "EPA") that it was not in
compliance with certain reporting requirements under the Emergency Planning and Community Right-To-Know Act. Under a consent
agreement and final order signed by the Company on December 23, 2010 and effective on January 19, 2011, the Company resolved
the alleged violations and agreed to pay a civil penalty of $110,000. The civil penalty was not related to any discharges of hazardous
materials. The Company's liability under the consent agreement will be paid in equal monthly increments from February 2011
through January 2012. The Company is now in compliance with its EPA filing requirements.
Note 6 - Long-term debt:
The Company is obligated under capital leases financed through two series of Industrial Development Bonds, which it entered into
during 1997 and 2002 in connection with expansion of the Company’s Alabama manufacturing and distribution facility. The bonds
bear interest at tax-free rates that adjust weekly. At December 31, 2010, $425,000 and $2,480,000 were outstanding under the 1997
and 2002 series, respectively. At December 31, 2009, $765,000 and $2,600,000 were outstanding under the 1997 and 2002 series,
respectively. During the years ended December 31, 2010 and 2009, interest rates per annum ranged between 2.0% and 4.0%, and
3.2% and 5.3%, respectively. Interest expense for 2010 and 2009 were approximately $79,600 and $153,300, respectively. Principal
and accrued interest on the 1997 series were payable quarterly through March 2012, at which time the Company's obligation would be
fully paid. On March 1, 2011 the Company paid in full the Series 1997 Industrial Development Bonds. Principal and interest on the
2002 series are payable quarterly through July 2017, at which time the Company's obligation will be fully paid.
During 2010 and 2009, the Company was obligated under various capital lease agreements covering equipment utilized in the
Company’s operations. The capital leases, aggregating approximately $93,112 and $51,900 at December 31, 2010 and 2009
respectively, have varying maturities through 2015 and carry interest rates ranging from 7% to 14%.
On April 12, 2005, the Company entered into an equipment financing agreement under which Regions Bank loaned the Company
$500,000 to finance equipment acquisitions at its Alabama facility. The loan was payable in monthly installments of principal
aggregating approximately $8,300 plus interest. As of April 2010, this obligation has been paid. At December 31, 2009, the
outstanding balance on this obligation was approximately $33,400. The interest rate equaled LIBOR plus 2.5% per annum, and was
2.7% at December 31, 2009. Interest incurred in 2009 was approximately $2,300.
The outstanding amounts under the composition of these obligations at December 31, 2010 and 2009 were as follows:
Current Portion
2010
2009
Long Term Portion
2010
2009
Industrial Development Bonds
Notes payable
Capitalized equipment leases
$
$
460,000
-
30,127
460,000
33,352
19,701
$ 2,445,000
-
62,985
$ 2,905,000
-
32,206
Total long term debt
$
490,127
$
513,053
$ 2,507,985
$ 2,937,206
Required principal payments under these obligations are set forth below:
Year ending December 31,
2011
2012
2013
2014
2015
Thereafter
Total
$
$
490,127
470,596
458,021
451,288
448,080
680,000
2,998,112
32 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
Note 7 – Income taxes:
The components of the Company’s consolidated provision for income taxes are as follows:
Federal - current
Federal – deferred
State – current
State – deferred
Total provision for income taxes
2010
2009
$ 1,183,501 $ 709,464
45,854
-
-
$ 1,247,420 $ 755,318
(60,321)
134,886
(10,646)
The reconciliation of the provision for income taxes at the statutory rate to the reported provision for income taxes is as follows:
Income Tax computed at statutory rate
State tax, net of federal benefit
Loss attributable to noncontrolling interest
Share based compensation
EPA civil penalty
Temporary adjustments
Other, permanent adjustments
Tax credits and prior year tax adj.
Provision for income taxes
2010
$ 1,084,118
89,025
26,167
128,807
37,400
17,768
(111,545)
(24,320)
$ 1,247,420
%
34%
3%
1%
4%
1%
1%
-4%
-1%
39%
$
2009
614,991
-
-
91,228
-
80,933
10,200
(42,034)
$
755,318
%
34%
-
-
5%
-
4%
1%
-2%
42%
The Company’s deferred tax asset and liability accounts consisted of the following at December 31:
Deferred taxes - current
Reserves for bad debts, inventories, and other accruals
Depreciation of property and equipment
Total deferred tax asset current
Deferred taxes - non-current
Depreciation of property and equipment
Total deferred tax liability non-current
Note 8 – Related party transactions:
2010
2009
$
$
$
155,306
(27,630)
127,676
(81,030)
(81,030)
$
$
$
107,793
(38,526)
69,267
(115,121)
(115,121)
At December 31, 2010 and 2009, the Company had amounts receivable from affiliated companies owned by the Company’s Chief
Executive Officer, aggregating approximately $213,000 and $237,000, respectively. The accounts receivable relate to sales of our
products to the affiliated companies, which distribute these products outside of the United States and Canada, and administrative
services we provide to the affiliated companies.
Sales to the affiliated companies aggregated approximately $1,811,800 and $1,148,400 during the years ended December 31, 2010 and
2009, respectively; administrative fees aggregated $336,000 and $325,000 respectively for such periods.
Such transactions were made in the ordinary course of business but were not made on substantially the same terms and conditions as
those prevailing at the same time for comparable transactions with other customers. Management believes that the sales transactions
did not involve more than normal credit risk or present other unfavorable features.
A subsidiary of the Company currently uses the services of an entity that is owned by an officer of the Company to conduct product
research and development. The entity received $39,000 during the year ended December 31, 2010 and $30,000 during the year ended
December 31, 2009 under such relationship.
A director of the Company sources most of the Company’s insurance needs at an arm’s length competitive basis. In 2010, the
Company paid an aggregate of approximately $500,000 in insurance premiums on policies obtained through the director.
(cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:202) 33
The Company leases office and warehouse facilities in Fort Lauderdale, Florida from an entity controlled by its Chief Executive
Officer of the Company. See Note 9 for a description of the lease terms.
On November 2, 2010, the Company redeemed a warrant held by its Chief Executive Officer to purchase 500,000 shares of its
Common Stock at an exercise price of $1.13 per share. The warrants initially were issued to the Chief Executive Officer in connection
with financing he provided to the Company in October 2005. The aggregate redemption price of the warrant was $430,000, which
was based on the difference between the closing bid price of the Company's Common Stock on October 15, 2010, the date the Chief
Executive officer initially provided notice of his intention to exercise the warrant. The redemption was approved by the independent
directors of the Board of Directors. The redemption was affected in order to prevent the dilutive effect of the exercise of the warrant.
On December 6, 2010, the Company redeemed a warrant held by its Chief Executive Officer to purchase 500,000 shares of its
Common Stock at an exercise price of $0.836 per share. The warrants initially were issued to the Chief Executive Officer in
connection with financing he provided to the Company in December 2005. The aggregate redemption price of the warrant was
$471,950, which was based on the difference between the closing price of the Company's Common Stock on December 6, 2010 and
the exercise price of the warrant. The Company issued a note to the Chief Executive Officer in an amount equal to the redemption
price, which bore interest at the rate of 3% per annum. On January 5, 2011, the Company paid all outstanding principal and interest
on the note. The redemption was approved by the independent directors of the Board of Directors. The redemption was affected in
order to prevent the dilutive effect of the exercise of the warrant.
Note 9 – Commitments
On May 1, 2008, the Company renewed for ten years its existing lease with an entity owned by its Chief Executive Officer for its
executive offices and warehouse facilities in Fort Lauderdale, Florida. The lease requires minimum rent of $94,800 for the first year
and provides for a maximum annual 2% increase in subsequent years. Additionally, the leasing entity is entitled to reimbursement of
all taxes, assessments, and any other expenses that arise from ownership. Each of the parties agreed to review the terms of the lease
every three years at the request of the other party. Rent expense under the lease during the years ended December 31, 2010 and 2009
amounted to approximately $96,000 and $100,500, respectively.
The following is a schedule of minimum future rentals on the non-cancelable operating leases.
12 month period ending December 31,
2011
2012
2013
2014
2015
Thereafter
Note 10 - Stock options:
$
$
96,064
97,985
99,945
101,944
103,983
250,544
750,465
During 2002, the Company adopted a qualified incentive stock option plan and a non-qualified stock option plan covering 400,000
and 200,000 shares of its common stock, respectively.
During 2007, the Company adopted a qualified employee stock option plan covering 400,000 shares of its common stock.
During 2008, the Company adopted a qualified incentive stock option plan and a non-qualified stock option plan covering 400,000
and 200,000 shares of its common stock, respectively.
On March 25, 2009, the independent directors renewed and extended an option to purchase 115,000 shares previously granted to the
Chief Executive Officer.
The following schedules reflect the status of outstanding options under the Company’s three stock option qualified and two non-
qualified plans as well as a non-plan at December 31, 2010 and 2009. Unless indicated by "NQ," all options were granted under an
incentive stock option plan.
34 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
December 31, 2010
Plan
Non Plan
2002 ISO
2007 ISO
2007 ISO
2007 ISO
2008 ISO
2002NQ
2002NQ
2002NQ
2002NQ
2002NQ
2008NQ
2008NQ
December 31, 2009
Plan
NON-PLAN:
2002 PLAN
2007 PLAN
2007 PLAN
2007 PLAN
2008 PLAN
2002 PLAN NQ
2002 PLAN NQ
2002 PLAN NQ
2002 PLAN NQ
2002 PLAN NQ
2008 PLAN NQ
Date
granted
03/25/09
11/06/06
05/17/07
10/08/07
12/17/07
08/25/08
10/22/02
06/20/03
05/25/04
04/03/06
12/17/07
01/11/09
04/26/10
Options
outstanding
115,000
113,500
167,500
2,500
154,600
156,100
35,000
30,000
30,000
40,000
50,000
50,000
25,000
969,200
Exercisable
options
115,000
90,800
100,500
1,500
92,760
62,440
35,000
30,000
30,000
40,000
50,000
50,000
25,000
723,000
Exercise
price
0.55
0.93
1.66
1.87
1.32
0.97
1.26
1.03
1.46
1.08
1.32
0.69
2.07
1.16
Expiration
date
03/24/14
11/05/11
05/16/12
10/07/12
12/16/12
08/21/13
10/21/12
06/19/13
05/24/14
04/02/16
12/16/17
01/10/19
04/25/20
Weighted
Average
Remaining Life
3.3
0.9
1.4
1.8
2.0
2.7
1.8
2.5
3.4
5.3
7.1
8.1
9.5
3.0
Date
granted
Options
outstanding
Exercisable
options
Exercise Expiration
price
date
Weighted
Average
Remaining life
03/25/09
11/06/06
05/17/07
10/08/07
12/17/07
08/25/08
10/22/02
06/20/03
05/25/04
04/03/06
12/17/07
01/11/09
115,000
118,000
167,500
2,500
156,500
159,500
35,000
30,000
30,000
40,000
50,000
50,000
954,000
115,000
70,800
67,000
1,000
62,600
31,900
35,000
30,000
30,000
40,000
50,000
50,000
583,300
0.55
0.93
1.66
1.87
1.32
0.97
1.26
1.03
1.46
1.08
1.32
0.69
1.13
03/24/14
11/05/11
05/16/12
10/07/12
12/16/12
08/21/13
10/21/12
06/19/13
05/24/14
04/02/16
12/16/17
01/10/19
4.2
1.8
2.4
2.8
3.0
3.6
2.8
3.5
4.4
6.3
8.0
9.0
3.8
At December 31, 2010, the number of options outstanding and the number of shares available for grant under each stock option plan
options is presented below:
Plan
NON-PLAN
2002 PLAN
2007 PLAN
2008 PLAN
2002 PLAN NQ
2008 PLAN NQ
Totals
Options
Outstanding
Options Available for
Grant
115,000
113,500
324,600
156,100
185,000
75,000
969,200
N/A
None
73,500
240,500
15,000
125,000
454,000
(cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:202) 35
A summary of the Company’s stock options at December 31, 2010 and 2009, and changes during the years ending on these dates, is
presented below:
Options outstanding beginning of the year
Options granted
Options exercised
Options forfeited or expired
Options outstanding end of the year
Non plan options
Totals
2010
2009
Weighted
Average
Exercise
Price
$1.21
2.07
1.04
0.97
1.24
0.55
$1.16
Shares
839,000
25,000
(6,800)
(3,000)
854,200
115,000
969,200
Weighted
Average
Exercise
Price
$1.26
0.69
-
1.30
1.21
0.55
$1.13
Shares
1,090,000
50,000
-
(301,000)
839,000
115,000
954,000
Stock options are granted annually to executives, key employees, directors and others pursuant to the terms of the Company’s various
plans. Such grants are made at the discretion of the Board of Directors. Qualified options typically have a five-year term with vesting
in equal 20% increments on each anniversary of the date of grant. Non-qualified options granted to outside directors have a 10 year
life and are immediately exercisable. At December 31, 2010 the last tranche of non-qualified options vests on January 10,
2019. Compensation cost recognized during the year ended December 31, 2010 and 2009 attributable to stock options amounted to
approximately $132,000 and $183,000, respectively.
The fair value of each option grant was estimated using the Black-Scholes option pricing model with the following assumptions for
the years 2010 and 2009: risk free interest rate ranging from 1.51% to 3.57%, no dividend yield for all years, expected life from three
years to five years and volatility of approximately 100.0%.
At December 31, 2010 and 2009, there was approximately $163,000 and $258,600 of unrecognized compensation cost related to
unvested share based compensation arrangements. That cost will be charged against operations as the respective options vest through
the year ending December 31, 2013.
Note 11 – Major customers:
The Company has one major customer, with sales in excess of 10% of consolidated net revenues for the year ended December 31,
2010. Sales to this customer represented approximately 35% of consolidated net revenues. In 2009, one customer also had sales that
represented approximately 35% of net revenues.
The Company’s top five customers represented approximately 58% and 63%, of consolidated net revenues for the years ended
December 31, 2010 and 2009, respectively, and 40% and 58% of consolidated trade receivables at the balance sheet dates
December 31, 2010 and 2009, respectively. The Company enjoys good relations with these customers. However, the loss of any of
these customers could have an adverse impact on the Company’s operations.
Note 12 – Earnings per share:
Earnings per share are reported pursuant to the provisions of FASB ASC Topic 260, "Earnings Per Share." Accordingly, basic
earnings per share reflect the weighted average number of shares outstanding during the year, and diluted shares adjusts that figure by
the additional hypothetical shares that would be outstanding if all exercisable outstanding common stock equivalents with an exercise
36 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
price below the current market value of the underlying stock were exercised. Common stock equivalents consist of stock options and
warrants. The following tabulation reflects the number of shares utilized to determine basic and diluted earnings per share for the
years ended December 31, 2010 and 2009:
Basic weighted-average common shares outstanding
2010
7,789,699
2009
7,673,438
Dilutive effect of stock plans, other options & conversion rights
654,098
23,662
Dilutive weighted-average shares outstanding
8,443,797
7,697,100
Note 13 – Shareholders’ equity:
During 2010, the Company redeemed warrants to purchase 1,000,000 shares held by its Chief Executive Officer. See Note 8 for
further information.
Note 14 – Subsequent Events:
These consolidated financial statements include a discussion of material events, if any, which have occurred subsequent to
December 31, 2010 (referred to as “subsequent events”) through the issuance of these, consolidated financial statements. Events
subsequent to that have not been considered in these financial statements.
Note -15- Recent Accounting Pronouncements:
The Financial Accounting Standards Board (“FASB”) has recently issued several new accounting pronouncements which may apply
to the Company.
In January 2010, the FASB amended guidance now codified as FASB ASC Topic 810, “Consolidation.” FASB ASC Topic 810
changes the accounting and reporting for minority interests, which will be recharacterized as non-controlling interests and classified as
a component of equity. The amendment of FASB ASC Subtopic 810-10 establishes the accounting and reporting guidance for non-
controlling interests and changes in ownership interests of a subsidiary. FASB ASC Topic 810 is effective for us on a prospective
basis for business combinations with an acquisition date beginning in the first quarter of fiscal year 2010.
In January 2010, the FASB issued authoritative guidance which requires new disclosures and clarifies existing disclosure requirements
for fair value measurements. Specifically, the changes require disclosure of transfers into and out of “Level 1” and “Level 2” (as
defined in the accounting guidance) fair value measurements, and also require more detailed disclosure about the activity within
“Level 3” (as defined) fair value measurements. This guidance is effective for interim and annual reporting periods beginning after
December 15, 2009, with the exception of the disclosures about purchases, sales, issuances and settlements of Level 3 assets and
liabilities, which is effective for fiscal years beginning after December 15, 2010. As this guidance only requires expanded disclosures,
the adoption did not impact the Company’s consolidated financial position, results of operations or cash flows.
In December 2010, the FASB issued amendments that modify Step 1 of the goodwill impairment test for reporting units with zero or
negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is
more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment
exists, an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist. The
qualitative factors are consistent with the existing guidance, which requires that goodwill of a reporting unit be tested for impairment
between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting
unit below its carrying amount. These amendments are effective for fiscal years, and interim periods within those years, beginning
after December 15, 2010. Early adoption is not permitted. The adoption of this guidance is not expected to have a significant impact
on the Company’s consolidated financial position, results of operations or cash flows
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and believes that, with the
exception of the pronouncements noted above, no other accounting standards or interpretations issued or recently adopted are expected
to have a material impact on the Company’s results of operations, financial position or cash flow.
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EXHIBIT 31.1
I, Peter G. Dornau, certify that:
CERTIFICATION
1.
I have reviewed this Annual Report on Form 10-K of Ocean Bio-Chem, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining internal controls, disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons
performing the equivalent function):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Dated: March 31, 2011
/s/ Peter G. Dornau
Peter G. Dornau
Chairman of the Board
President and Chief Executive Officer
(Principal Executive Officer)
38 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
EXHIBIT 31.2
I, Jeffrey S. Barocas, certify that:
CERTIFICATION
1.
I have reviewed this Annual Report on Form 10-K of Ocean Bio-Chem, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining internal controls ,disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
and
5
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons
performing the equivalent function):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Dated: March 31, 2011
/s/ Jeffrey S. Barocas
Jeffrey S. Barocas
Vice President
Chief Financial Officer
(Principal Financial Officer)
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EXHIBIT 32.1
CERTIFICATION PURSUANT TO RULE 13a-14(b)
UNDER THE SECURITIES EXCHANGE ACT AND 18 U.S.C. 1350
I, Peter G. Dornau, Chief Executive Officer of Ocean Bio-Chem, Inc. (the "Company"), hereby certify that, based on my
knowledge:
1.
The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 (the "Report")
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and
result of operations of the Company.
By:
/s/ Peter G. Dornau
Peter G. Dornau, President
Chief Executive Officer
Dated: March 31, 2011
40 (cid:1)(cid:32)(cid:32)(cid:49)(cid:1)(cid:29)(cid:202)(cid:44)(cid:13)(cid:42)(cid:34)(cid:44)(cid:47)(cid:202)(cid:112)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)
EXHIBIT 32.2
CERTIFICATION PURSUANT TO RULE 13a-14(b)
UNDER THE SECURITIES EXCHANGE ACT AND 18 U.S.C. 1350
I, Jeffrey S. Barocas, Chief Financial Officer of Ocean Bio-Chem, Inc. (the "Company"), hereby certify that, based on my
knowledge:
1.
The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 (the "Report")
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and
result of operations of the Company.
By:
/s/ Jeffrey S. Barocas
Jeffrey S. Barocas
Chief Financial Officer
Dated: March 31, 2011
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THIS PAGE INTENTIONALLY LEFT BLANK
INVESTOR INFORMATION
NASDAQ STOCK SYMBOL OBCI
OCEAN BIO-CHEM, INC.
BOARD OF DIRECTORS
Stock Transfer Agent
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General Counsel
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Auditors
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Reports and Publications
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4041 SW 47th Avenue
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COMMON STOCK
MARKET INFORMATION
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(cid:62)(cid:195)(cid:202)(cid:192)(cid:105)(cid:171)(cid:156)(cid:192)(cid:204)(cid:105)(cid:96)(cid:202)(cid:156)(cid:152)(cid:202)(cid:204)(cid:133)(cid:105)(cid:202)(cid:32)(cid:1)(cid:45)(cid:12)(cid:1)(cid:43)(cid:202)(cid:10)(cid:62)(cid:171)(cid:136)(cid:204)(cid:62)(cid:143)(cid:202)(cid:31)(cid:62)(cid:192)(cid:142)(cid:105)(cid:204)
(cid:118)(cid:156)(cid:192)(cid:202)(cid:105)(cid:62)(cid:86)(cid:133)(cid:202)(cid:86)(cid:62)(cid:143)(cid:105)(cid:152)(cid:96)(cid:62)(cid:192)(cid:202)(cid:181)(cid:213)(cid:62)(cid:192)(cid:204)(cid:105)(cid:192)(cid:202)(cid:136)(cid:152)(cid:202)(cid:211)(cid:228)(cid:163)(cid:228)(cid:202)(cid:62)(cid:152)(cid:96)(cid:202)(cid:211)(cid:228)(cid:228)(cid:153)(cid:92)(cid:202)
2010
High
Low
2009
High Low
Peter G. Dornau
(cid:10)(cid:133)(cid:62)(cid:136)(cid:192)(cid:147)(cid:62)(cid:152)(cid:93)(cid:202)(cid:42)(cid:192)(cid:105)(cid:195)(cid:136)(cid:96)(cid:105)(cid:152)(cid:204)(cid:202)(cid:62)(cid:152)(cid:96)(cid:202)
(cid:10)(cid:133)(cid:136)(cid:105)(cid:118)(cid:202)(cid:13)(cid:221)(cid:105)(cid:86)(cid:213)(cid:204)(cid:136)(cid:219)(cid:105)(cid:202)(cid:34)(cid:118)(cid:119)(cid:86)(cid:105)(cid:192)
Edward Anchel
Jeffrey S. Barocas
Sonia B. Beard*
Gregor M. Dornau
William W. Dudman
James M. Kolisch*
Laz L. Schneider
John B. Turner*
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OFFICERS OF
OCEAN BIO-CHEM, INC.
Peter G. Dornau
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Jeffrey S. Barocas
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Gregor M. Dornau
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William W. Dudman
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OFFICERS OF
STAR BRITE® DISTRIBUTING, INC.
Peter G. Dornau
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Jeffrey S. Barocas
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Gregor M. Dornau
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William W. Dudman
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Marc A. Emmi
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George W. Lindsey, Jr.
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4041 SW 47th Avenue (cid:85)(cid:202)(cid:202)(cid:19)(cid:156)(cid:192)(cid:204)(cid:202)(cid:29)(cid:62)(cid:213)(cid:96)(cid:105)(cid:192)(cid:96)(cid:62)(cid:143)(cid:105)(cid:93)(cid:202)(cid:19)(cid:143)(cid:156)(cid:192)(cid:136)(cid:96)(cid:62)(cid:202)(cid:206)(cid:206)(cid:206)(cid:163)(cid:123)
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OCEAN BIO-CHEM, INC. MANUFACTURING CAPABILITIES
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BLENDING
FILLING
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