Ocean BioChem Inc. (OBCI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Ocean Biochem Inc. has a market cap of $17.6 million; its shares were traded at around $2.29 with a P/E ratio of 12 and P/S ratio of 0.7.
Selling and administrative expenses increased approximately $616,000 to $1,609,000 from $993,000, for the comparative quarter. Variable selling expenses increased in relationship with the increased sales. These expenses include sales commissions and freight to customers. In addition, the administrative expense increase mainly resulted from an increase in non cash - stock based compensation, and the payment of performance bonuses. The Company also incurred one time organization expenditures for the joint venture of OST completed in the current quarter of $67,000.
Interest expense decreased by approximately $17,000 for the quarter ended June 30, 2010 to $40,000 compared to the corresponding quarter of $57,000 in 2009. The lower interest expense is a result of lower overall average borrowings on the Company s line of credit, in conjunction with lower interest rates on the Company s IRB s which were remarketed in the first quarter of this year.
Advertising and promotion expenses were approximately $687,000 compared to $898,000 for the comparative 2009 period. The decrease in advertising expense of approximately $211,000 was a result of a decrease in customer cooperative, promotional, and catalog allowances in addition to the timing of advertising expenses. As referenced above in the quarterly management discussion and analysis the full year expenditures are not anticipated to be lower than the full year prior years advertising expenditures.
Selling and administrative expenses increased approximately $548,000 to $2,392,000 from $1,844,000, for comparative periods. Variable selling expenses increased in relationship with the increased sales. These expenses include sales commissions and freight to customers. In addition, the administrative expense increase mainly resulted from an increase in non cash - stock based compensation, and the payment of performance bonuses. The Company also incurred one time organization expenditures for the joint venture of OST completed in the current quarter of $67,000.
Interest expense decreased by approximately $60,000 for the six months ended June 30, 2010 to $68,000 from $128,000 for the corresponding 2009 period. The lower interest expense is a result of lower overall average borrowings on the Company s line of credit, in conjunction with lower interest rates on the Company s IRB s which remarketed in the first quarter of this year.
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Ocean Biochem Inc. has a market cap of $17.6 million; its shares were traded at around $2.29 with a P/E ratio of 12 and P/S ratio of 0.7.
Highlight of Business Operations:
Advertising and promotion expenses were approximately $418,000 compared to $576,000 for the comparative 2009 second quarter. The decrease in expenses of approximately $158,000 is a result of timing of advertising expenditures. It is anticipated that the full year advertising expenditures will not be lower than 2009 s full year advertising expenditures.Selling and administrative expenses increased approximately $616,000 to $1,609,000 from $993,000, for the comparative quarter. Variable selling expenses increased in relationship with the increased sales. These expenses include sales commissions and freight to customers. In addition, the administrative expense increase mainly resulted from an increase in non cash - stock based compensation, and the payment of performance bonuses. The Company also incurred one time organization expenditures for the joint venture of OST completed in the current quarter of $67,000.
Interest expense decreased by approximately $17,000 for the quarter ended June 30, 2010 to $40,000 compared to the corresponding quarter of $57,000 in 2009. The lower interest expense is a result of lower overall average borrowings on the Company s line of credit, in conjunction with lower interest rates on the Company s IRB s which were remarketed in the first quarter of this year.
Advertising and promotion expenses were approximately $687,000 compared to $898,000 for the comparative 2009 period. The decrease in advertising expense of approximately $211,000 was a result of a decrease in customer cooperative, promotional, and catalog allowances in addition to the timing of advertising expenses. As referenced above in the quarterly management discussion and analysis the full year expenditures are not anticipated to be lower than the full year prior years advertising expenditures.
Selling and administrative expenses increased approximately $548,000 to $2,392,000 from $1,844,000, for comparative periods. Variable selling expenses increased in relationship with the increased sales. These expenses include sales commissions and freight to customers. In addition, the administrative expense increase mainly resulted from an increase in non cash - stock based compensation, and the payment of performance bonuses. The Company also incurred one time organization expenditures for the joint venture of OST completed in the current quarter of $67,000.
Interest expense decreased by approximately $60,000 for the six months ended June 30, 2010 to $68,000 from $128,000 for the corresponding 2009 period. The lower interest expense is a result of lower overall average borrowings on the Company s line of credit, in conjunction with lower interest rates on the Company s IRB s which remarketed in the first quarter of this year.
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