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Ocean Bio-Chem Q3 profit climbs YOY

Ocean Bio-Chem Inc. said its third-quarter normalized net income came to 15 cents per share, an increase from 7 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.4 million, a gain from $635,760 in the prior-year period.

The normalized profit margin climbed to 11.3% from 5.9% in the year-earlier period.

Total revenue increased 12.6% on an annual basis to $12.2 million from $10.8 million, and total operating expenses grew on an annual basis to $10.0 million from $9.8 million.

Reported net income grew year over year to $1.6 million, or 17 cents per share, from $270,420, or 3 cents per share.