Ocean Bio-Chem Inc. said its third-quarter normalized net income amounted to 3 cents per share, a decline of 67.1% from 9 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 $274,510, a decrease of 67.0% from $832,390 in the year-earlier period.
The normalized profit margin declined to 5.9% from 8.0% in the year-earlier period.
Total revenue grew on an annual basis to $10.8 million from $10.4 million, and total operating expenses rose 14.2% on an annual basis to $10.4 million from $9.1 million.
Reported net income decreased 70.0% on an annual basis to $270,420, or 3 cents per share, from $900,120, or 10 cents per share.