Ocean Bio-Chem Inc. said its normalized net income for the fourth quarter came to 9 cents per share, a gain of 48.8% from 6 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $809,190, an increase of 49.4% from $541,510 in the year-earlier period.
The normalized profit margin dropped to 3.3% from 6.2% in the year-earlier period.
Total revenue declined on an annual basis to $8.4 million from $8.8 million, and total operating expenses decreased 9.8% from the prior-year period to $7.1 million from $7.9 million.
Reported net income decreased 83.2% year over year to $90,690, or 1 cents per share, from $540,790, or 6 cents per share.
For the year, the company's normalized net income totaled 13 cents per share, a decline of 40.6% from 22 cents per share in the prior year.
Normalized net income was $1.2 million, a decrease of 40.0% from $2.0 million in the prior year.
Full-year total revenue totaled $34.0 million, compared with $33.9 million in the prior year, and total operating expenses grew year over year to $32.1 million from $30.8 million.
The company said reported net income declined 78.1% on an annual basis to $451,360, or 5 cents per share, in the full year, from $2.1 million, or 23 cents per share.