SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q


              [X] QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2001
                           Commission File No. 2-70197

                              OCEAN BIO-CHEM, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

       Florida                                         59-1564329
------------------------------                   ----------------------
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                     Identification No.)

 4041 S. W. 47 Avenue, Fort Lauderdale, Florida                   33314
--------------------------------------------------------------------------------
(Address of principal executive offices)                         (Zip Code)

Registrant's telephone number, including area code - (954) 587-6280


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.

     YES    [ X ]                                           NO  [   ]


     Indicate the number of shares  outstanding of each of the Issuer's  classes
of common stock, as of the latest practicable date.


     $.01 Par Value Common Stock 10,000,000 shares authorized;
       4,239,889 issued and outstanding at September 30, 2001












<page>




                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES

                                      INDEX



      Description                                                     Page
      -----------                                                     -----

Part I:

  Item 1. - Financial Statements:

      Consolidated balance sheets as of September
          30, 2001 and December 31, 2000                                3

      Consolidated statements of operations for
          the three and nine months ended September 30,
          2001 and 2000                                                 4

       Consolidated statements of changes in
          shareholders' equity for the nine  months
          ended September 30, 2001 and 2000                             5

       Consolidated statements of cash flows
          for the nine months ended September 30, 2001
          and 2000                                                      6

  Item 2. -     Management's Discussion and Analysis
                of Financial Condition and Results of
                Operations                                            7-8


Part II:

  Item 1. - Legal Proceedings                                           9
  Item 2. - Changes in Securities                                       9
  Item 3. - Defaults upon Senior Securities                             9
  Item 4. - Submission of Matters to Vote by Security Holders           9
  Item 5. - Other Information                                           9
  Item 6. - Exhibits and Reports on Form 8-K                            9


Signatures                                                              9









                                        2


<page>



                         PART I - Financial Information

 Item l.  Financial Statements

                              OCEAN BIO-CHEM, INC.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS
<table>
<caption>


                                                                SEPTEMBER 30,        DECEMBER 31,
                                                                    2001                 2000
                                                               ---------------      --------------
                                                                (Unaudited)

                                                            <C>                  <C>
Current assets:
Cash                                                           $       42,470       $     123,515
Trade accounts receivable net of allowances for
  doubtful accounts of approximately $123,000
  and  $23,000 at September 30, 2001 and
  December  31, 2000, respectively                                  3,840,312           3,417,827
Due from officer                                                    -                     161,100
Inventories                                                         4,502,922           4,506,987
Income taxes receivable                                             -                     173,404
Prepaid expenses                                                      215,313             116,037
                                                               ---------------      --------------
    Total current assets                                            8,601,017           8,498,870
                                                               ---------------      --------------

Property, plant and equipment, net                                  6,030,586           5,643,550
                                                               ---------------      --------------

Other assets:
Funds held in escrow for equipment                                     20,537              41,506
Trademarks, trade names and patents, net                              336,187             353,431
Deposits and other assets                                             335,943             274,670
Due from affiliated companies, net                                    442,893             598,237
                                                               ---------------      --------------
    Total other assets                                              1,135,560           1,267,844
                                                               ---------------     ---------------

    Total assets                                               $   15,767,163       $  15,410,264
                                                               ===============      ==============

                 LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable - trade                                       $    1,974,791       $   2,119,865
Note payable - bank                                                 4,477,054           4,250,000
Current portion of long-term debt                                     467,573             355,306
Accrued expenses payable                                              271,753             120,356
                                                               ---------------      --------------
     Total current liabilities                                      7,191,171           6,845,527
                                                               ---------------      --------------

Long-term debt, less current portion                                3,827,358           3,892,445
                                                               ---------------      --------------

Shareholders' equity:
Common stock - $.01 par value 10,000,000 shares authorized,
     4,239,889 and 4,105,889 shares issued and outstanding
     at September 30, 2001 and December 31, 2000, respectively         42,400              41,060
Additional paid-in capital                                          3,755,217           3,720,377
Foreign currency translation adjustment                        (      247,889)      (     209,398)
Retained earnings                                                   1,207,101           1,128,448
                                                               ---------------      --------------
                                                                    4,756,829           4,680,487
Less cost of common stock in treasury,
  5,789  shares at September  30, 2001 and
  December 31, 2000                                            (        8,195)      (       8,195)
                                                               ---------------      --------------
                                                                    4,748,634           4,672,292
                                                               ---------------      --------------
     Total liabilities & shareholders' equity                  $   15,767,163       $  15,410,264
                                                               ===============      ==============

</table>

                                        3


<page>




                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<table>
<caption>


                                              For the three months                  For the nine months
                                               ended September 30,                   ended September 30,
                                             2001              2000              2001                  2000
                                             ----              ----              ----                  ----


                                       <C>               <C>               <C>                 <C>
Gross sales                               $6,159,436        $5,256,263        $14,737,785         $13,080,208

Allowances                                   621,860           561,620          1,353,694           1,398,366
                                          -----------       -----------       ------------        ------------

Net sales                                  5,537,576         4,694,643         13,384,091          11,681,842

Cost of goods sold                         4,481,494         3,735,976         10,329,414           8,528,862
                                          -----------       -----------       ------------        ------------

Gross profit                               1,056,082           958,667          3,054,677           3,152,980
                                          -----------       -----------       ------------        ------------

Costs and expenses:
  Advertising and promotion                  183,110           198,178            475,922             544,666
  Selling and administrative                 658,026           738,431          2,040,284           2,292,624
  Interest expense                           149,102           117,021            434,112             371,221
                                          -----------       -----------       ------------        ------------
     Total costs and expenses                990,238         1,053,630          2,950,318           3,208,511
                                          -----------       -----------       ------------        ------------

Income (loss) from operations                 65,844        (   94,963)           104,359         (    55,531)
Interest income                                7,556             3,845              9,294              12,781
                                          -----------       -----------       ------------        ------------

Income (loss) before provision
   (benefit) for income taxes                 73,400        (   91,118)           113,653         (    42,750)
Provision (benefit) for income
    taxes                                     23,000        (   30,000)            35,000         (    15,000)
                                          -----------       -----------       ------------        ------------

Net income (loss)                             50,400        (   61,118)            78,653         (    27,750)

Other comprehensive income, net
  of income taxes:
   Foreign currency
    translation adjustment                (   20,765)       (   12,174)       (    38,491)        (    42,374)
                                          -----------       -----------       ------------        ------------

Comprehensive income (loss)               $   29,635        ($  73,292)       $    40,162         ($   70,124)
                                          ===========       ===========       ============        ============

Earnings (loss) per
     common share                         $      .01        ($     .02)       $       .02         ($     .01)
                                          ===========       ===========       ============        ============

</table>


Earnings per share for the nine and three months ended September 30, 2001 were
calculated on the basis of 4,199,037 weighted average shares of common stock
outstanding. For the nine and thee months ended September 30, 2000, earnings per
share were calculated using 4,042,913 weighted average shares of common stock
outstanding. The company has adopted Statement of Financial Accounting Standards
No. 130 which requires items of comprehensive income to be stated as part of the
basic financial statements.

                                        4


<page>



                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF CHANGES
                             IN SHAREHOLDERS' EQUITY
                            FOR THE NINE MONTHS ENDED
                           SEPTEMBER 30, 2001 AND 2000
                                   (UNAUDITED)

<table>
<caption>

                                                                      Foreign
                           Common stock             Additional        currency        Retained       Treasury
                        Shares         Amount     paid-in capital    adjustment       earnings        stock         Total
                      ----------     ----------   ----------------   ----------      ----------     ---------     ----------


                   <C>            <C>            <C>              <C>             <C>            <C>           <C>
January 1,
 2001                 4,105,889      $  41,060      $3,720,377       ($ 209,398)     $1,128,448     ($  8,195)    $4,672,292

Net Income                                                                               78,653                       78,653

Issuances of stock      134,000          1,340          34,840                                                        36,180

Foreign currency
 translation
 adjustment                                                          (   38,491)                                  (   38,491)
                      ----------     ----------     -----------      -----------     ----------     ----------    -----------

September 30,
 2001                 4,239,889      $  42,400      $3,755,217       ($ 247,889)     $1,207,101     ($  8,195)    $4,748,634
                      ==========     ==========     ===========      ===========     ==========     ===========   ===========


January 1,
 2000                 3,822,499      $  38,225      $3,282,932       ($ 160,872)     $1,764,051     ($  6,875)    $4,917,461


Net loss                                                                             (   27,750)                  (   27,750)

Issuances of stock      283,390          2,835         437,446                       (  390,781)                      49,500

Foreign currency
 translation
 adjustment                                                          (   42,374)                                  (   42,374)
                      ----------     ----------     -----------      -----------     -----------    ----------    -----------
September 30,
  2000                4,105,889      $  41,060      $3,720,378       ($ 203,246)     $1,345,520     ($  6,875)    $4,896,837
                      ==========     ==========     ===========      ===========     ===========    ==========    ===========


</table>


                                        5


<page>




                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                     FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                                   (UNAUDITED)
<table>
<caption>


                                                           2001              2000
                                                           ----              ----

                                                     <C>               <C>
Cash flows provided by operating activities:

Net Income (loss)                                       $    78,653       ($    27,750)

Adjustments toreconcile net income
  to net cash provided by operations:
     Depreciation and amortization                          359,465            303,198
     Changes in operating assets and liabilities:
       (Increase) in accounts receivable                (   422,485)      (    483,567)
       (Increase) decrease  in inventories                    4,065       (  1,189,933)
       (Increase) in prepaid expenses                   (    99,277)      (    186,501)
       Increase in accounts payable,
         accrued  expenses, and other                       279,553            798,016
                                                        ------------      -------------
   Net cash provided (used) by operating activities         199,974       (    786,537)
                                                        ------------      -------------

Cash flows from financing activities:
  Net increases under line of credit                        227,054          1,323,000
  Repayments of advances to affiliates                      155,344            326,282
  Borrowings (reductions) of debts, net                      47,180       (    138,057)
  Common stock transactions                                  36,180             49,500
                                                        ------------      -------------
   Net cash provided (used)  by financing activities        465,758          1,560,725
                                                        ------------      -------------

Cash flows from investing activities:
  Purchase of property, plant, and equipment, net       (   708,286)      (  1,032,571)
                                                        ------------      -------------
   Net cash used by investing activities                (   708,286)      (  1,032,571)
                                                        ------------      -------------

   (Decrease) in cash prior to effect of
     foreign currency translation                       (    42,554)      (    258,383)

   Effect of foreign currency translation on cash       (    38,491)      (     42,374)
                                                        ------------      -------------

   Net  (decrease) in cash                              (    81,045)      (    300,757)

Cash at beginning of period                                 123,515            433,772
                                                        ------------      -------------

Cash at end of period                                   $    42,470       $    133,015
                                                        ============      =============

Supplemental  Information:
   Cash used during the periods for payment of:

     Interest                                           $   434,112       $    371,221
                                                        ============      =============

     Income taxes                                       $      -          $     20,000
                                                        ============      =============


</table>

The Company had no cash equivalents at September 30, 2001.


                                        6


<page>



                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

     The  information  contained in this Report is  unaudited,  but reflects all
adjustments  which are, in the opinion of the  management,  necessary for a fair
statement of results of the interim periods, consisting only of normal recurring
accruals. The results for such interim periods are not necessarily indicative of
results to be expected for the full year.

     Certain  financial  statement  items for the three  and nine  months  ended
September 30, 2000 have been reclassified to conform with the 2001 presentation.


ITEM 2       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
             RESULTS OF OPERATIONS

Liquidity and Capital Resources

The primary sources of the Registrant's liquidity are its operations, short-term
borrowings  from a  commercial  bank  pursuant  to a  revolving  line of  credit
arrangement,  and  other  borrowings.  The total  borrowings  under the line are
secured by trade receivables, inventories, and other assets, and can aggregate a
maximum amount of $5,000,000.  Borrowings  under the line are due on demand from
the bank.  Under the terms of the line,  the  Registrant is required to maintain
minimum working  capital of $1,500,000,  a maximum debt to tangible net worth of
ratio of 2.5 to 1 and a minimum debt service  coverage  factor of 1.15 times. As
of September  30, 2001,  the amount  outstanding  pursuant to this  facility was
$4,477,054  and,  as of such  date the  Registrant  was not in  compliance  with
certain of the applicable  loan  covenants.  The lender has agreed to waive such
violations through November 30, 2001.

On March 25, 1999,  The  Registrant  borrowed  $400,000  from an entity owned by
certain  officers of the Company.  The obligation  requires  monthly payments of
principal and interest at prevailing rates through maturity during April,  2004,
when a final balloon payment is due.

The  Registrant  is  involved  in  making  sales  in the  Canadian  market  and,
accordingly, is subject to fluctuations of the Canadian currency. The Registrant
does not engage in currency hedging and deals with such risk as a pricing issue.

Results of operations for the three month period July  1- September 30:

Gross  sales  increased  approximately  17% or $903,200  for the  quarter  ended
September 30, 2001 when compared to the same quarter of the preceding year. This
was primarily due to increased  sales of the  Company's  automotive  products as
well as the existing marine product line.

Cost of goods sold  increased as a percentage  of net sales when  comparing  the
quarter  ended  September  30,  2001 with the  comparable  quarter in 2000.  The
percentages  were  80.9%  and  79.6%  for the  quarters  during  2001 and  2000,
respectively.  This  change  was  due  to  lower  than  anticipated  margins  on
automotive products resulting from increased materials costs.





                                        7


<page>



Advertising and promotion  decreased  approximately  $15,000 comparing the three
months ended  September  30, 2001 and 2000.  This was primarily due to a planned
decrease in the advertising budget.

Selling and  administrative  expenses decreased  approximately  $80,400 or 10.8%
when comparing the quarters ended  September 30, 2001 and 2000.  Such change was
attributable  to decreased  professional  fees and normal  incremental  costs of
operations.

Interest  expense,  which  aggregated  approximately  $149,000  for the  current
quarter,  increased  approximately $32,000 when comparing the September 30, 2001
quarter to the corresponding  quarter in 2000. Such increase was attributable to
increased  borrowings and were mitigated by recently  promulgated  interest rate
decreases.


Results of operations for the nine month period January 1 - September 30:

Gross sales increased 12.7% or approximately  $1,658,000 when comparing the nine
month  periods  of 2001 and 2000.  This was  primarily  due to  increased  sales
automotive products as well as of the Company's existing marine product line.

Cost of goods sold  increased to 77.1% as a percentage of net sales versus 73.0%
when comparing the nine months ended September 30, 2001 to the comparable period
in the preceding year. This change was due to lower than anticipated  margins on
automotive products resulting from increased materials costs.

Advertising  and  promotion  expenses  decreased   approximately   $69,000  when
comparing  the nine months  ended  September  30, 2001 to the nine months  ended
September  30,  2000.  This  was  primarily  due to a  planned  decrease  in the
advertising budget.

Selling  and  administrative  expenses  decreased  for  the  nine  months  ended
September  30, 2001 by  approximately  $252,000 or 11% when compared to the nine
months ended September 30, 2000. This was attributable to decreased professional
fees and normal incremental costs of operations.

Interest expense increased during the nine month period in 2001 by approximately
$63,000 when compared to the nine month period of 2000  reflecting the effect of
increased  borrowings and were mitigated by recently  promulgated  interest rate
decreases.


Forward-looking Statements:

Certain statements contained herein,  including without limitation  expectations
as to future sales and operating results,  constitute forward-looking statements
pursuant to the safe harbor  provisions  of the  Private  Securities  Litigation
Reform Act of 1995. 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
"may", "will", "expect",  "anticipate",  "intend", "could" or the negative 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 actual results,  performance or
achievements of the Company to be materially  different from any future results,
performance  or  achievements  expressed  or  implied  by  such  forward-looking
statements.  Factors which may affect the Company's results include, but are not
limited to, the highly competitive nature of the Company's industry; reliance on
certain  key  customers;  consumer  demand for marine  recreational  vehicle and
automotive products; advertising and promotional efforts, and other factors. The
Company will not undertake and specifically declines any obligation to update or
correct any forward-looking  statements to reflect events or circumstances after
the date of such  statements  or to reflect the  occurrence  of  anticipated  or
unanticipated events.

                                        8


<page>



                           PART II - OTHER INFORMATION



Item 1 -   Legal Proceedings: See the Registrant's 10K for the year ended
             December 31,2000

Item 2 -   Changes in Securities:  Not Applicable

Item 3 -   Defaults Upon Senior Securities:  Not Applicable

Item 4 -   Submission of Matters to Vote of Security Holders:  Not Applicable

Item 5 -   Other Information:  Not Applicable

Item 6 -   Exhibits and Reports on Form 8-K

           (A)  Exhibits:  Not Applicable

           (B)  Reports on Form 8-K:  Not Applicable


                                   SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf by the undersigned
there unto duly authorized.

           OCEAN BIO-CHEM, INC.


   Date:    November 14, 2001                         /s/ Peter Dornau
        -----------------------                      ---------------------------
                                                       Peter G. Dornau
                                                       Chairman of the Board of
                                                        Directors and Chief
                                                        Executive Officer



                                                     /s/ Edward Anchel
                                                     ---------------------------
                                                       Edward Anchel
                                                       Chief Financial Officer












                                        9