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 March 31, 2003

                           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.)


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 90 days.

         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,
           4,805,843 shares issued and outstanding at March 31, 2003.



<PAGE>







                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES

                                      INDEX


   Description                                                        Page

Part I:

  Item 1. -  Financial Statements:
      Consolidated balance sheets as of March
          31, 2003 and December 31, 2002                                3
      Consolidated statements of operations for
          the three months ended March 31,
          2003 and 2002                                                 4
      Consolidated statements of changes in
          shareholders' equity for the three months
          ended March 31, 2003 and 2002                                 5
      Consolidated statements of cash flows
          for the three months ended March 31,
         2003 and 2002                                                  6

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


Part II:

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

Signatures                                                              9

Certifications                                                        10-11







                                        2


<PAGE>



                         PART I - Financial Information

 Item l.  Financial Statements:

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

                                     ASSETS
<TABLE>
<CAPTION>

                                                                           MARCH 31,           DEC. 31,
                                                                             2003                2002
                                                                         ------------        -----------
                                                                          (UNAUDITED)
<S>                                                                      <C>                 <C>
Current assets:
  Cash                                                                   $    140,009        $ 1,093,826
  Trade accounts receivable net of allowance
    for doubtful accounts of approximately $200,700
    March 31, 2003 and December 31, 2002, respectively                      2,491,215          3,190,357
  Inventories                                                               5,615,659          4,541,150
  Prepaid expenses                                                            184,365            129,622
   Recoverable income taxes                                                   240,000            240,000
                                                                         ------------        -----------

      Total current assets                                                  8,671,248          9,194,955
                                                                         ------------        -----------

Property, plant and equipment, net                                          7,455,725          6,977,003
                                                                         ------------        -----------

Other assets:
  Trademarks, trade names and patents, net
   of accumulated amortization                                                330,439            330,439
  Funds held in escrow for equipment                                          521,902          1,161,194
  Due from affiliated companies, net                                          232,370            612,275
  Deposits and other assets                                                   301,256            374,371
                                                                         ------------        -----------
     Total other assets                                                     1,385,967          2,478,279
                                                                         ------------        -----------
        Total assets                                                     $ 17,512,940        $18,650,237
                                                                         ============        ===========


                      LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
  Accounts payable - trade                                               $  2,193,215          1,833,895
  Note payable - bank                                                       3,700,000          4,250,000
  Current portion of long term debt                                           600,840            601,766
  Other accrued liabilities                                                   161,375            296,422
                                                                         ------------        -----------
       Total Current Liabilities                                            6,655,430          6,982,083
                                                                         ------------        -----------

Deferred income taxes payable                                                 183,139            183,139
                                                                         ------------        -----------

Long term debt, less current portion                                        6,412,000          6,562,093
                                                                         ------------        -----------

Shareholders' equity:
   Common stock - $.01 par value, 10,000,000 shares authorized;
     4,805,843 shares issued and outstanding at March 31, 2003
     and December 31, 2002, respectively                                       48,058             48,058
   Additional paid-in capital                                               4,341,629          4,341,629
   Foreign currency translation adjustment                               (    282,068)       (   303,575)
   Retained earnings                                                          162,947            845,005
                                                                         ------------        -----------
                                                                            4,270,566          4,931,117
   Less cost of common stock in treasury, 7,519 shares
      at March 31, 2003 and December 31, 2002                            (      8,195)       (     8,195)
                                                                         ------------        -----------
                                                                            4,262,371          4,922,922
                                                                         ------------        -----------
   Total liabilities and shareholders' equity                            $ 17,512,940        $18,650,237
                                                                         ============        ===========
</TABLE>
                                        3


<PAGE>



                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                           FOR THE THREE MONTHS ENDED
                             MARCH 31, 2003 and 2002
                                   (UNAUDITED)
<TABLE>
<CAPTION>


                                                                             2003                2002
                                                                         ------------        -----------

<S>                                                                      <C>                 <C>
Gross sales                                                              $  3,225,770        $ 4,254,986

Allowances                                                                    355,003            337,010
                                                                         ------------        -----------

Net sales                                                                   2,870,767          3,917,976

Cost of goods sold                                                          2,545,636          2,918,958
                                                                         ------------        -----------

Gross profit                                                                  325,131            999,018
                                                                         ------------        -----------

Costs and expenses:
    Advertising and promotion                                                 137,549            153,395
    Selling and administrative                                                801,940            686,639
    Interest expense                                                           70,108             90,974
                                                                         ------------        -----------

       Total costs and expenses                                             1,009,597            931,008
                                                                         ------------        -----------

Operating income (loss)                                                  (    684,466)            68,010

Interest income                                                                 2,408                 33
                                                                         -------------       -----------

Income (loss) before income taxes                                        (    682,058)            68,043

Provision for income taxes                                                        -               11,100
                                                                         -------------       -----------

Net income (loss)                                                        (    682,058)            56,943

Other comprehensive income (loss), net of tax:
    Foreign currency translation adjustment                                    21,507        (    13,422)
                                                                         -------------       -----------

Comprehensive income (loss)                                              ($   660,551)       $    43,521
                                                                         =============       ===========

Earnings (loss) per common share                                         ($       .14)       $       .01
                                                                         =============       ===========
</TABLE>

Earnings loss per share was calculated on the basis of 4,797,716 and 4,232,370
weighted average shares of common stock outstanding for the quarters ended March
31, 2003 and 2002, respectively.

The Company has adopted Statement of Financial Accounting Standards No. 130 that
requires items of comprehensive income to be stated as part of the basic
financial statements. The only item of comprehensive income that the Registrant
has is its foreign currency translation adjustment.



                                        4


<PAGE>



                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF CHANGES
                             IN SHAREHOLDERS' EQUITY
                           FOR THE THREE MONTHS ENDED
                             MARCH 31, 2003 AND 2002
                                   (UNAUDITED)
<TABLE>
<CAPTION>


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

<S>                         <C>          <C>        <C>           <C>           <C>            <C>          <C>
January 1, 2003             4,805,843    $48,058    $4,341,629    ($303,575)    $  845,005     ($ 8,195)    $4,922,922


Net (loss)                                                                      (  682,058)                   (682,058)


Foreign currency
  translation
  adjustment                                                         21,507                                     21,507
                            ---------    -------    ----------    ----------    ----------     ---------    ----------

March 31, 2003              4,805,843    $48,058    $4,341,629    ($282,068)    $  162,947     ($ 8,195)    $4,262,371
                            =========    =======    ==========    ==========    ==========     =========    ==========




January 1, 2002             4,239,889    $42,399    $3,755,219    ($262,933)    $1,234,832     ($ 8,195)    $4,761,322


Net income                                                                          56,943                      56,943

Foreign currency
  translation
  adjustment                                                      (  13,422)                                (   13,422)
                            ---------    -------    ----------    ----------    ----------     ---------    ----------

March 31, 2002              4,239,889    $42,399    $3,755,219    ($276,355)    $1,291,775     ($ 8,195)    $4,804,843
                            =========    =======    ==========    ==========    ==========     =========    ==========

</TABLE>










                                        5


<PAGE>



                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                           FOR THE THREE MONTHS ENDED
                             MARCH 31, 2003 and 2002
                                   (UNAUDITED)
<TABLE>
<CAPTION>


                                                                                    2003           2002
                                                                                -----------     ----------
<S>                                                                             <C>             <C>
Cash flow provided (used) by operating activities:

  Net income (loss)                                                             ($  682,058)    $   56,943

Adjustments to reconcile net income to net cash provided (used) by operations:
 Depreciation and amortization                                                      154,882        148,578
  Changes in assets and liabilities:
  Decrease in accounts receivable                                                   699,142        402,875
  (Increase) in inventories                                                     ( 1,074,509)    (  496,459)
  Decrease in prepaid expenses                                                  (    54,743)        15,800
  (Increase) decrease in accounts payable,
   accrued expenses and other                                                       297,388        122,828
                                                                                ------------    -----------

  Net cash provided  by operating activities                                    (   659,898)       250,565
                                                                                ------------    -----------

Cash provided (used) by financing activities:
  Net increase under line of credit                                             (   550,000)        79,889
  Net reduction in advances to affiliates                                           379,905         29,532
  Net increase (reduction) in current portion
     of long term debt                                                                   66          2,904
  Net (reduction) in long term borrowings                                       (   151,085)    (  113,679)
                                                                                ------------    -----------


  Net cash provided (used) by financing activities                              (   321,114)    (    1,354)
                                                                                ------------    -----------

Cash provided (used) by investing activities:
  Purchase property, plant, equipment, net                                            5,688     (   55,936)
                                                                                ------------    -----------

 Net cash used by investing activities                                                5,688     (   55,936)
                                                                                ------------    -----------

Increase (decrease) in cash prior to effect of
   foreign currency translation on cash                                         (   975,324)       193,275

 Effect of foreign currency translation on cash                                      21,507     (   13,422)
                                                                                ------------    -----------

Increase (decrease) in cash                                                     (   953,817)       179,853
Cash at beginning of period                                                       1,093,826         82,000
                                                                                ------------    -----------

Cash at end of period                                                           $   140,009     $  261,853
                                                                                ============    ===========

Supplemental Information:
  Cash used for interest during period                                          $    70,108     $   90,974
                                                                                ============    ===========
  Cash used for income taxes during period                                      $       -       $      -
                                                                                ============    ===========

The company had no cash equivalents at March 31, 2003 and 2002.
</TABLE>


                                        6



<PAGE>



                      OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
                 NOTES TO THE CONSOLIDATED 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 quarter ended March 31, 2002 have
been reclassified to conform to the 2003 presentation.

Item 2.          Management's Discussion and Analysis of
                 Financial Conditions 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 and  inventories,  and can aggregate a maximum
amount of $5,000,000.  The line matures on May 31, 2003.  Under the terms of the
line, the Registrant is required to maintain a minimum level of working  capital
and meet certain other financial covenants during the term of the agreement.. As
of March  31,  2003,  the  amount  outstanding  pursuant  to this  facility  was
$3,700,000  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
non compliance.

     During July,  2002,  the Registrant  finalized the working  capital line of
credit  discussed in the preceding  paragraph as well as an  Industrial  Revenue
Bond  financing  issued  through  the city of  Montgomery,  AL in the  amount of
$3,500,000  to be utilized for a plant  expansion  and related  equipment at the
Registrant's Montgomery,  AL facility. Such financing was secured with favorable
interest rate terms which float with current  conditions.  The present  interest
rate is approximately 2% per year.

     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:

     Net sales decreased approximately 26.7% or $1,047,000 for the quarter ended
March 31, 2003 when  compared to the same quarter of the  preceding  year.  Such
decrease was  primarily  attributed  to colder  weather in the  northern  states
causing  delays in the start of the boating  season and thereby  sales of marine
products coupled with a change in on-hand  inventory  requirements of one of the
Registrant's larger customers resulting in a hiatus in shipping to such customer
until they reduced their inventory to desired levels. Both of these factors have
returned to normal during the March/April time frame.

     Cost of goods sold  increased as a percentage  of net sales when  comparing
the  quarter  ended  March 31,  2003 with the  comparable  quarter in 2002.  The
percentages  were 88.7% and 74.5% for the  quarters  ended during 2003 and 2002,
respectively.  This change was  attributable  to  increasing  costs of petroleum
based  raw  materials,  many of which  are key  components  of the  Registrant's
products.  The  percentage  was also  adversely  impacted by spreading the fixed

                                       7
<PAGE>

element of manufacturing overhead over the lower sales levels experienced during
the  current  quarter.  In an attempt to offset the  foregoing,  the Company has
passed on price increases on certain products during the quarter ending June 30,
2003.  It should  also be noted that  subsequent  to the first  quarter and as a
result of the termination of the war in Iraq,  petroleum  pricing has stabilized
and has started drifting lower.

     Selling and administrative expenses increased approximately $115,300 or 17%
when  comparing  the  quarters  ended March 31,  2003 and 2002.  This change was
primarily due to increased  personnel costs and other normal recurring increases
in operating expenses.

     Advertising  and  promotion  decreased  approximately  $  15,800  or  10  %
comparing  the three  months  ended March 31, 2003 and 2002.  This was caused by
decreased co-op advertising offered to certain customers.

     Interest  expense  decreased by  approximately  $ 20,900 when comparing the
March 31, 2003 quarter to the corresponding quarter in 2002. This was the result
of  lower   borrowing  costs  resulting  from  the  current  low  interest  rate
environment.

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  "believe","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,  availability  of  financing  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.

                           PART II - Other Information

Item l - Legal Proceedings:

     The long standing  litigation  over the Company's  patented Liquid Electric
Tape was settled during the quarter ended March 31, 2003.  See the  Registrant's
Form 10-K for the year ended December 31, 2002.

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 Matters:  Not applicable

Item 6 - Exhibits and Reports on Form 8-K:

                 (a)   Exhibits: Not applicable

                 (b) Reports on Form 8-K:

                                        8


<PAGE>



     Form 8-K was filed on March 14, 2003 disclosing the resolution of the North
American Oil Company  litigation.  See the  Registrant's  Form 10-K for the year
ended December 31, 2002.

     Form 8-K was filed on April 14,  2003  disclosing  the Board of  Directors'
election of a new outside  director,  Sonia B. Beard. Ms. Beard will serve until
the upcoming  Annual Meeting of  Shareholders  when she will be presented to the
shareholders, along with the other directors for election for a new term.


SIGNATURES

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

                                         OCEAN BIO-CHEM, INC.

Date:   May 14, 2003                     By: /s/ PETER G. DORNAU
     ----------------------------           ------------------------------------
                                             Peter G. Dornau
                                             Chairman of the Board and
                                             Chief Executive Officer


                                         By: /s/ EDWARD ANCHEL
                                            -----------------------------------
                                              Edward Anchel
                                              Chief Financial Officer




























                                        9


<PAGE>



                                 CERTIFICATIONS

I, Peter Dornau certify that:

     1. I have reviewed this  quarterly  report on Form 10-Q of Ocean  Bio-Chem,
Inc.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

     3. Based on my knowledge,  the  financial  statements  and other  financial
information  included in this quarterly  report,  fairly present in all material
respects the  financial  condition,  results of operation  and cash flows of the
registration as of, and for, the periods presented in this quarterly report;

     4. The  registrant's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a - 14 and 15d - 14) for the registrant and we have:

     a) Designed such  disclosure  controls and  procedures  to ensure  material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

     b) Evaluated the effectiveness of the registrant's  disclosure controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

     c)  Presented  in  this  quarterly   report  our   conclusions   about  the
effectiveness of the disclosure controls and procedures based on our evaluations
as of the Evaluation Date;

     5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
or  registrant's  board of  directors  (or  persons  performing  the  equivalent
function):

     a) All  significant  deficiencies  in the design or  operation  of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weakness in internal controls; and

     b) Any fraud,  whether or not material,  that involves  management or other
employees who have a significant role in the registrant's internal controls; and

     6. The registrant's  other certifying  officer and I have indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


                                      OCEAN BIO-CHEM, INC.

Date: May 14, 2003                    /s/ Peter Dornau
      ------------                    ----------------------------------
                                      Peter G. Dornau
                                      Chairman of the Board of Directors
                                      and Chief Executive Officer


                                       10


<PAGE>



                                 CERTIFICATIONS

I, Edward Anchel certify that:

     1. I have reviewed this  quarterly  report on Form 10-Q of Ocean  Bio-Chem,
Inc.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

     3. Based on my knowledge,  the  financial  statements  and other  financial
information  included in this quarterly  report,  fairly present in all material
respects the  financial  condition,  results of operation  and cash flows of the
registration as of, and for, the periods presented in this quarterly report;

     4. The  registrant's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a - 14 and 15d - 14) for the registrant and we have:

     a) Designed such  disclosure  controls and  procedures  to ensure  material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

     b) Evaluated the effectiveness of the registrant's  disclosure controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

     c)  Presented  in  this  quarterly   report  our   conclusions   about  the
effectiveness of the disclosure controls and procedures based on our evaluations
as of the Evaluation Date;

     5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
or  registrant's  board of  directors  (or  persons  performing  the  equivalent
function):

     a) All  significant  deficiencies  in the design or  operation  of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weakness in internal controls; and

     b) Any fraud,  whether or not material,  that involves  management or other
employees who have a significant role in the registrant's internal controls; and

     6. The registrant's  other certifying  officer and I have indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

                                      OCEAN BIO-CHEM, INC.

Date: May 14, 2003                    /s/ Edward Anchel
      ------------                    ----------------------------------
                                      Edward Anchel
                                      Chief Financial Officer


                                       11