95Q930.wpd





                       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, 1995
                         Commission File No. 0-11102
                                       
                           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, Ft. Lauderdale, FL                  33314   
     (Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code - 305-587-6280

   Indicate by check mark whether the registrant (l) 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, 3,512,970 issued
and outstanding at September 30, 1995.







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                         PART I - FINANCIAL INFORMATION
Item l.  Financial Statements
                               OCEAN BIO-CHEM, INC.
                                 AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
                                    (Unaudited)

                                    ASSETS
                                                     SEPT. 30,        DEC.31,
                                                        1995           1994    
                                                       
Current Assets:
    Cash                                             $   596,029    $  571,411 
    Trade Accounts Receivable Net Of 
      Allowances For Doubtful Accounts Of
      $ 33,000 And $ 35,000 At September 30, 1995                          
      And December 31, 1994 Respectively               1,344,976     1,990,558 
    Due From Officers                                    186,390        12,520 
    Inventories                                        2,206,199     1,927,646 
    Prepaid Expenses                                     231,573       102,967 
Total Current Assets                                   4,565,167     4,605,102 

Office Equipment And Improvements, Net                   322,323       244,119 

Other Assets:
    Trademarks, Trade Names And Patents, Net             472,494       489,738 
    Due From Affiliated Companies, Net                   507,354       370,747 
    Deposits And Other Assets                             33,464        12,322 
Total Other Assets                                     1,013,312       872,807 
Total Assets                                          $5,900,802    $5,722,028 

                       LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
    Accounts Payable Trade                           $   412,230   $   536,611 
    Notes Payable - Bank                               1,195,000     1,566,667 
    Current Portion Of Long-Term Debt                      -            29,570 
    Accrued Expenses Payable                             135,831       117,059 
Total Current Liabilities                              1,743,061     2,249,907 

Long-term Debt, Less Current Portion                      -              7,501 

Shareholders' Equity:
    Common Stock                                          35,130        30,448 
    Additional Paid-In Capital                         2,650,754     2,016,915 
    Retained Earnings                                  1,539,994     1,484,808 
    Foreign Currency Translation Adjustment           (  68,137)     (  67,551)
Total Shareholders' Equity                            $4,157,741     $3,464,620
Total Liabilities & Shareholders' Equity              $5,900,802     $5,722,028


                                       2
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<PAGE>
                             OCEAN BIO-CHEM, INC.
                                 AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME 
                                    (Unaudited)


                           FOR THE THREE MONTHS      FOR THE NINE MONTHS
                           ENDED SEPTEMBER 30,       ENDED SEPTEMBER 30,
                              1995        1994          1995        1994


Gross Sales              $ 1,958,245 $ 2,006,143   $ 7,341,627   $ 6,822,180 
Allowances                   132,584     125,401       415,360       411,075  

 Net Sales                 1,825,661   1,880,742     6,926,267     6,411,105
 Cost Of Goods Sold        1,183,933   1,076,476     3,995,561     3,608,840

Gross Profit                 641,728     804,266     2,930,706     2,802,265

Cost And Expenses 
  Adv. And Promotion         206,912     197,074       541,975       475,449  
  Selling And Admin.         506,124     480,627     1,525,067     1,415,446 
  Interest Expense            21,143      16,261        62,226        43,631 
  Total Expenses             734,179     693,962     2,129,268     1,934,526

Income (Loss) From 
  Operations                ( 92,451)    110,304       801,438       867,739
Interest Income                7,624        -           18,451          -    

Income (Loss) before provision
   for income taxes        (  84,827)    110,304       819,889       867,739
Provision (Benefit) for
 Income taxes              (  33,000)     46,000       308,000       327,000

Net Income (Loss)         $(  51,827)   $ 64,304     $ 511,889     $ 540,739

Earnings Per Share:
Net Income (Loss)
 Per Share                $(     .01)   $    .02     $     .15     $     .16 

Earnings per share for the nine months ended September 30, 1995 and the three
months ended September 30, 1995 were calculated on the basis of 3,533,195 
weighted average common stock and common stock equivalent outstanding.  For
the nine and three months ended September 30, 1994, earnings per share were
calculated using 3,387,671 weighted average common stock and common stock 
equivalent outstanding. Common stock equivalents consist of options to purchase
common stock.  All earnings per share have been adjusted to reflect a 5% stock 
dividend distributed to shareholders of record as of March 31, 1995.

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<PAGE>
                    OCEAN BIO-CHEM, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
                                                             
CASH FLOWS PROVIDED BY                            1995                1994      
 OPERATING ACTIVITIES:
    
    Net Income                                 $  511,889        $   540,739 
    Adjustment to Reconcile Net Income
    To Net Cash Provided by Operations:
      Depreciation                                 70,870             59,236 
    Change in Assets and Liabilities:                        
      Decrease in Accounts Receivable             471,712            506,446 
     Increase in Inventory                      ( 278,553)        (  519,187)
    Increase in Prepaid Expenses                ( 149,748)        (   51,256)
      Decrease in Accounts Payable
      And Accrued Expenses                      ( 120,742)        (  240,335)
     Net Cash Provided by Operating Activities    505,428            295,643 

Cash Flows From Financing Activities:
    Net Borrowings Under Line of Credit        (  371,667)       (   200,000)
    Advances to Affiliates                     (  136,607)       (   262,678)
    Repayment of Debt                          (   21,938)       (   124,875)
    Sale of Stock                                 181,818             23,690 
      Net Cash Used by Financing Activities    (  348,394)       (   563,863)

Cash Flows From Investing Activities
    Purchase Property, Plant, Equipment         ( 131,830)        (  130,268)
      Net Cash Used by Investing Activities     ( 131,830)        (  130,268)
    
     Increase (Decrease) in Cash Prior
       to Effect of Exchange Rate on Cash          25,204         (  398,488)
    Effect of Exchange Rate on Cash             (     586)             3,164 

    Net Increase (Decrease) in Cash                24,618         (  395,324)
    Cash at Beginning of Period                   571,411            516,892 
    Cash at September 30,                      $  596,029          $ 121,568 

Supplemental Disclosures of Cash Flow  Information:
Cash Paid During the Year for:                                                
    Interest (Net of Amount capitalized)         $  62,226         $  39,506  
    Income taxes                                 $ 314,751         $ 190,771 


Disclosure of accounting policy:

For purposes of the statement of cash flows, the Company considers all highly
liquid debt instruments purchases with a maturity of three months or less to be
cash equivalents.

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<PAGE>
                             OCEAN BIO-CHEM, INC.
                               AND SUBSIDIARIES
                NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1.  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.

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 and short 
term borrowings froma commercial lender.  Currently the Registrant has available
a line of credit for $1,500,000 which was renewed in March 1995 for a one
year period. Management believes that the normal cash flows generated by 
operations and such line is sufficient to meet the capital requirements of the
registrant for the foreseeable future.

The Registrant is involved in making sales in the Canadian market and as such 
must deal with currency fluctuations of the Canadian currency.  The 
Registrant does not engage in currency hedging and deals with such risks as a 
pricing issue.

During the past few  years the Registrant has introduced various new products. 
This has required the Registrant to increase  overall inventory to meet 
demand. As a result,  inventory turnover rates have decreased. The effects of
such inventory turnover rates have not been material to the overall 
operations of the Registrant. Additionally, the Registrant has opened new 
manufacturing facilities for  production of  new products. Management is of the
opinion that all required capital to maintain such inventory increases can 
continue to be provided from operations and current lending arrangements.

Results of Operations For The Three Month Period July 1-September 30
Gross sales decreased approximately $48,000  or  2% comparing the quarter ended
September 30, 1995 with the comparable period of the preceding year.  Management
attributes this to the effects of inclement weather experienced during the third
quarter.

Cost of Goods Sold  increased at approximately  7% as a percentage of gross 
sales for the quarter ended September 30, 1995 when compared to the 1994 
quarter.  This was primarily due to the increased proportion of lower  margin 
products sold which was reflected in the product sales mix during this quarter.
Management attributes this to  seasonal variation.

Advertising and promotion expenses increased approximately $10,000 or 5% 
comparing the three month period ended September 30, 1995 to 1994.  This is due
to timing differences.

Selling and administrative expenses increased approximately $25,000 or 5% 
comparing the quarter ended September 30, 1995 to the comparable period in 1994.
This was not attributed to any particular factor.

Interest expense increased approximately $5,000 comparing the quarter ended 
September 30, 1995 to the comparable period in 1994. This was primarily due to 
higher interest rates.
                                      5

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<PAGE>

Results Of Operations For The Nine Month Period January 1-September 30

Gross sales increased approximately $519,000   or 8% comparing the nine month 
periods in 1995 and 1994. This is due to the results of the record sales levels
experienced in the first quarter.

Cost of goods sold increased approximately 2 % of gross sales when comparing the
nine months ended September 30,1995 and 1994.  This reflects the variations in
the sales mix experienced during the third quarter.

Advertising and promotion expenses  increased approximately $66,000  or 14% when
comparing the nine months ended September 30, 1995 and 1994.  This was due 
primarily to special promotions on selected products during the second quarter 
and timing differences.

Selling and administrative expenses  increased during 1995 by approximately 
$110,000 or 8% when compared to 1994.  This was primarily due to increased 
personnel cost, and additions to the sales representatives  the Registrant uses
in expectations of projected marketing increases.

Interest expense  increased in 1995 for the nine month period by approximately 
$19,000 reflecting increased interest rates for the period.












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<PAGE>
                         PART II - OTHER INFORMATION



Item 1 - Legal Proceedings:  See the Registrant's 10K for the year ended 
         December 31, 1994

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
thereunto duly authorized.

      OCEAN BIO-CHEM, INC.


Date:  11/14/95                       /s/ Peter Dornau
                                      Peter G. Dornau
                                      Chairman of the Board of Directors 
                                      and Chief Executive Officer



                                      /s/  Peter Dornau
                                      Peter G. Dornau
                                      Chief Financial Officer










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