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Omega Protein Reports 17 Cents Per Share Third Quarter Profit
Date:11/10/2008

ional for the beginning of the 2009 fishing season. The Company anticipates that its insurance policies will cover substantially all material property damage losses. The Company's third quarter results reflect decreased margins primarily due to significantly higher per unit production costs due to the lost fishing days caused by Hurricanes Gustav and Ike, combined with increased energy, labor and repair costs experienced during the 2008 fishing season. In addition, prior year third quarter results were favorably impacted by the settlement of the lawsuit with the Company's insurance carriers pertaining to damages sustained from Hurricanes Katrina and Rita in 2005.

The Company's 2008 nine month results, in comparison to the same nine months in 2007, after excluding the effects of hurricane losses, insurance recoveries and debt refinancing costs, experienced growth in revenues (22%), gross profit (34%) and net income (96%). The 2008 nine month results reflect increased pricing, particularly for fish oil, similar to other commodity markets during the first half of 2008. Commodity prices began to decrease in mid year and market uncertainty is high at this time. The global fish meal and fish oil markets tend to follow general commodity trends, albeit with less volatility. The Company believes it is well equipped to handle these changing markets due to its favorable financial position which includes a low debt to equity ratio and liquidity provided by internally generated cash, its bank credit facility and federal finance program loans.

About Omega Protein

Omega Protein Corporation is the nation's largest manufacturer of heart-healthy fish oils containing Omega-3 fatty acids for human consumption, as well as specialty fish meals and fish oil used as value-added ingredients in aquaculture, swine and other livestock feeds. Omega Protein makes its products from menhaden, an Omega-3 rich fish that is abundantly available along the U.S. Gulf of Mexico and A
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SOURCE Omega Protein Corporation
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