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Omega Protein Reports 2009 First Quarter Results

HOUSTON, May 7 /PRNewswire-FirstCall/ -- Omega Protein Corporation (NYSE: OME), the nation's leading producer of Omega-3 fish oil and specialty fish meal products, today reported net income of $2.1 million ($0.11 a share) for the first quarter of 2009, compared with net income of $1.9 million ($0.11 a share) for the first quarter of 2008.

Revenues for the first quarter ended March 31, 2009 were $30.2 million compared with revenues of $36.1 million for the comparable quarter in 2008. Omega Protein recorded operating income of $4.3 million for the first quarter of 2009, versus operating income of $4.0 million for the first quarter of 2008.

The Company's 2009 first quarter results reflect decreased revenues and margins primarily due to lower sales volumes and increased per unit costs, offset partially by increased sales prices when compared to the 2008 quarter. The decreased sales volumes are a result of the general constriction of the global markets. Increased pricing was the result of carry over contracts entered into during 2008. Pricing trends for the remainder of 2009 are expected to trend downward, particularly for fish oil. Additionally, during the quarter ended March 31, 2009, the Company received a federal hurricane assistance grant of $2.7 million from the State of Mississippi, net of fees, related to the impact of Hurricane Katrina, which occurred during 2005. Excluding this grant from the results of operations, reported net income for the quarter ended March 31, 2009 would have resulted in Omega Protein reporting approximately $0.5 million of net income ($0.02 a share).

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 not utilized as seafood, but which is abundantly available along the U.S. Gulf of Mexico and Atlantic Coasts.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: The statements contained in this press release that are not historical facts are forward-looking statements that involve a number of risks and uncertainties. The actual results of future events described in any of these forward-looking statements could differ materially from those stated in the forward-looking statements. Important factors that could cause actual results to be materially different from those forward-looking statements include, among others: (1) the Company's ability to meet its raw material requirements through its annual menhaden harvest, which is subject to fluctuations due to natural conditions over which the Company has no control, such as varying fish population, fish oil yields, adverse weather conditions and disease; (2) the impact of worldwide supply and demand relationships on prices for the Company's products; (3) Omega Protein's expectations regarding demand and pricing for its products proving to be incorrect; (4) fluctuations in the Company's quarterly operating results due to the seasonality of the Company's business and its deferral of inventory sales based on worldwide prices for competing products; and (5) the impact of the capital and credit market crisis. These and other factors are described in further detail in Omega's filings with the Securities and Exchange Commission, including its reports on Form 10-K, Form 10-Q and Form 8-K. The Company also posts its latest internally generated price list for various products on its Company website, Pricing and product availability information disclosed in the price list are subject to change or discontinuance without prior notice, and the Company undertakes no obligation to update such information.

                           OMEGA PROTEIN CORPORATION
                            Statement of Operations

                                                     Three Months Ended
                                                          March 31,
                                                   2009              2008
                                                   ----              ----
                                      (in thousands, except per share amounts)
    Revenues                                    $30,153           $36,109
    Cost of sales                                24,332            27,851
                                                 ------            ------
    Gross profit                                  5,821             8,258
    Selling, general and administrative
     expense                                      3,406             3,675
    Research and development expense                357               318
    (Insurance recoveries and other
     proceeds) losses relating to natural
     disaster and other, net                     (2,267)              217
                                                  -----               ---
    Operating income                              4,325             4,048
    Interest income (expense), net                 (816)           (1,057)
    Other income (expense), net                     (94)              (56)
                                                    ---               ---
    Income before income taxes                    3,415             2,935
    Provision for income taxes                    1,316             1,023
                                                  -----             -----
    Net income                                   $2,099            $1,912
                                                 ======            ======
    Basic earnings per share                      $0.11             $0.11
                                                  =====             =====
    Weighted average common shares
     outstanding                                 18,712            17,522
                                                 ======            ======
    Diluted earnings per share                    $0.11             $0.11
                                                  =====             =====
    Weighted average common shares and
     potential common share equivalents
     outstanding                                 18,732            17,904
                                                 ======            ======

                           OMEGA PROTEIN CORPORATION
                            CONDENSED BALANCE SHEET

                                           March 31,          December 31,
                                             2009                2008
                                       (in thousands, except per share amount)
      Current assets                       $118,106            $123,665
      Property and equipment, net           109,308             106,181
      Other assets                            2,423               2,735
                                              -----               -----
        Total assets                       $229,837            $232,581
                                           ========            ========
      Current liabilities                   $22,187             $26,853
      Long-term debt, less current
       maturities                            48,978              51,312
      Capital lease obligation, net
       of current portion                     1,551               1,634
      Deferred tax liability, net of
       current portion                        4,679               3,005
      Pension liabilities, net and other     10,593              10,220
      Stockholders' equity                  141,849             139,557
                                            -------             -------
        Total liabilities and
         stockholders' equity              $229,837            $232,581
                                           ========            ========

    Book value per share outstanding          $7.58               $7.46
                                              =====               =====

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SOURCE Omega Protein Corporation
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