Navigation Links
Omega Protein Reports 2009 First Quarter Results
Date:5/7/2009

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, www.omegaproteininc.com. 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
                                  (unaudited)


                                                     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
                                  (Unaudited)

                                           March 31,          December 31,
                                             2009                2008
                                          --------------------------------
                                       (in thousands, except per share amount)
    ASSETS
      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
                                           ========            ========
    LIABILITIES AND STOCKHOLDERS' EQUITY
      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
                                              =====               =====

Web site: www.buyomegaprotein.com


'/>"/>
SOURCE Omega Protein Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Omega-3s Guard Against Type 1 Diabetes
2. Brain, Eye and Heart Health: Three Reasons to Eat More Omega-3s
3. Maine Natural Health Company Brings Omega-3 Benefits to Pets
4. Nordic Naturals Introduces Ultimate Omega 500 - Their Best Selling Formula Now Available in a Smaller Size Soft Gel!
5. Omega-3s Linked to Prevention of Parkinsons Disease and More
6. Nordic Naturals Professional Exclusive Division Redefines High Potency Omega-3 Supplementation With New Elite Line!
7. Ongoing Tests Show Kona Kampachi(R) is Rich in Omega-3s With No Detectable Mercury
8. Mayo Clinic proceedings highlights research about cardiovascular benefits of omega-3 fatty acids
9. Omega Protein Reports 2007 Results
10. Infant formula must contain DHA omega-3 and AA omega-6, say international experts
11. Omega-3 Fatty Acids Protect the Spinal Cord, Heart, Brain and Eyes
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... , ... October 13, 2017 , ... Apple Rehab ... services, staged a mock evacuation of the facility as part of a disaster drill ... Department, Echo Hose EMS and Shelton City Emergency Manager, as well as the ...
(Date:10/13/2017)... ... October 13, 2017 , ... Global Healthcare Management’s 4th Annual ... in Milford, NJ. This free event, sponsored by Global Healthcare Management’s CEO, Jon ... fun run is geared towards children of all ages; it is a non-competitive, non-timed ...
(Date:10/13/2017)... ... October 13, 2017 , ... “The Journey: From the Mountains ... possible to save lost souls in the Philippines. “The Journey: From the Mountains to ... dedicated teacher of the Bible. She has taught all ages and currently teaches a ...
(Date:10/12/2017)... ... ... Planet Fitness, one of the largest and fastest growing franchisors and operators ... location in Covington, LA at 401 N. U.S. Highway 190, in January of 2018. ... in the Holiday Square shopping center. Its location allows it to serve both Covington ...
(Date:10/12/2017)... ... 12, 2017 , ... Asante, a nationally recognized health system ... their existing home health joint venture through an agreement, effective October 1, 2017, ... venture home health company with Asante, delivering clinically integrated care, for the past ...
Breaking Medicine News(10 mins):
(Date:9/28/2017)... Hill-Rom Holdings, Inc. (NYSE: HRC), will host its fiscal ... Friday, November 3, 2017, beginning at 7:00 a.m. (CDT) ... a.m. (CDT) / 9:30 a.m. (EDT). In ... guidance for 2018, Hill-Rom executives will also highlight the ... long-range financial outlook through 2020. ...
(Date:9/27/2017)... Sept. 27, 2017  Commended for their devotion to personalized ... Ranked as number one in the South Florida Business Journal,s ... Inc. 5000 yearly list, the national specialty pharmacy has found ... Bardisa will soon be honored by SFBJ as the ... Set to receive his award in October, Bardisa ...
(Date:9/25/2017)... 2017   Montrium , an industry leader ... the IQPC Trial Master Files & Inspection Readiness ... EastHORN Clinical Services has selected eTMF Connect ... management. EastHORN, a leading European contract research organization ... transparency to enable greater collaboration with sponsors, improve ...
Breaking Medicine Technology: