HOUSTON, Nov. 3 /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 loss of $2.8 million ($0.15 per share) for the third quarter of 2009, compared with net income of $3.1 million ($0.17 per share) for the third quarter of the previous year.
Revenues for the third quarter ended September 30, 2009 were $49.9 million compared with revenues of $54.5 million for the comparable quarter in 2008. Omega Protein recorded operating loss of $2.2 million for the third quarter of 2009, versus operating income of $5.3 million for the third quarter of 2008.
For the nine months ended September 30, 2009, the Company recognized revenues of $121.8 million, compared with $137.7 million in revenues for the first nine months of 2008. Omega Protein recorded operating loss of $1.9 million for the nine months ended September 30, 2009, versus operating income of $21.0 million for the comparable period a year earlier. The Company had net loss of $4.0 million ($0.21 per share) for the nine months ended September 30, 2009, compared with net income of $11.7 million ($0.65 per share) for the nine months ended September 30, 2008.
The Company's 2009 third quarter results reflect decreased revenues and gross profit margins primarily due to lower sales prices, partially offset by increased sales volumes when compared to the 2008 third quarter. The decreased sales prices are a result of the general constriction of global markets and, more particularly as it relates to fish oil, a substantial reduction in demand from the Chilean aquaculture industry.
On October 21, 2009, the Company entered into a loan agreement with Wells Fargo Bank which consists of a 3-year revolving credit facility of up to $35 million, including a $7.5 mi
|SOURCE Omega Protein Corporation|
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