Navigation Links
Omega Protein Reports 2009 Third Quarter Results
Date:11/3/2009

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 million sub-limit for the issuance of standby letters of credit. The new loan agreement is secured by substantially all of the Company's assets except for those already pledged in connection with existing federal Fisheries Finance Program loans. The loan agreement replaced a former credit facility with a group of banks led by Bank of America, N.A.

During the nine months ended September 30, 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. Additionally, the Company incurred $1.4 million of interest expense related to interest rate swaps which became ineffective during the period as a result of debt repayments related to the refinancing of the Company's credit facility. Excluding these items from the results of operations, net loss for the nine months ended September 30, 2009 would have been approximately $4.8 million ($0.26 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 uncertain economic conditions, both in the United States and globally. 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, Form10-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               Nine Months
                                 Ended September 30,       Ended September 30,
                                 -------------------       -------------------
                                 2009           2008       2009         2008
                                 ----           ----       ----         ----
                                  (in thousands, except per share amounts)

    Revenues                   $49,940        $54,507   $121,848     $137,744
    Cost of sales               48,678         43,923    115,267      102,976
                                ------         ------    -------      -------
    Gross (loss) profit          1,262         10,584      6,581       34,768
    Selling, general and
     administrative expense      3,041          4,211      9,554       11,874
    Research and
     development expense           365            630      1,047        1,280
    (Insurance recoveries
     and other proceeds)
     losses relating to
     natural disaster and
     other, net                     99            423     (2,166)         608
                                    --            ---     -------         ---
    Operating (loss) income     (2,243)         5,320     (1,854)      21,006
    Interest income
     (expense), net             (2,233)          (978)    (3,878)      (2,876)
    Other income (expense),
     net                           (82)           107       (296)         (17)
                                   ----           ---       -----        ----
    (Loss) income before
     income taxes               (4,558)         4,449     (6,028)      18,113
    (Benefit) provision for
     income taxes               (1,738)         1,335     (2,015)       6,377
                                -------         -----     -------       -----
    Net (loss) income          $(2,820)        $3,114    $(4,013)     $11,736
                               ========        ======    ========     =======
    Basic (loss) earnings
     per share                  $(0.15)         $0.17     $(0.21)       $0.65
                                =======         =====     =======       =====
    Weighted average common
     shares outstanding         18,712         18,624     18,712       18,160
                                ======         ======     ======       ======
    Diluted (loss) earnings
     per share                  $(0.15)         $0.16     $(0.21)       $0.63
                                =======         =====     =======       =====
    Weighted average common
     shares and potential
     common share
     equivalents
     outstanding                18,712         18,875     18,712       18,541
                                ======         ======     ======       ======



                             OMEGA PROTEIN CORPORATION
                              CONDENSED BALANCE SHEET
                                    (Unaudited)

                                         September 30,        December 31,
                                             2009                2008
                                             ----                ----
                                    (in thousands, except per share amounts)
    ASSETS
      Current assets                      $106,935            $123,665
      Property and equipment, net          111,865             106,181
      Other assets                           3,166               2,735
                                             -----               -----
        Total assets                      $221,966            $232,581
                                          ========            ========
    LIABILITIES AND STOCKHOLDERS' EQUITY
      Current liabilities                  $33,207             $26,853
      Long-term debt, less current
       maturities                           35,528              51,312
      Capital lease obligation, net
       of current portion                    1,366               1,634
      Deferred tax liability, net
       of current portion                    3,887               3,005
      Pension liabilities, net and
       other                                 9,701              10,220
      Stockholders' equity                 138,277             139,557
                                           -------             -------
        Total liabilities and
         stockholders' equity             $221,966            $232,581
                                          ========            ========

    Book value per share outstanding         $7.39               $7.46
                                             =====               =====

SOURCE Omega Protein Corporation


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

Related medicine news :

1. Reportlinker Adds Omega Fatty Acids: Trends in the Worldwide Food and Beverage Markets, 2nd Edition Report
2. FDA Approves Valcyte(R) (valganciclovir hydrochloride) to Prevent Cytomegalovirus (CMV) Disease in Pediatric Patients Who Receive Heart or Kidney Transplants
3. New Omega-3 Blood Test: A Better Predictor of Coronary Heart Disease Than Cholesterol
4. Omega Protein Reports 2009 Second Quarter Results
5. Omega-3 Fatty Acid Falls Short in Alzheimers Trials
6. Omega-3s Benefit Heart Attack Survivors, Healthy Adults, Mothers and Infants
7. Omega Medical Solutions Selects Allscripts Practice Management and Allscripts Payerpath Revenue Cycle Management
8. Omega-3 Fatty Acid Deficiency takes 96,000 Lives Annually in the US
9. Omega-3 Fatty Acids Key to Fetal Development - Possible Mercury Contamination Concerns in Some Fish Oil Avoided With Plant-based DHA in PreNexa(R) Prenatal Vitamins
10. Nordic Omega-3 Fishies from Nordic Naturals Offers Quality EPA and DHA for Children with Kid Pleasin Taste
11. Omega-3 Fatty Acids Might Curb Depression in Heart Patients
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/24/2017)... , ... January 24, 2017 , ... ... (AMIA) commended the Patient-Centered Outcomes Research Institute (PCORI) for developing a data access ... PCORI consider requiring a preliminary data sharing plan as part of award applications, ...
(Date:1/24/2017)... ... January 24, 2017 , ... ... offering, Processing Assurance Control Equipment (PACE), at the International Production and Processing Expo ... booth will highlight the new technology that is used in poultry processing facilities ...
(Date:1/24/2017)... ... 2017 , ... Learn to use popular brainwave and heart rhythm equipment to ... offered by Dr. Carol Francis at PVNET on Sundays in February and March and ... experiences. , Dr. Carol Francis shows business owners, parents, athletes, students and ...
(Date:1/24/2017)... ... January 24, 2017 , ... ... that it has officially formed a distribution partnership with Byers Scientific & ... odor management industry. , Through the agreement, OMI Industries formulated a special version ...
(Date:1/24/2017)... ... January 24, 2017 , ... This Saturday, January 28, the ... a very special performance by Alabama Symphony Orchestra musicians Yifan Zhou, Mara McClain & ... as dim sum, and exhibitors offer a look at Chinese games, crafts & more. ...
Breaking Medicine News(10 mins):
(Date:1/24/2017)... , January 24, 2017 For today, ... GENE ), Alder Biopharmaceuticals Inc. (NASDAQ: ... ), and Egalet Corp. (NASDAQ: EGLT ). These ... lower on Monday, January 23 rd , 2017, with the ... health care companies in the S&P 500 also were down ...
(Date:1/24/2017)... 23, 2017 Optoelectronic components have the ... The interaction of these components with light makes ... range of applications. These components are primarily used ... and healthcare among others. Growing application ... low power consumption, reliability, scalability, and performance is ...
(Date:1/24/2017)... 2017 Laboratory Markets Limited has completed a ... spectrometry in both clinical and research laboratory settings. This ... size of $6.8 billion and growing to $9.2 billion ... the use of mass spectrometry across more than 5,200 ... investigated growth in the use of mass spectrometry in ...
Breaking Medicine Technology: