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Omega Protein Reports 2009 Results
Date:3/10/2010
lass="xn-money">$7.5 million sub-limit for the issuance of standby letters of credit. The new loan facility is secured by substantially all of the Company's assets except for those already pledged in connection with existing federal Fisheries Finance Program loans. At December 31, 2009, the Company had no amounts outstanding under the new credit facility.
During 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 and $0.4 million related to the loss resulting from debt refinancing. Excluding these items from the results of operations, net loss for the year ended December 31, 2009 would have been approximately $6.8 million ($0.36 a share).
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