Omega Protein reports second quarter results
Omega Protein Corporation, the US'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, has reported a net
income of $6.7 million ($0.37 per share) for the second quarter of 2008,
compared with net income of $2.5 million ($0.15 per share) for the second
quarter of the previous year.
Omega Protein's second quarter results reflect
increased revenues and margins primarily due to higher volumes and sales prices
from fish oil, partially offset by a decline in sales volume of fish meal.
Average prices received for newly contracted fish oil sales, as compared to
prices received during 2007, were approximately 63 percent higher and reflect
increased demand from aquaculture and pet food manufacturers.
prices for the Company's fish meal products were relatively flat between such
periods. The results for the six months ended June 30, 2007 were impacted by the
write-off of approximately $3.0 million in deferred debt issuance costs and
prepayment fees resulting from the refinancing of the Company's prior credit
agreement with a new credit facility in March 2007.
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