Omega Protein reports second quarter results

08-08-2008 | |

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.

Average 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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