July 16, 2010

Omega Protein announces 2010 fish catch

However, the company's Gulf of Mexico fish catch was at approximately 68% of its Gulf of Mexico 2010 fish catch plan. 

The producer of Omega-3 fish oil and specialty fishmeal products announced today an update on its fishing efforts as of the close of business on July 9, 2010, the end of the twelfth week of the company's 2010 fishing season. 

Due to the Deepwater Horizon oil spill, federal and state closures of fishing grounds have continued to affect the company's ability to operate its Gulf of Mexico fishing fleet in an unrestricted manner.  In response, the company has deployed its vessels among its various Gulf facility locations to avoid restricted areas.  The company has also temporarily ceased fishing with certain vessels from time to time.  The company expects that it will continue its operational plan of moving vessels and temporarily suspending operations of some vessels until these fisheries closures are terminated. The company also has filed a claim with BP for reimbursement of any costs or lost profits resulting from the Deepwater Horizon incident. 

The given percentages of fish catch are based on the company's projections for the 2010 fishing season, which in turn is based on historical fish catch data that varies from year to year.  In addition, these percentages are based only on data for a portion of a full fishing season.  The company cautions that, because of the volatility of fish catch generally and the unpredictability of future effects of the oil spill specifically, no projections or extrapolations should be made from these numbers.

The announcement of fish catch statistics is not routinely done by Omega Protein but is doing so in this case because of the uniqueness of the situation created by the oil spill.  The company does not currently intend to update this information or make further announcements regarding fish catch, although it may elect to do so in the future if circumstances dictate.