August 9, 2011

Omega Protein Corporation, a nutritional ingredient company and US' leading producer of omega-3 fish oil and specialty fishmeal products, posted a 22% on-year gain in second-quarter revenues to US$44.2 million. 

Gross profit and gross margins also increased compared to the 2010 second quarter.

These improvements primarily reflected a 30% increase in fishmeal sales volumes and a 47% increase in fish oil sales prices.  A strong export demand for quality proteins and oil and an increase in pricing of competitive fats and oils were influential factors.

The composition of revenue disaggregated by nutritional product line was 67% fishmeal, 21% fish oil, 9% specialty nutraceutical ingredients and 3% fish solubles.

Revenue composition by geography was approximately 50% domestic and 50% export for the second quarter of 2011.

Omega Protein recorded operating income of US$36.0 million, an 81.3% operating margin, versus operating income of US$3.8 million, a 10.5% operating margin, for the second quarter of 2010. 

Net income was US$22.9 million (US$1.14 per diluted share) compared to US$2.0 million (US$0.11 per diluted share) for the same period last year. 

Operating income for the six months of 2011 increased to US$46.3 million with an operating margin of 46.1% compared with US$ 6.1 million and an operating margin of 8.8% in the same period of 2010. 

Net income for the six months ended June 30, 2011 was US$28.9 million (US$1.45 per diluted share) compared to US$3.0 million (US$0.16 per diluted share) for the same period last year.