August 10, 2010

Omega Protein announces lower Q2 net income

Omega Protein announced its financial results for the second quarter of 2010, including a net income of US$2 million, compared to a net loss of US$3.3 million for the same time period last year.

The Houston-based company's operating income was also up, reaching US$3.8 million, compared to a loss of US$3.9 million in the same quarter 2009. However, revenues for the quarter were US$36.3 million, down from US$41.8 million.

The results primarily reflect increased fishmeal and fish oil sales pricing, coinciding with limited global availability of fishmeal experienced during the first half of 2010. Results were offset by decreased fishmeal and fish oil sales volumes due to less inventory carrying into the year compared to 2009.

The company also announced results for the first half of the year, including revenues of US$68.6 million, down from US$71.9 million during the same time period in 2009. Omega also had net income of US$3 million, compared to a US$1.2 million net loss in 2009.

Omega's results also include losses of US$600,000 resulting from the Gulf of Mexico oil spill, attributable to idle facility costs at its Moss Point, Mississippi facility.