Omega Protein Corporation (NYSE: OME), the nation's leading producer of Omega-3 fish oil and specialty fish meal products, today reported 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.
Revenues for the second quarter ended June 30, 2008 were $47.1 million compared with revenues of $37.1 million for the comparable quarter in 2007. Omega Protein recorded operating income of $11.6 million for the 2008 second quarter, versus operating income of $5.1 million for the second quarter of 2007.
For the six months ended June 30, 2008, the Company had revenues of $83.2 million, compared with $68.2 million in revenues for the first six months of 2007. Omega Protein recorded operating income of $15.7 million for the six months ended June 30, 2008, versus operating income of $6.3 million for the comparable period a year earlier. The Company had net income of $8.6 million ($0.48 per share) for the six months ended June 30, 2008, compared with net income of $0.2 million ($0.01 per share) for the six months ended June 30, 2007.
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.
Omega Protein Corporation is the nation'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. Omega Protein makes its products from menhaden, an Omega-3 rich fish that is not utilized as seafood, but which is abundantly available along the U.S. Gulf of Mexico and Atlantic Coasts.
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