Omega Protein Reports Break-Even Results for 2005 First Quarter
April 28 2005 - 9:01AM
PR Newswire (US)
Omega Protein Reports Break-Even Results for 2005 First Quarter
HOUSTON, April 28 /PRNewswire-FirstCall/ -- Omega Protein
Corporation (NYSE:OME), the world's largest manufacturer of
heart-healthy fish oils containing long-chain Omega-3 fatty acids,
today reported that the first quarter of 2005 was essentially
break-even with the Company recording net income for the first
quarter of 2005 of $107,000 (0 cents per share), compared with net
income of $646,000, or 3 cents a share, for the first quarter of
the previous year. Revenues for the first quarter of 2005, which
ended March 31, were $23.8 million, versus revenues of $25.1
million for the year-earlier quarter. Omega Protein had operating
income of $278,000 for the first quarter of 2005, compared with
operating income of $1.2 million in the comparable quarter of the
previous year. First quarter 2005 margins were reduced from the
prior year's comparable quarter due to higher cost inventory being
carried forward into 2005. 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. SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS: The statements contained in this press
release that are not historical facts are forward- looking
statements that involve a number of risks and uncertainties. The
actual results of future events described in any of these
forward-looking statements could differ materially from those
stated in the forward-looking statements. Important factors that
could cause actual results to be materially different from those
forward-looking statements include, among others, (1) the Company's
ability to meet its raw material requirements through its annual
menhaden harvest, which is subject to fluctuations due to natural
conditions over which the Company has no control, such as varying
fish population, fish oil yields, adverse weather conditions and
disease; (2) the impact of worldwide supply and demand
relationships on prices for the Company's products; (3) Omega
Protein's expectations regarding demand for OmegaPure(R) proving to
be incorrect; and (4) fluctuations in the Company's quarterly
operating results due to the seasonality of the Company's business
and its deferral of inventory sales based on worldwide prices for
competing products. These and other factors are described in
further detail in Omega's filings with the Securities and Exchange
Commission, including its 2004 Annual Report on Form 10K under the
headings, "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Risk Factors and Significant
Factors That May Affect Forward-Looking Statements" and "-
Seasonality and Quarterly Results." OMEGA PROTEIN CORPORATION
STATEMENT OF OPERATIONS (Unaudited) Three Months Ended March 31,
2005 2004 (in thousands, except per share amounts) Revenues $23,831
$25,056 Cost of sales 20,775 21,382 Gross profit 3,056 3,674
Selling, general and administrative expenses 2,778 2,462 Operating
income 278 1,212 Interest expense, net (123) (187) Other income
(expense), net (39) (56) Income before income taxes 116 969
Provision for income taxes 9 323 Net income $ 107 $ 646 Basic
earnings per share $ 0.00 $ 0.03 Average common shares outstanding
24,906 24,405 Diluted earnings per share $ 0.00 $ 0.02 Average
common shares and potential common shares outstanding 26,985 27,002
OMEGA PROTEIN CORPORATION CONDENSED BALANCE SHEET (Unaudited) March
31, December 31 2005 2004 (in thousands, except per share amounts)
ASSETS Current assets $ 85,373 $ 88,844 Property and equipment, net
100,391 97,766 Deferred tax assets, net 1,973 1,754 Other assets
1,915 1,798 Total Assets $189,652 $190,162 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities $ 14,903 $ 15,707
Long-term debt, less current maturities 15,511 15,943 Pension
liabilities 9,049 8,845 Stockholders' equity 150,189 149,667 Total
liabilities and stockholders' equity $189,652 $190,162 BOOK VALUE
PER SHARE OUTSTANDING $ 6.02 $ 6.02
http://www.newscom.com/cgi-bin/prnh/20030516/OMEGALOGO DATASOURCE:
Omega Protein Corporation CONTACT: Robert W. Stockton of Omega
Protein Corporation, +1-713-623-0060, or
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