Omega Protein Reports 2006 Results
March 12 2007 - 7:59PM
PR Newswire (US)
HOUSTON, March 12 /PRNewswire-FirstCall/ -- 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 $4.6 million (19 cents a share) for the fiscal year ended
December 31, 2006, compared with a net loss of $7.2 million (29
cents a share) for the year ended December 31, 2005. For the year
ended December 31, 2006, the Company had revenues of $139.8
million, compared with $109.9 million in revenues for the year
ended December 31, 2005. Omega Protein recorded operating income of
$8.0 million for the year ended December 31, 2006, versus operating
loss of $10.9 million for the year ended December 31, 2005.
Revenues for the fourth quarter ended December 31, 2006 were $26.1
million compared with revenues of $27.1 million for the comparable
quarter in 2005. Omega Protein recorded operating income of $0.1
million for the 2006 fourth quarter, versus operating loss of $2.7
million for the fourth quarter of 2005. The losses reported for the
previous periods presented were attributable to the direct impact
of two hurricanes on the Company's facilities and operations in
August and September of 2005. All of the Company's Gulf of Mexico
operations were impacted in 2005 and, to some extent, diminished
capabilities carried forward into 2006. The Company's 2006 results
are the result of higher sales prices and increased sales volumes,
offset by higher costs of sales. The higher costs of sales were
attributable to increased energy costs, higher repair costs and
poor fish oil production yields. About Omega Protein 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 2006 Annual Report on Form 10K under the
headings, "Management's Discussion and Analysis of Financial
Condition" and "Risk Factors." OMEGA PROTEIN CORPORATION Statement
of Operations (unaudited) Three Months Ended Twelve Months Ended
December 31, December 31, 2006 2005 2006 2005 (in thousands, except
per share amounts) Revenues $ 26,104 $27,137 $139,834 $109,896 Cost
of sales 22,577 23,485 116,638 91,985 Gross profit 3,527 3,652
23,196 17,911 Selling, general and administrative expense 3,239
3,806 13,683 12,906 Loss resulting from natural disasters, net 197
2,560 1,548 15,743 Loss (gain) on disposal of assets (20) 14 9 149
Operating income (loss) 111 (2,728) 7,956 (10,887) Interest income
(expense), net (895) (233) (1,938) (640) Other expense (income),
net (85) (52) (244) 73 Income (loss) before income taxes (869)
(3,013) 5,774 (11,454) Provision (benefit) for income taxes (473)
(1,201) 1,202 (4,268) Net income (loss) $(396) $(1,812) $4,572
$(7,186) Basic earnings (loss) per share $(0.02) $(0.07) $0.19
$(0.29) Average common shares outstanding 22,026 25,024 24,322
24,974 Diluted earnings (loss) per share $(0.02) $(0.07) $0.18
$(0.29) Average common shares and common share equivalents
outstanding 22,026 25,024 25,200 24,974 OMEGA PROTEIN CORPORATION
CONDENSED BALANCE SHEET (Unaudited) December 31, December 31, 2006
2005 (in thousands) ASSETS Current assets $89,759 $98,390 Property
and equipment, net 100,776 93,965 Deferred tax assets, net 4,103
6,293 Other assets, net 6,080 1,579 Total assets $200,718 $200,227
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $18,683
$19,270 Long-term debt, less current maturities 72,693 27,658 Other
long-term liabilities 8,252 10,932 Stockholders' equity 101,090
142,367 Total liabilities and stockholders' equity $200,718
$200,227 Book value per share outstanding $6.24 $5.69
http://www.newscom.com/cgi-bin/prnh/20030516/OMEGALOGO DATASOURCE:
Omega Protein Corporation CONTACT: Investor Relations of Omega
Protein Corporation, +1-713-623-0060 Web site:
http://www.omegaproteininc.com/
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