Omega Protein Announces Impact of Third Quarter 2008 Hurricanes
September 30 2008 - 5:00PM
PR Newswire (US)
HOUSTON, Sept. 30 /PRNewswire-FirstCall/ -- Omega Protein
Corporation (NYSE:OME), the nation's leading producer of Omega-3
fish oil and specialty fish meal products, today announced an
update on the impact of hurricanes in the third quarter 2008. As
previously reported, the Company's Cameron, Louisiana and
Abbeville, Louisiana fish processing facilities were both damaged
by Hurricane Ike. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030516/OMEGALOGO) The
Company's Abbeville facility was restored to full capacity on
September 22, 2008. Some additional repair work will need to be
done in the upcoming 2008 off-season but the facility is now
available for processing. The Company's Cameron facility is
continuing its repair schedule and is expected to be fully
functional prior to the beginning of the 2009 fishing season. For
the remainder of the 2008 fishing season, the Company has
redeployed all of its ten Cameron vessels to its Abbeville and Moss
Point, Mississippi facilities. The Company anticipates
significantly higher per unit production costs for its 2008 total
production due to lost fishing days caused by Hurricanes Gustav and
Ike and due to additional operating costs. In addition, the lost
fishing days will result in lower 2008 product volumes available
for sale. Separately, the Company announced receipt of a $1.2
million grant, net of fees and expenses, from the Louisiana
Department of Wildlife and Fisheries. The grant provides assistance
for commercial fishing owners impacted by Hurricanes Katrina and
Rita in 2005. Additional grants for 2005 hurricane assistance may
also be available from the state of Mississippi, but the Company is
unable to predict when such aid may be available or in what
amounts. 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
estimates of damages or repair times being incorrect; (2) the
Company's estimates of production costs and product volumes being
incorrect; (3) the Company's assessment of the availability of any
additional hurricane grants; (4) 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; (5) the
impact of worldwide supply and demand relationships on prices for
the Company's products; (6) Omega Protein's expectations regarding
demand for OmegaPure(R) being incorrect; and (7) 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 reports on Form
10-K, Form10-Q and Form 8-K. The Company also posts its latest
internally generated price list for various products on its Company
website, http://www.omegaproteininc.com/. Pricing and product
availability information disclosed in the price list are subject to
change or discontinuance without prior notice, and the Company
undertakes no obligation to update such information.
http://www.newscom.com/cgi-bin/prnh/20030516/OMEGALOGO
http://photoarchive.ap.org/ 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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