Omega Protein Reports 3 Cents Per Share First Quarter Profit
April 29 2004 - 8:00AM
PR Newswire (US)
Omega Protein Reports 3 Cents Per Share First Quarter Profit
HOUSTON, April 29 /PRNewswire-FirstCall/ -- Omega Protein
Corporation , the world's largest manufacturer of heart-healthy
fish oils containing long-chain Omega-3 fatty acids, today reported
net income for the first quarter of 2004 of $646,000 (3 cents per
share), compared with net income of $2.6 million, or 11 cents a
share, for the first quarter of the previous year. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030516/OMEGALOGO ) Revenues
for the first quarter of 2004, which ended March 31, were $25.1
million, versus revenues of $25.1 million for the year-earlier
quarter. Omega Protein had operating income of $1.2 million for the
first quarter of 2004, compared with operating income of $4.2
million in the comparable quarter of the previous year. First
quarter 2004 margins were reduced from the prior year's comparable
quarter due to higher cost inventory being carried forward into
2004. 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(TM) 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 2003 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 "-Seasonal and Quarterly Results." OMEGA PROTEIN
CORPORATION STATEMENT OF OPERATIONS (Unaudited) Three Months Ended
March 31, 2004 2003 (in thousands, except per share amounts)
Revenues $25,056 $25,101 Cost of sales 21,382 18,679 Gross profit
3,674 6,422 Selling, general and administrative expense 2,462 2,196
Operating income 1,212 4,226 Interest expense, net (187) (154)
Other income (expense), net (56) 21 Income before income taxes 969
4,093 Provision for income taxes 323 1,446 Net income $646 $2,647
Basic earnings per share $0.03 $0.11 Average common shares
outstanding 24,405 23,983 Diluted earnings per share $0.02 $0.10
Average common shares and common share equivalents outstanding
26,343 25,433 OMEGA PROTEIN CORPORATION CONDENSED BALANCE SHEET
(Unaudited) March 31, December 31, 2004 2003 (in thousands, except
per share amounts) ASSETS Current assets $93,272 $97,445 Property
and equipment, net 86,957 85,231 Deferred tax assets, net 107 405
Other assets 2,576 3,087 Total assets $182,912 $186,168 LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities $12,761 $16,508
Long-term debt 17,196 17,605 Other long-term liabilities 7,012
6,838 Stockholders' equity 145,943 145,217 Total liabilities and
stockholders' equity $182,912 $186,168 BOOK VALUE PER SHARE
OUTSTANDING $5.98 $5.95
http://www.newscom.com/cgi-bin/prnh/20030516/OMEGALOGO DATASOURCE:
Omega Protein Corporation CONTACT: Investor Relations of Omega
Protein Corporation, +1-713-623-0060, or Web site:
http://www.buyomegaprotein.com/
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