Omega Protein Credits Sales With Stronger World Prices of FishOil

Omega Protein Credits Sales With Stronger World Prices of FishOil

HOUSTON--Omega Protein Corp. (NYSE:OME) reportedon July 31 that for its second quarter (2Q02), ended June 30, it saw salesincreases due to stronger world prices for fish oil and fish meal productscaused by continued tight world supplies.

Sales increased to $27.2 million from $19.0 million, a43-percent improvement. Gross margin also rose, coming in at 25.4 percent ofsales compared to 2Q01's 10.4 percent of sales. Operating costs decreased to$2.2 million from $2.6 million, while earnings saw an improvement for 2Q02,settling in at a net profit of $2.9 million, or $.12 per share earned, from anet loss of $527,000, or $.02 per share lost, in 2Q01.

"We are now halfway through the 2002 fishing season, andOmega Protein's fish catch is in line with our business plan," said Joe vonRosenberg, president and chief executive officer. "Assuming we are notfaced with extraordinary weather or other circumstances during the balance ofthe season, we can look forward to product volumes comparable to last year,which means we should end 2002 on a successful note."

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