Omega Protein Reports 10 Cents Per Share Second Quarter Profit
Wednesday, August 6, 2003
Omega Protein Corporation (NYSE:OME), the leading producer of Omega-3 fish oil and specialty fish meal products in the United States, has reported net income of $2.4 million (10 cents a share) for the second quarter of 2003, compared with net income of $2.9 million (12 cents a share) for the second quarter of the previous year.
Revenues for the second quarter ended June 30, 2003 were $27.3 million compared with revenues of $27.2 million for the comparable quarter of 2002. Omega Protein recorded operating income of $3.9 million for the 2003 second quarter, versus operating income of $4.7 million for the second quarter of 2002.
For the six months ended June 30, 2003, the Company had revenues of $52.4 million, compared with $50.7 million in revenues for the first six months of 2002. Omega Protein recorded operating income of $8.1 million for the six-month period in 2003, versus operating income of $9.2 million for the comparable period a year earlier. The Company had net income of $5.0 million (21 cents a share) for the 2003 period, compared with net income of $5.7 million (23 cents a share) for the first six months of 2002.
Omega Protein's second quarter results, as well as the results for the first six months of 2003, reflect reduced margins primarily due to higher cost of inventories carried forward from the 2002 fiscal year, partially offset by higher prices received during the current year.
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