Omega Protein Corporation the leading vertically integrated producer of omega-3 fish oil and specialty fish meal products in the USA, today announced an update on its fishing efforts as of the close of business on June 8, 2012, the end of the 8th week of the company's 2012 fishing season.
As of June 8, 2012, the company's total fish catch was at approximately 162,200 short tons, a 29% increase compared to the corresponding eight week period in the 2011 season, and a 68% increase compared to the company's five year average through week 8.
Omega Protein's fish oil yields were lower by 27% compared to those in the comparable eight week period in the 2011 fishing season and were lower by 45% compared to the Company's 5 year oil yield average through week 8. Total yields decreased 9% compared to the first eight weeks of the 2011 fishing season, and decreased 13% compared to the Company's 5 year average through week 8 with the decreases due primarily to the lower fish oil yields.
"We are pleased with our strong fish catch and fish meal production, despite experiencing disappointing fish oil yields season-to-date," commented Bret Scholtes, the Company's President and Chief Executive Officer. "Going forward, we remain focused on managing the controllable aspects of our business and we will continue to work on improving our marine operations to best position the Company to capitalize on improvements in market fundamentals as they may occur for fish meal and fish oil."
The season-to-date production information is based on data for only a portion of a full fishing season. The Company cautions that, because of the month to month volatility of fish catch and oil yields, as well as the potential for operational disruptions due to weather or other events, partial year catch and yield numbers are not necessarily indicative of results that may be achieved for a full year and such full year results could potentially be materially different.
The Company does not routinely announce fish catch or oil yield statistics other than in its quarterly financial reports. The Company does not currently intend to update this information or make further announcements regarding fish catch or yields, although it could elect to do so in the future if circumstances dictate.
The Company plans to report second quarter fiscal 2012 financial results in early to mid August.