Omega Protein Has $2.6 Million Profit for 2003 First Quarter
HOUSTON, May 1, 2003 -- Omega Protein Corporation (NYSE symbol: OME), the
nation's leading producer of Omega-3 fish oil and specialty fish meal products,
today reported net income for the first quarter of 2003 of $2.6 million (11
cents a share), compared with a net income of $2.7 million (11 cents a share)
for the first quarter of the previous year.
Revenues for the first quarter of 2003, which ended March 31, were $25.1
million, versus revenues of $23.5 million for the year-earlier quarter. Omega
Protein had operating income of $4.2 million for the first quarter of 2003,
compared with operating income of $4.5 million in the comparable quarter of the
previous year. First quarter 2003 margins were reduced from the prior year's
comparable quarter due to higher cost inventory being carried forward into 2003.
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, adverse weather conditions and
disease; (2) the impact of worldwide supply and demand relationships on prices
for the Company's products; and (3) 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 2002 Annual Report on Form
10K under the headings, "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Significant Factors That May Affect
Forward-Looking Statements" and "-Seasonality and Quarterly Results."
Contact:Investor Relations (713)623-0060 or
news@omegaproteincorporation.com Website: www.buyomegaprotein.com
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OMEGA PROTEIN CORPORATION
STATEMENT OF OPERATIONS
(Unaudited)
Three Months
Ended March 31,
--------------------------------------
2003 2002
---------------- ---------------
(in thousands, except per share amounts)
Revenues...................................................................... $ 25,101 $ 23,479
Cost of sales................................................................. 18,679 16,924
---------------- ---------------
Gross profit.................................................................. 6,422 6,555
Selling, general and administrative expense................................... 2,196 2,068
---------------- ---------------
Operating income.............................................................. 4,226 4,487
Interest expense, net......................................................... (154) (167)
Other income (expense), net................................................... 21 (52)
---------------- ---------------
Income before income taxes.................................................... 4,093 4,268
Provision for income taxes.................................................... 1,446 1,535
---------------- ---------------
Net income.................................................................... $ 2,647 $ 2,733
================ ===============
Basic earnings per share...................................................... $ 0.11 $ 0.11
================ ===============
Average common shares outstanding............................................. 23,983 23,953
================ ===============
Diluted earnings per share.................................................... $ 0.10 $ 0.11
================ ===============
Average common shares and common share equivalents outstanding................ 25,433 24,848
================ ===============
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OMEGA PROTEIN CORPORATION
CONDENSED BALANCE SHEET
(Unaudited)
March 31, December 31,
2003 2002
----------------- ------------------
(in thousands, except per share amounts)
ASSETS
Current assets.......................................................... $ 91,647 $ 90,620
Property and equipment, net......................................... 81,899 80,713
Deferred tax assets, net............................................ 1,669 3,115
Other assets........................................................ 7,517 6,683
----------------- -----------------
Total assets................................................... $ 182,732 $ 181,131
================= =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities................................................. $ 17,829 $ 18,769
Long-term debt...................................................... 13,908 14,239
Other long-term liabilities......................................... 13,087 13,087
Stockholders' equity................................................ 137,908 135,036
----------------- -----------------
Total liabilities and stockholders' equity....................... $ 182,732 $ 181,131
================= =================
BOOK VALUE PER SHARE OUTSTANDING........................................ $ 5.75 $ 5.64
================= =================
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