Omega Protein, the leading US producer of omega-3 fish oil and speciality fish meal products, reported a net income of $2.9 million (€2.96m) for the second quarter of 2002, a significant improvement on the net loss of $527,000 for the same period last year.
The company, whose results follow on from a stronger first quarter, attributed the success to higher world prices for its fish oil and fish meal products, compared with last year's prices, and said that the strong and stable pricing was the result of continued tight world supplies of the products.
Revenues for the second quarter of 2002, which ended on 30 June, were $27.2 million compared with revenues of nearly $19 million for the comparable quarter of 2001.
Operating income for Houston-based Omega Protein in the 2002 second quarter was $4.7 million, well up on the operating loss of $652,000 for last year's second quarter.
The company also released results for the six months ended 30 June 2002. Reported revenues were $50.7 million, compared with $38 million for the first six months of 2001. Operating income was $9.2 million for the six-month period this year, against last year's operating loss of $1.2 million.
The company has net income of $5.6 million for the 2002 period, compared with an operating loss of $904,000 for the first six months of 2001.
Omega Protein president and CEO Joe von Rosenberg added that the 2002 fishing season has so far seen a plentiful menhaden (the herring-like fish used by Omega for most of its products) harvest because of the continuing strength of the menhaden resource.
"We are now half-way through the 2002 fishing season and Omega Protein's fish catch is in line with our business plan. Assuming we are not faced with extraordinary weather or other circumstances during the balance of the season, we can look forward to product volumes comparable to last year, which means we should end 2002 on a successful note," he said.