Omega Protein, the world's largest manufacturer of Omega 3 fish oils, reported a leap in net income for 2002 to $12.2 million up from $3.9 million the previous year.
Omega Protein chief executive officer Joe von Rosenberg said the company benefited from strong pricing for its fish oil and fish meal products during the year due, in part, to decreased global inventories of these products.
"During 2002, domestic and international aquaculture grew in importance as a market for Omega Protein's fish oil and fish meal products, a positive trend we believe will continue," said von Rosenberg.
The company recorded revenues of $117 million for year ended December 31, compared with revenues of $98.8 million for 2001. Operating income for 2002 was $18.7 million, versus $5.7 million for the prior year.
Income for the 2002 fourth quarter was considerably higher than the previous year's quarter at $2.9 million, and sales were up to $31.3 million from $23.9 million last year.
In November 2002, the American Heart Association recommended that Americans consume fish oil daily after Omega 3 fatty acids were found to cut the risk of heart attacks, lower blood pressure and reduce the formation of blood clots which are linked to heart attacks and strokes. The news undoubtedly helped drive sales of Omega Protein's products.
Omega Protein claims to produce the only high Omega 3 fish oil approved by the US Food and Drug administration for use in human food.The company markets an odorless, tasteless Omega 3 oil under the name OmegaPure.
Omega Protein makes its products from menhaden, an Omega 3 rich fish that is not used as seafood, but is abundantly available along the US Gulf of Mexico and Atlantic Coasts.