Omega Protein reports 2007 results

14-03-2008 | |

Omega Protein Corporation, producer of Omega-3 fish oil and specialty fish meal products, reported net income of $12.1 million ($0.72 a share) for the fiscal year ended December 31, 2007, compared with net income of $4.6 million ($0.19 a share) for the year ended December 31, 2006.

Omega Protein’s 2007 results reflect increased margins primarily due to
higher sales prices received during the current year, partially offset by a
decline in sales volume of both fish meal and fish oil.

Additionally,
results for the three and twelve months ended December 31, 2007 were favorably
impacted by the settlement of the lawsuit with its property insurance carriers
pertaining to damages sustained from Hurricanes Katrina and Rita in 2005.

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