Omega Protein posts 2009 net loss
Omega Protein on Wednesday reported its 2009 results, including a net loss of USD 6.2 million (EUR 4.5 million), compared to a net income of USD 12.6 million in 2008.
The Houston-based company also posted 2009 revenues of USD 164.9 million (EUR 120.7 million), down from USD 177.4 million in 2008. It also experienced operating losses of USD 4.3 million (EUR 3.1 million), compared to an operating income of USD 23.5 million in 2008.
However, in the fourth quarter of 2009, Omega Protein saw revenues increase to USD 43 million (EUR 31.5 million), up from USD 39.7 million during the same period in 2008. In the fourth quarter, the company recorded a net loss of USD 2.2 million (EUR 1.6 million), compared to a net income of USD 800,000 in 2008, and an operating loss of USD 2.4 million (EUR 1.8 million), compared to an operating income of USD 2.5 million the previous year.
The company attributed a difficult 2009 primarily to a 35 percent drop in fish oil prices due largely to reduced demand from the Chilean salmon farming industry, which is battling an infectious salmon anemia outbreak.
The company was also one of 10 fish oil brands and producers recently named in a lawsuit alleging that the products contain unsafe levels of PCBs.