Omega Protein rebounds from 2009 losses
The nation’s No. 1 fish oil supplement producer, Omega Protein, on Friday announced its 2010 financial results, including a net income of USD 18.3 million, compared to a net loss of USD 6.2 million in 2009.
Operating income also rebounded from 2009, totaling USD 31.1 million versus an operating loss of USD 4.3 million.
The company also reported an increase in revenue to USD 167.7 million from USD 164.9 million in 2009. The company’s fishmeal made up 69 percent of revenue, 28 percent was fish oil products and 3 percent other nutritional products.
Omega’s 2010 results are primarily reflected in increased fishmeal sales pricing of 40 percent related to the global tightening of fishmeal availability.
“The fundamentals behind our base business continue to remain very attractive,” said CEO Joe von Rosenberg. “In addition, we are well positioned to grow through acquisitions, with USD 20 million of cash on the balance sheet as of December 31, 2010, excess debt capacity, an untapped USD 32 million credit line, and the expectation that we should generate additional cash in 2011.”