Omega Protein Corporation, the leading producer of omega-3 fish oil and specialty fish meal products in the US, has reported net income of $2.7 million (€2.98m) for the first quarter of 2002, a return to profitability after net losses of $377,000 for the first quarter of the previous year.
The rise in profits was helped by increased revenues, which grew to $23.5 million from $19.0 million a year earlier. Omega Protein had operating income of $4.5 million for the first quarter of 2002, compared with an operating loss of $498,000 in the comparable quarter of the previous year.
The company said that the good first quarter results reflected the continuation of stronger world prices for its products, compared with the previous year's pricing. The stronger pricing was the result of diminished global fish meal and fish oil inventories as opposed to stronger world demand for other competing products.
Omega Protein president and CEO Joe von Rosenberg said: "While positive income always is good news, we also are very encouraged by the US Food and Drug Administration's recent decision to publish in the Federal Register for final comment a list of 23 new food categories for the inclusion of our omega-3 rich menhaden fish oil. This would more than double the number of food categories approved for menhaden oil. This is timely given the additional scientific studies that were recently released concerning the significant health benefits associated with omega-3 fatty acids."