Omega-3 fish oil and specialty fish meal products producer Omega Protein Corporation, last week reported net income for the first quarter of 2003 of $2.6 million compared with a net income of $2.7 million for the first quarter of the previous year.
Revenues for the first quarter of 2003, which ended March 31, were up at $25.1 million, versus revenues of $23.5 million for the year-earlier quarter. However Omega Protein reported a drop in operating income to $4.2 million for the first quarter of 2003, compared with $4.5 million in the comparable quarter of the previous year.
The company said first quarter 2003 margins were reduced from the prior year's comparable quarter due to higher cost inventory being carried forward into 2003.
Omega Protein Corporation is one of the nation's largest manufacturer of heart-healthy fish oils containing Omega-3 fatty acids for human consumption, as well as specialty fish meals and fish oil used as value-added ingredients in aquaculture, swine and other livestock feeds. The company makes its products from menhaden, an Omega-3 rich fish that is not utilized as seafood.