Omega Protein Q3 results hurt by lower menhaden catch and lower fish oil yield
SEAFOODNEWS.COM [SCOM] - November 18, 2014 -
As company CEO Bret Scholtes had predicted, third quarter results reflect "declines in fish catch and fish oil yields compared to last year's exceptional season, which offset continued favorable pricing dynamics in our animal nutrition segment."
Revenue was $70.8 million for the quarter, compared to $87.6 million year-ago and net income was $0.7 million, or $1.7 million excluding plant closure charges and loss on disposal of assets for the quarter, compared to $14.0 million year-ago.
Omega Protein operates eight manufacturing facilities located in the U.S., Canada and Europe. The Company also operates 30 fishing vessels that harvest menhaden, an abundant species found off of the coasts of the Atlantic Ocean and Gulf of Mexico.
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