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Oil spill and Omega Protein

This article was originally published in The Tan Sheet

Executive Summary

The oil leak in the Gulf of Mexico following the explosion of the Deepwater Horizon rig forces Omega Protein to shift fishing operations away from its Moss Point, Miss., facility. CEO Joe von Rosenberg said May 10 he does not expect a negative affect on fish catch or product quality. On May 6, Omega Protein reported a 7 percent increase in revenue to $32.3 million in the first-quarter. Higher fish meal pricing was offset by decreased fish oil pricing, reflecting contracts initiated in 2008, the peak of the fish oil sales market, the omega-3 ingredient firm said. Net income during the three months ended March 31 dropped 53.4 percent to $979,000. The year-ago quarter included $2.7 million from a hurricane assistance grant
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