Omega Protein Update
June 16/Energy Weekly News -- Omega Protein Corporation, a producer of omega-3 fish oil and specialty fish meal products, announced an update on its fishing efforts as of the close of business on June 6, 2010, the end of the seventh week of the company's 2010 fishing season. As of that date, the company's total fish catch (Gulf of Mexico plus Atlantic) was at approximately 100% of the company's total 2010 fish catch plan. However, the company's Gulf of Mexico fish catch was 17% behind its Gulf of Mexico 2010 fish catch plan.
These percentages are based on the company's projected fish catch plan for the 2010 fishing season, which in turn is based on historical fish catch data that varies from year to year. In addition, these percentages are based only on data for a portion of a full fishing season. The company cautions that, because of the volatility of fish catch generally and the unpredictability of future effects of the oil spill specifically, no projections or extrapolations should be made from these numbers.
"The Deepwater Horizon oil spill, which has affected our business and has led to increased costs, has not had a material adverse effect on our planned company-wide fish catch," said Joe von Rosenberg, Omega Protein chairman of the board and chief executive officer. "Our previously announced operating plan to reconfigure our Gulf of Mexico fishing fleet to avoid the areas affected by the oil spill appears so far to be working well."
The company does not routinely announce fish catch statistics, but it is doing so in this case because of the uniqueness of the situation created by the oil spill. The company does not currently intend to update this information or make further announcements regarding fish catch, although it may elect to do so in the future if circumstances dictate.
From the June 17, 2010, Prepared Foods' Daily News
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