Martek up while Omega Protein dissappointed

10/03/05 Martek Biosciences has reported 1st Qtr 05, revenues of $66.5 million, up from $35.6 million for the first quarter of fiscal 2004 (1st Qtr 04). For the 1st Qtr 05, Martek generated income before income taxes of $11.1 million compared to income before income taxes of $3.4 million in the 1st Qtr 04. "Financially, Martek's first quarter of 2005 was a good one and the numbers speak for themselves," stated Henry Linsert, Jr., Chief Executive Officer of Martek. The producer of DHA and ARA recently revealed that it has signed a licensing agreement with Kellogg’s, which looks set to launch omega-3 fortified products in 2005.

Meanwhile Omega Protein Corporation, the world's largest manufacturer of heart-healthy fish oils containing long-chain Omega-3 fatty acids, today reported net income for the 2004 fiscal year of $3.2 million, or 13 cents per share, compared with net income of $5.8 million, or 24 cents a share, the previous year. For the fourth quarter of 2004, the Company recorded a net loss of $1.1 million.  Omega Protein recorded revenues of $119.6 million for the 2004 fiscal year which ended December 31, compared with revenues of $117.9 million for 2003.

Operating income for 2004 was $5.3 million, versus operating income of $9.5 million for the prior year. The company said that its fourth quarter results, as well as the results for the full year, reflect a lower than expected fish catch (approximately 18% below 2004 expectations and approximately 8% below 2003 fish catch level), combined with low oil yields. The reduced fish catch was primarily attributable to adverse weather conditions in the Gulf of Mexico and the low oil yields were due to reduced fat content of the fish. The reduced fish catch and low oil yields resulted in higher per unit cost inventories, as well as less product available for sale.