Omega Protein (OME), a nutritional product company and a leading integrated producer of omega-3 fish oil and specialty protein products, today reported financial results for the first quarter ended March 31, 2014.
"We continue to see strong momentum in both our animal and human nutrition segments. These results helped us generate yet another quarter of year-over-year margin and earnings growth," commented Bret Scholtes, Omega Protein's President and Chief Executive Officer.
The Company's revenues increased 30% from $48.9 million in the same period last year to $63.5 million. This increase was due to a $12.9 million increase in animal nutrition revenues and a $1.6 million increase in human nutrition revenues.
The increase in animal nutrition revenues was primarily due to increased sales prices of 15% and 1% for the Company's fish meal and fish oil, respectively, and increased sales volumes for the Company's fish oil of 88%, partially offset by decreased sales volumes of 9% for the company's fish meal.
The increase in human nutrition revenues was primarily due to sales of protein products from Wisconsin Specialty Protein (WSP), a business acquired by the Company in the first quarter of 2013. The composition of revenue by nutritional product line for the first quarter of 2014 was 45% fish meal, 40% fish oil, 13% dietary supplements and food, and 2% fish solubles and other.
First quarter of 2014 revenues decreased 4% from $66.0 million in the fourth quarter of 2013 to $63.5 million. This decrease was due to a decrease in animal nutrition and human nutrition revenues of $1.4 million and $1.1 million, respectively.
The decrease in human nutrition revenues was primarily due to lower revenues from other nutraceuticals and third party tolling.