Houston, Sept. 30 - Omega Protein Corporation, the nation's leading producer of Omega-3 fish oil and specialty fish meal products, today announced an update on the impact of hurricanes in the third quarter 2008. As previously reported, the Company's Cameron, Louisiana and Abbeville, Louisiana fish processing facilities were both damaged by Hurricane Ike.
The Company's Abbeville facility was restored to full capacity on September 22, 2008. Some additional repair work will need to be done in the upcoming 2008 off-season but the facility is now available for processing.
The Company's Cameron facility is continuing its repair schedule and is expected to be fully functional prior to the beginning of the 2009 fishing season. For the remainder of the 2008 fishing season, the Company has redeployed all of its ten Cameron vessels to its Abbeville and Moss Point, Mississippi facilities.
The Company anticipates significantly higher per unit production costs for its 2008 total production due to lost fishing days caused by Hurricanes Gustav and Ike and due to additional operating costs. In addition, the lost fishing days will result in lower 2008 product volumes available for sale.
Separately, the Company announced receipt of a $1.2 million grant, net of fees and expenses, from the Louisiana Department of Wildlife and Fisheries. The grant provides assistance for commercial fishing owners impacted by Hurricanes Katrina and Rita in 2005. Additional grants for 2005 hurricane assistance may also be available from the state of Mississippi, but the Company is unable to predict when such aid may be available or in what amounts.