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Omega Protein Corporation (NYSE:OME)

Q3 2012 Earnings Call

November 6, 2012 09:05 am ET

Executives

John D. Held – Executive Vice President, General Counsel and Secretary

Bret D. Scholtes – President and Chief Executive Officer

Andrew C. Johannesen – Executive Vice President and Chief Financial Officer

Analysts

Tim Ramey – D.A. Davidson & Co.

Tyson Bauer – K.C. Capital

James Fronda – Sidoti & Company, LLC

Operator

Greetings and welcome to the Omega Protein Third Quarter 2012 Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator instructions)

It is now my pleasure to introduce your host, John Held, Executive Vice President and General Counsel. Thank you, Mr. Held. You may begin.

John D. Held

Good morning, and welcome to Omega Protein’s third-quarter 2012 earnings conference call. By now everyone should have had access to the earnings release for the third quarter ended September 30, 2012. For a copy of the release, please visit Omega Protein’s website at www.omegaproteininc.com under investor relations.

This call is being webcast and a replay will be available on the company’s website for 90 days. Before we begin, we would like to remind everyone comments made by management during today’s call will contain forward-looking statements. These forward-looking statements discuss plans, expectations, estimates and projections that might involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Additional information about risk factors and the uncertainties associated with Omega Protein’s forward-looking statements can be found in the company’s third quarter earnings release, our annual report on Form 10-K for fiscal 2011, our quarterly report on Form 10-Q for the third quarter of fiscal 2012, and in the company’s other filings with the SEC.

Because of these risks and uncertainties, investors should not place undue reliance on forward-looking statements. Omega Protein disclaims any intention or obligation to update or revise any forward-looking statements. Please also note that on today’s call management will be referring to non-GAAP financial measures, including adjusted EBITDA. Historical non-GAAP financial measures are reconciled to the most directly comparable GAAP measures in our press release, which is available on our website.

Some of the information presented is derived from third-party sources, and while we believe this information to be reliable, we have made no independent investigation of these third-party sources, or attempted to verify the veracity of the third-party data in any way. I would now like to turn the call over to our President and Chief Executive Officer, Bret Scholtes, for opening remarks.

Bret D. Scholtes

Thanks John. Good morning everyone. Thank you for joining us today. This morning I will begin by providing you with a brief overview of our business and performance for the third quarter. Our CFO, Andrew Johannesen, will then share more specific details about the financial results. Finally, I will provide some closing remarks, and then we will open up the call to take your questions.

We reported third quarter 2012 revenues of $78 million, the highest quarterly revenue in company history, which is the result of strong fish catch, improved pricing and continued growth in our human nutrition business.

Earnings were $0.01 per diluted share, including the impact of a $4.1 million charge related to the U.S. Attorney’s Office investigation. Excluding the impact of the reserve, our earnings would have been $0.21 per diluted share. As many of you know, our fishing season winds down after the third quarter. Our Gulf fishing season ended October 31, and our Atlantic operations will start fishing in early December.

I would now like to provide you with more detail on our year-to-date harvesting results. Through September 30, we caught over 512,000 tons of fish. These results were 18% above the five-year average, and within 0.5% of our 2011 catch. As a reminder, 2011 represented the highest fish catch since 2002.

Through October 25, our catch was 15% above the five-year average, and 2% below 2011. We continue to believe these strong catch results reflect a combination of operational efficiencies and a large population of menhaden in both the Atlantic and Gulf fisheries. Weather conditions for the season has the normal overhaul, as generally favorable weather conditions in the first half of this season gave way to some interruptions from Hurricanes Isaac and Sandy. Fortunately, we did not realize any damage to our operations as a result of the hurricanes.

Our strong year-to-date fish catch has been negatively impacted by very low yields, the weakest in recent history. Through September 30, our total yield for the year was 33.4%, a 3% decrease from our 2011 yield and 10% below the five-year average. This low total yield was driven by oil yields that have been 19% below 2011 levels, and 41% below the five-year average.

Andrew will quantify the financial impact of low yields in a few minutes. We continue to experience more stringent regulation across our industry. The Atlantic States Marine Fisheries Commission or ASMFC continues to evaluate whether to impose harvest restrictions on our East Coast operations, which could affect both the amount of product we may ultimately be able to produce and our cost of operations. The ASMFC Menhaden Board will be meeting in December, and at that point we expect to know more about what future steps will be proposed.

As disclosed last week, our discussions with the U.S. Attorney’s Office continue. The U.S. Attorney’s Office has been reviewing an EPA enquiry that began in 2010, and a coastguard inspection that occurred in early 2011. Recently, the U.S. Attorney’s Office proposed a settlement that would involve a plea to criminal charges and a payment of a fine.

We intend to continue discussions with the U.S. Attorney’s Office, and while we do not think these matters should be resolved in a criminal disposition, we recognize that we will most likely incur some combination of fines in addition to defense costs. We estimate these future fines and legal fees could range from $4.25 million to $10 million, and we have therefore accrued a $4.25 million reserve in the third quarter.

As you can appreciate, I cannot discuss the details of a pending legal matter at this time due to a pending investigation, but I can assure you that complying with applicable laws and regulations is something we take extremely seriously at Omega Protein. For the last year, we have conducted an in-depth review to identify areas in which our operations and compliance practices can be improved, and have already implemented a number of measures.

These include utilizing outside experts to develop and implement a more rigorous marine compliance program, hiring additional experienced personnel with maritime and environmental compliance expertise, and realigning leadership in our reporting relationships. Despite these regulatory headwinds, we continue to be encouraged by developments in our markets. We see strong demand for our fish meal and fish oil products from our animal nutrition customers, including the aquaculture, swine and pet food industries.

On the supply side, we expect flat to lower growth of supply of fish oil and fish meal over the next six months. Driven by Peru’s announcement last week that the quarters for the second season of 2012 will be significantly lower than last year. As a result, we expect soft fish meal and fish oil prices to continue to strengthen.

Long-term, we believe the pricing outlook for both products should be favorable as key global trends, including the increasing demand for quality ingredients support increased consumption of our animal nutrition products.

At the end of the third quarter of 2012, we had sold forward on a contract basis approximately 39,000 tons of fish meal for the remainder of the year. We expect fourth-quarter fish oil sales volume to be low, based on the season’s oil yields and limited available inventory. We expect forward contracts, which have generally been entered into over the last 12 months to account for a significant majority of our fourth quarter sales of both products.

Moving to human nutrition, revenues for our legacy Cyvex business are at 40% year-to-date versus 2011, and Cyvex recorded gross margins of 45% in the third quarter, and 41% year-to-date.

Combining these results with those of our Chicago area fish oil concentration facility, gross margins were 17% in the third quarter and 23% year-to-date, which includes transition cost for the facility and the impact of its underutilization as we develop the business. We have a healthy backlog of orders and remain optimistic about the growth opportunities for this business long-term.

We continue to make progress on our Omega Active fish oil for the human supplement market. While Omega Active third-quarter sales were immaterial, we continue to expand our product offerings and customer base, including an upcoming product launch that will feature Omega Active’s unique concentration of the Omega 3 ingredient, TPA. We continue to transition our Chicago area production facility from a toll processor to a specialty processor of fish oil. And believe our vertically integrated fish oil operation creates an excellent competitive advantage in the dietary supplement industry.

We remain excited about the opportunities in the human nutrition industry, and continue to work with current and prospective customers to expand the markets for our existing products and develop new products to drive continued growth in this area.

And with that, I would now like to turn the call over to our Executive Vice President and CFO, Andrew Johannesen, to discuss the third quarter financials in more detail.

Andrew C. Johannesen

Thank you Bret and good morning everyone. I would like to begin by discussing our quarterly operating results. As many of you know, the third quarter is typically our largest revenue quarter in the year due to our production cycle and seasonality and customer demand. As Bret noted, in the third quarter of 2012 we set a record for quarterly revenues. For the third quarter, revenues totaled $78 million, a 73% increase from the second quarter of 2012.

The increase in revenues over the prior quarter is primarily due to fish meal sales volumes, which more than doubled, and a 6% increase in both fish oil and fish meal sales prices, partially offset by 13% lower fish oil volumes. The increase in fish meal sales volumes is primarily due to higher export volumes, and increase in sales prices were primarily due to sales under newer higher priced contracts.

Fish oil sales volumes decreased as a result of lower available inventory due to the low fish oil yields. Relative to the third quarter of 2011, revenues increased 8%, driven by a 30% increase in fish meal sales volumes, and a 16% increase in fish oil prices, partially offset by a 49% reduction in fish oil sales volumes. Fish meal prices were flat across the two periods.

Cyvex, the company’s human nutrition ingredient subsidiary, contributed $4.4 million of revenues to the third quarter of 2012, an increase from $4.2 million in the previous quarter, and $3.4 million in the same period a year ago. For the quarter, total revenues were comprised of 75% fish meal, 16% fish oil, 6% specialty nutraceutical ingredients, and 3% fish solubles and other. At 16%, fish oil as a percent of revenues declined

nearly 50% from last quarter in the third quarter of 2011.

Year-to-date revenue per ton for our animal business was $964, slightly under our full-year 2011 average of $979. This number declined slightly from last quarter’s call due to the reduction in the percentage of sales attributable to higher priced fish oil. As Bret discussed, we expect the majority of fourth quarter sales to be under forward contracts. As older contracts roll off, and new contracts roll on, we expect average prices for our fourth quarter forward sales to increase modestly from third quarter levels.

Third quarter gross profit was $13.4 million, or 17.2% of revenues, versus $6.8 million or 15.2% of revenues for the second quarter of 2012. The increase in gross profit as a percentage of revenues was primarily due to higher fish oil and fish meal sales prices, partially offset by higher cost per unit of sales.

The higher cost per unit reflects the transition from 2011 season products, which comprise the bulk of second-quarter sales to the higher cost 2012 season products, which was sold in the third quarter. As we have previously discussed, the increased cost per unit for the 2012 season is driven primarily by low fish oil yields we have experienced this year. To quantify the impact on unit costs, (inaudible) yield has been equal to our five-year average.

We estimate that gross margin would have been approximately 26%, and EPS would have been about $0.22 higher or $0.43 per share for the quarter, if you also exclude the impact of the U.S. Attorney charge. It should also be noted these estimates do not include the impact of low yields on sales volumes. Low oil yields reduce the volume of our highly valued oil available for sale, which negatively impacts revenue and profitability, and increases the proportion of lower-priced fish meal in our product mix.

Compared to the third quarter of 2011, gross profit was flat at 13.4 million, although it declined 1.5% of sales due primarily to the higher cost per unit. Please note that these gross profits and margins include our human nutrition business. Cyvex generating a gross profit of 2 million or 44.6% of Cyvex’s revenues, compared to $1.7 million of gross profit and 40.1% in the second quarter of 2012, and $1.7 million or 48.4% in the third quarter of 2011.

Selling, general and administrative expenses of $5.6 million increased $0.2 million from the previous quarter due primarily to higher professional services cost. As Bret discussed,

we have recorded a $4.25 million reserve for the U.S. Attorney’s Office investigation. Of this amount, $4.1 million was expensed in the third quarter. During the quarter, we also recognized a 0.1 million impairment on our intangible asset related to our InCon’s subsidiary’s trade name, the result of our continuing migration away from InCon’s legacy business model as a toll processor.

Adjusted EBITDA was $11.6 million, more than double the $5.2 million realized last quarter, and roughly in line with the $11.3 million in the third quarter of 2011. As the result of the previously discussed items, net income for the third quarter was $0.2 million or $0.01 per diluted share, compared to net income of $2.5 million or $0.13 per diluted share in the previous quarter. Excluding the investigation charge, net income for the third quarter of 2012 would have been $4.3 million, or $0.21 per diluted share. Excluding the impact of the net gain on disposal of assets and the investigation charge, net income for the second quarter of 2012 would have been $0.3 million or $0.02 per diluted share. Net income for the third quarter of 2011 was $12.7 million, or $0.24 per diluted share.

Turning to capital expenditures, we continue to estimate that our 2012 capital expenditure budget will be in the range of $23 million to $25 million based on our current projects and initiatives with a significant portion, over $20 million, incurred in the first nine months of 2012. In addition to maintenance CapEx, this includes capital to enhance some of our production assets, and comply with regulatory requirements.

I will finish by discussing our balance sheet, which continues to provide us with the financial flexibility needed to implement our strategic objectives. We ended the quarter with $41 million of cash, reflecting a $19 million increase during the quarter due largely to operating results and seasonal working capital flows. Total debt was $28 million as of September 30, 2012, and shareholders equity increased to $206 million and our book value per share ended the quarter at $10.46.

That concludes our financial review. I will now turn the call back to Bret for some brief closing remarks.

Bret D. Scholtes

Thanks Andrew. In closing, we believe the long-term outlook for Omega Protein is promising as we take advantage of growing demand for quality health and wellness products. In the last 18 months we have accomplished strategic initiatives and operational goals (inaudible) Omega Protein’s business model, and expand our offerings of complementary value-added products.

We will continue our efforts to enhance and expand our existing business platform over the next few years by pursuing strategic growth opportunities that better position Omega Protein for future growth, while simultaneously reducing our volatility and exposure to the commodity markets. Going forward, we are committed to managing the controllable aspects of our business and increasing shareholder value by prudently growing the earnings and cash flow.

That concludes our prepared remarks for the day. On behalf of Andrew, John and I, we like to thank everyone for their interest in Omega Protein. The three of us along with other members of our management team are now available to take your questions. Operator.

Question-and-Answer Session

Operator

(Operator instructions) Our first question is from the line of Tim Ramey of D.A. Davidson. Please proceed with your question.

Tim Ramey – D.A. Davidson & Co.

Good morning. Thanks. Let us see, I think I heard Andrew’s comments about 4Q revenue being perhaps positively impacted by price, but Bret, earlier you made a comment on volume, and I just wondered if you would repeat that and elaborate just a bit on 4Q volume if you could?

Bret D. Scholtes

Is 4Q down of what we expect. I am sorry, Tim, what we expect to sell in the fourth quarter?

Tim Ramey – D.A. Davidson & Co.

Yes.

Bret D. Scholtes

I think the comment that we made relate to the forward sales that we had on the books for the – well, it is not really so for the 39,000 tons of fish meal, and then we made the comment that – fish oil right now is not going to be a large contributor in the fourth quarter due to inventory, even though (inaudible).

Andrew C. Johannesen

And this is Andrew. You captured those two points correctly in terms of what we expect regarding price on the, just add to Bret’s comment on volumes, as you know, the third quarter is typically our highest volume quarter. So we expect volumes to come off in the fourth quarter. Inventory levels at the end of the third quarter this year are a little bit lower than they were at the end of the third quarter last year. So, that (must have) sold over the fourth quarter and the first and second quarter of next year, just to give you a little extra perspective on that.

Tim Ramey – D.A. Davidson & Co.

Okay. And just maybe you could elaborate a little bit on your selling strategy, or your contracting strategy, you know, I mean obviously we had a huge increase in meal sales, but it doesn’t feel like it from a margin perspective, what was your thinking or strategy about how to kind of treble those tons into the market. It seems like they have – they went pretty quickly at not particularly impressive prices?

Bret D. Scholtes

Well, I guess just for the first issue about the sales strategy, you know, we try not to speculate a whole lot on price in that we have a certain amount that is available to sales, and we are always kind of looking into those contracts over time, because we are seeing prices, it is a perfect example of how prices have moved just in the last, probably 10 or 11 months. We have seen prices for meals will be quite low as a result of large – actually a large part of that is in Peru. And you saw that really comes through at the end of the second quarter of the year.

As prices were going up, the first half of this year, we were entering into those contracts for the back half of this year, and so you are seeing the revenue per ton actually increase as the year has progressed. And last week, we saw the second half season in Peru, which is a big driver of prices. Globally came down and now we are seeing prices at we think are going to be – continue to strengthen going into next year.

So, here from a sales strategy what we are doing prior to whatever is to kind of to take exposure off along the way. As far as when we saw volumes, that probably has more to do with when our customers need the product than it does with us necessarily making calls about you know, we need to get certain amounts out.

If you look at out sales of domestic – to domestic customers, for example, all of those customers are taking products pretty consistently throughout the periods. They are parts where they take more or less, but we were delivering to them you know in January just as well as we were delivering to them in September.

If you are talking about selling to like an aquaculture player, because of when the aquaculture season is at its height, which is particularly in the second and third quarter, we’re going to sell more in those quarters. And so, just to summarize, you know, the pricing is something that we are looking to take exposure off throughout the year, and always leaving something open in case prices go up. And from a volume standpoint that is being driven by [when customers need it], which is typically more third quarter…

Andrew C. Johannesen

And another point to clarify on pricing, the [middle] prices looked at in isolation were up 6% over the prior quarter, so not an insignificant move for a three-month period. As Bret said, that is a combination of older contracts since the newer contract of higher prices rolling in. When you look at pricing at an all-in basis across all the animal sales, the increase is less dramatic because of the shift from in terms of a percentage of sales attributable to oil. So with the low yields we had a higher proportion of our sales going to fish meal in this quarter than in the last quarter, it is just the lower priced product in oil that pulls the average price down, and masks the increase in the underlying prices.

Tim Ramey – D.A. Davidson & Co.

Thanks so much. That is helpful.

Bret D. Scholtes

Thanks Tim.

Andrew C. Johannesen

Thanks Tim.

Operator

Thank you. Our next question is from the line of Tyson Bauer of K.C. Capital. Please proceed with your question.

Tyson Bauer – K.C. Capital

Hi, great job on an excellent fishing season given the difficulties and the late weather, it is a good job there.

Bret D. Scholtes

Thanks.

Tyson Bauer – K.C. Capital

Following up on kind of Tim’s line of questionings, the average price basket as we enter into 4Q, when we’re looking at spot prices around 1000, I think you had meal oil jumping up to $1750, $1800 there. And then when you look at your basket price that you had in Q3, and it would appear that we are going to have a more heavily mix towards forward contract sales as opposed to spot sales in Q4. Can you provide a little color on kind of that average basket price that we should be realizing as we walk into 4Q?

Andrew C. Johannesen

This is Andrew. You know that price is, as you said it is going to be heavily weighted towards forward sales, those sales have been entered into over the last few quarters. So, if you think of it as a basket of where pricing has been over the last year, as we compare the contracts what we will be seeing in the fourth quarter versus the third quarter some of those older lower priced contracts have rolled off. We have some newer higher priced contracts rolling on.

So, you know, as a result of that we do expect pricing on the forward contracts to be a little higher than we saw in the third quarter. The exact magnitude of that is going to depend in large part on what product ships when, in terms of what gets triggered for revenue recognition purposes in the fourth quarter. So, a large – a lot of a relatively high or low priced product could move that – could have an impact on that overall price. But directionally we would expect that to move up.

Tyson Bauer – K.C. Capital

When we see the spot market as we do now that is – seemingly it would give you a much higher average price basket given what you have in inventory. Do you have measures to pull-back on those contracts and attempt to recognize more than spot levels?

Bret D. Scholtes

You know, the contracts that we have entered into right now are we are happy with the prices our good customers we have entered into the contracts with them. There is opportunities consistently to enter into the new contracts further out. So, the contracts that we have on the books will absolutely sell for the prices we contracted for. And you know, Mark Griffin and his team are already talking to customers about further out in the future, and hopefully capturing those prices as we go forward.

Tyson Bauer – K.C. Capital

You have been on it for a long process of trying to find some growth opportunities in the M&A side, and we have had struggles in realizing that potential in yourselves, your investment banker, can you give us a little flavor on why we have had so many struggles and difficulties identifying and you know, securing some of these other growth opportunities?

Bret D. Scholtes

Sure. We are also pretty happy with the growth prospects we have had today. You know, in the last two years we have done two acquisitions, which you know, it has really gotten – first not in a position to give more value for the oil going forward. I think when you look at what we want to do as a company, it is going to be making sure that we get the maximum return to our existing asset base with the access to the resource that we have, and the acquisitions on the fish oil side have done that.

There is no doubt that we continue to look for other acquisitions, compared to other nutritional platforms, and there are opportunities out there, but as far as getting an opportunity that we believe is the right size, so that we don’t jeopardize the great balance sheet we have, that is something that is close to the core of what we do, such that we can bring it into the company, and have a goods based on it, it is going to mix well with what we do, it fits with our R&D team, it is sold to existing customers, all the criteria that we have.

And we decided to knock on the opportunity that we have been willing to pull the trigger on right now. And we have had an extremely strong balance sheet for some period of time, stronger than probably we would like in terms of more excess cash than we would like, but you know, we think that the opportunities are definitely out there. It is just a matter of us making sure that it is the right opportunity before we proceed.

Tyson Bauer – K.C. Capital

Okay, and for your shareholders obviously December 14 is an important date for your company to see what happens on the Atlantic side, given the public common period that was going on late this fall, give us the kind of the range of what could be expected and also any recourse the company would have depending on what is ultimately determined by that commission.

Bret D. Scholtes

There has been – for those of you who are not familiar I think everyone probably knows that prices are according to the ASMFC process. In my comments I talked about the Menhaden board meeting in December. The range of options are everything from a no cut to they probably got an amendment to a 50% cut. And where everything shapes out, where we are not sure either, the model that was initially used to drive this was not something that the board decided that they were going to rely on.

And so, you will note a process right now to walk through all the details, and (inaudible) with that, but the ASMFC board is working through that and we will see in December where that shapes out. It is really too difficult for me to give you kind of a pinpoint answer of where I think that could end up.

Tyson Bauer – K.C. Capital

Well, we’re talking about approximately about 20% of your overall volume on that side?

Bret D. Scholtes

Yes, the Atlantic accounts for a little bit more than that. It is probably roughly a third depending on the – so, you obviously note that we’re talking about that could be subject to – a potentially quote would be about a third of our low catch.

Tyson Bauer – K.C. Capital

And last comment from me, in talking to a representative, they give at least optimism that given the – being more larger fish this year, that to get a snapback on oil yields are improving oil yields in the future fishing periods, that would be the set up that would be required from your standpoint and your distribution of catch, are you seeing greater [cues] being caught this year than last year, and do you share that same optimism?

Bret D. Scholtes

Yes, yes, we are seeing greater [cues]. There is no doubt that the recruitment was quite strong in 2010 and 2011, and you know, we’ve seen a tremendous number of fish out there this year, and hoping it to be the same way. So, I think that what you said is what I believe as of this point in time.

Tyson Bauer – K.C. Capital

Excellent. Thank you, gentlemen.

Bret D. Scholtes

Thank you.

Operator

(Operator instructions) Our next question is from the line of James Fronda from Sidoti & Company. Please proceed with your question.

James Fronda – Sidoti & Company, LLC

Hi, guys. How are you?

Bret D. Scholtes

Hi, James. How are you?

Andrew C. Johannesen

Hi James.

James Fronda – Sidoti & Company, LLC

Pretty good. Most of my questions were already answered, but I guess just in terms of the Cyvex business, I mean how large do you think you can get that business and I guess how quickly if you will be able to achieve much higher revenue than it is now?

Bret D. Scholtes

Andrew.

Andrew C. Johannesen

Cyvex has been doing exactly what we want to do, which was having access to the dietary supplement market, which is the primary area where fish oil for humans goes to. If you look at both – the ingredients that they have, they are non-fish oil as well as the fish oil ingredient. We have seen tremendous success there as mentioned in our comments today.

Roughly 40% year-over-year in that – kind of in the whole human nutrition. And that is what is out. We are just kind of starting to get traction on the fish oil side. So I think that if what we are doing there it exceeds all of our expectations, which is the good thing and I think we are going to see in the fish oil side coming forward as we get there more products, it is going to be very promising and I think that the key to growing that business over time is continuing to work with the customer base they have, which is a kind of a who is who in the supplement industry, continuing to get new and innovative products that we’re working with other customers to bring to market, and then just continue to be in the market, you know, the human nutrition player which is where we’re looking to go.

James Fronda – Sidoti & Company, LLC

All right.

Bret D. Scholtes

Just to add on that at the time you talked about 40% growth in revenue year-to-date for the first nine months of this year versus last, of this year’s sales, the Omega Active, the fish oil in the humans is a relatively small portion, only about 5% of revenues. So, most of that growth is coming from their legacy non-marine business, and so today it really doesn’t reflect what we feel is the potential on the human oil side. That will give – is an opportunity for additional growth going forward.

James Fronda – Sidoti & Company, LLC

Okay, all right. Thanks guys.

Bret D. Scholtes

Thanks James.

Andrew C. Johannesen

Thanks James.

Operator

Thank you. We have reached the end of our question-and-answer session. At this time, I will turn the floor back to management for closing comments.

Bret D. Scholtes

Thank you again for your interest in Omega Protein. I really appreciate your participation today. I look forward to seeing everybody in the coming months, including at any investor conferences we will be at, and next week at (inaudible). Have a good day.

Operator

This concludes today’s teleconference. You may disconnect your lines at this time, and thank you for your participation.

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