| Quarterly Financial Information [Text Block] |
NOTE 23. QUARTERLY FINANCIAL DATA (UNAUDITED)
Seasonal and Quarterly Results
The following table presents certain unaudited operating results for each of the Company’s preceding eight quarters. The Company believes that the following information includes all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for a fair presentation, in accordance with generally accepted accounting principles. The operating results for any interim period are not necessarily indicative of results for any other period.
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Quarters Ended 2013
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March 31,
2013
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June 30,
2013
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September 30,
2013
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December 31,
2013
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(in thousands, except per share amounts)
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Revenues (1)
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$
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48,923
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$
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41,777
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$
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87,620
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$
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65,973
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Gross profit (1) (4)
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12,097
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13,283
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29,420
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27,950
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Operating income (1)(5)
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4,723
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6,690
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21,921
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14,679
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Net income (1)
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2,845
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3,990
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13,962
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9,718
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Earnings per share (2):
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Basic
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0.14
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0.20
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0.68
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0.47
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Diluted
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0.14
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0.19
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0.66
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0.45
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Quarters Ended 2012
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March 31,
2012
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June 30,
2012
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September 30,
2012
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December 31,
2012
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(in thousands, except per share amounts)
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Revenues (1)
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$
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41,088
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$
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47,448
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$
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83,970
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$
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63,133
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Gross profit (1)
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8,892
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6,847
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13,398
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12,919
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Operating income (1) (3)
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3,170
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4,201
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2,904
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2,351
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Net income (loss) (1) (3)
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1,830
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2,510
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231
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(508
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Earnings (loss) per share (2):
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Basic
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0.09
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0.13
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0.01
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(0.03
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Diluted
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0.09
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0.13
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0.01
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(0.03
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(1)
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Revenues, gross profit, operating income, and net income (loss) are rounded to thousands each quarter. Therefore, the sum of the quarterly amounts may not equal the annual amounts reported.
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(2)
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Earnings per share are computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly earnings per share amounts may not equal the annual amounts reported.
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(3)
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Included in the quarter ended September 30, 2012 expense is a $4.1 million charge related to the U.S. Attorney investigation. A similar additional charge of $3.6 million was recognized for the quarter ended December 31, 2012. These charges were non-deductible for federal tax purposes.
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(4)
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Gross profit as a percentage of revenues for the quarter ended December 31, 2013 increased substantially as compared to the previous three quarters of 2013. This increase was due to greater than anticipated inventory production after September 30, 2013. As a result, standard cost for 2013 inventory, for which sales commenced largely in the third quarter of 2013, was decreased and cumulatively adjusted all previous sales of 2013 inventory production during the quarter ended December 31, 2013. The impact of the change in standard cost to the quarter ended December 31, 2013 is estimated to be approximately $4 million.
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(5)
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Included in the quarter ended December 31, 2013 expense is a $6.6 million charge related to the loss on the plant closure.
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The Company’s menhaden harvesting and processing business is seasonal in nature. Omega Protein generally has higher sales during the menhaden harvesting season (which includes the second and third quarter of each fiscal year) due to increased product availability and customer demand. Additionally, due to differences in gross profit margins for Omega Protein’s various products, any variation in the mix of product sales between quarters may result in significant variations of total gross profit margins. As a result, the Company’s quarterly operating results have fluctuated in the past and may fluctuate in the future. In addition, from time to time Omega Protein defers sales of inventory based on prices for its products, which may affect comparable period comparisons.
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