UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Act of 1934
Date of Report (Date of earliest event reported): May 16, 2011
Omega Protein Corporation
(Exact name of registrant as specified in its charter)
Nevada | 001-14003 | 76-0562134 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
2105 City West Blvd., Suite 500 Houston, Texas |
77042 | |||
(Address of principal executive offices) | (Zip Code) |
(713) 623-0060
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.133-4(c)) |
Item 7.01 | Regulation FD Disclosure |
The Company makes and may continue to make presentations to investors, potential investors, analysts and other groups and may utilize presentation material about the Company and its industry. The Company is filing herewith a copy of this presentation material as Exhibit 99.1.
In accordance with General Instructions B.2 and B.6 of Form 8-K, the foregoing information, including Exhibit 99.1, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 | Financial Statements, Pro Forma Financial Information and Exhibits |
(a) Financial Statements of business acquired.
None.
(b) Pro Forma Financial Information.
None.
(c) Shell Company Transactions.
None.
(d) Exhibits.
99.1 | Omega Protein Corporation Shareholder Presentation dated May 17, 2011 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Omega Protein Corporation | ||||
Dated: May 16, 2011 | /s/ John D. Held |
|||
John D. Held | ||||
Executive Vice President and General Counsel |
![]() SHAREHOLDER
PRESENTATION May 17, 2011
1
Exhibit 99.1 |
![]() Omega Protein, Inc.
Reedville, VA
2 |
![]() Menhaden
Rich in History and Omega-3s
3 |
![]() Operational Locations
4 |
![]() Reedville Manufacturing Plants
Fish Processing Plant
Health & Science Center (HSc)
5 |
![]() Success Drivers
People
(Human Resources)
Leadership
Recruit the best
talent
Make sure right
people are on the
bus
Make sure right
people are in the
right seats
Process
Retool our
business
Establish business
processes to
ensure success
Hold people
responsible and
accountable
Create a culture of
discipline
Cultural Transformation
Team building
Confront the brutal
facts
No sacred grounds
Challenge the
status quo
Change is
imminent
6 |
![]() Human Resources Initiatives
Screening,
Recruiting,
Development
Programs
Wonderlic
Personnel
Test
On-the-job Training
Developing talent from
within (16
th
man
program)
Licensing Programs
(Captains, Mates &
Engineers)
Spotter Pilot Training
Retention and
Succession
Planning
Marine Maritime
Academy
Internship
Program
H2B Visas
Performance
Metrics
Captains
Score Card
7
Reaching out
to external
talent |
![]() Captains Score Card
8
Fish Catch
0
10000
20000
30000
40000
50000
60000
SETS
0
50
100
150
200
250
300
350
400
450
MAJOR REPAIRS
0
50000
100000
150000
200000
250000 |
![]() Oyster Bayou
Vessel Score Card
9 |
![]() Process Improvement Initiatives
(Reedville Specific)
Prevent particulate emission
Reduce nuisance odor
Increase drying capacity
Dupps Dryer
(2010)
Energy cost reduction
Waste heat evaporator
(2012)
Fish meal recovery
Oil recovery-
potentially as biofuels for boilers
Product waste streams
solids recovery
(2012 & beyond)
Improve system efficiency (DAF installation)
Process water conservation
Waste water treatment
systems upgrade
(2009 & beyond)
10 |
![]() Process Improvement Initiatives
(Reedville Specific)
wood-chip-burning technology evaluation
Biofuels
Energy conservation
(on-going)
Process data collection and analysis
Automation/PLC
(2010)
Purchase of surplus bait fish
Contract Fish
Procurement
(2009 & beyond)
Expand fishing opportunities
North Carolina Fishing
Model
(2010 & beyond)
11 |
![]() North Carolina Fishing Model Map
Beaufort
City Dock
Reedville
Plant
12 |
![]() Process Improvement Initiatives
(Global)
13
Enterprise Asset
Management System
(2012 and beyond)
Omega Shipyard
Expansion
(2010)
Upgrade fishing / carry
vessels
(2011 & beyond)
Link purchasing / spare parts inventory
/
preventive maintenance
Allow to leverage better procurement
opportunities
Third dry dock construction
Fleet refurbishment
Contract projects
Acquiring off-shore supply vessels
(OSVs) |
![]() Process Improvement Initiatives
(Global)
14
Expand carry vessels
concept
(2011)
Catamaran
(2010-2011)
Lean Manufacturing/
Continuous Improvement
(2011 & beyond)
Boatracs Installation
(2010)
Proof of concept in Moss Point on a full scale
Proof of concept in Reedville on a small scale
Experimental unit
Collect and analyze data
New concepts are in development phase
Overall Equipment Effectiveness (OEE)
Fish catch logistics and management
Enhanced communication |
![]() BOATRACS
15 |
![]() Operations Objectives
16
Maximize Fish
Catch
Reduce/Control
Costs
Maximize
Current Asset
Utilization
Captains
Crews
Equipment reliability
New / improved fishing techniques
Process capacity / throughput / economies of scale
Process improvement projects
Continuous improvement / Six-Sigma
Conduct energy & mass balances
Identify bottlenecks / streamline the process
Reduce downtime |
![]() Monty Deihl
General Manager
Fish Processing Plant
17 |
![]() Reedville Background
18
1903
1913
1960s
1970s
1990s
1998
John A. Haynie Co.
Haynie Snow & Co.
Reedville Oil &
Guano
Haynie Products
Zapata Haynie Corp.
Zapata Protein Inc.
Omega Protein, Inc.
1878 |
![]() Reedville Background
Reedville Plant in early 1950s
19 |
![]() George Henry Deihl, Menhaden Captain circa 1910-1930 (Montys
Great-grandfather) Irvin L. Deihl, Sr., Menhaden Captain,
1935-1968 (Montys Grandfather) Irvin L. Deihl Jr., Menhaden
Captain, 1959-1999 (Uncle) Harold Teenie
Deihl, Menhaden Captain, 1960-2001 (Uncle)
Henry C. Deihl, Menhaden Captain, 1963-2007 (Father)
James Deihl, Menhaden Captain, 1967-2000 (Uncle)
John Mark Deihl, Spotter, 1992-present (Brother)
Joel C. Deihl, Fishermen, 2010-present (Son)
Kenneth Loving, Chief Engineer, 1975-present
(Father-in-law) Diehl Family History in Reedville
Menhaden Fishing
20 |
![]() Pursing the net; photo of Grandfather,
Capt Irvin L. Deihl, Sr. circa 1958, on a
set in Chesapeake Bay
Crew of M/V Margaret
1956; Capt Irvin L.
Deihl, Sr;. son Irvin L. Deihl, Jr (21 yrs old)
is Mate (standing holding line) and another
son, Henry C. Deihl (15 yrs old) (Montys
father) at far right
21 |
![]() Getting ready for the Steamer to pick up; M/V
Margaret
circa
1958,
photo
17
year
old
Henry
Deihl on right and 16 year old brother James
Deihl standing looking in net
(another son of Capt Irvin Deihl, Sr)
21
year
old
Irvin
Bucky
Deihl,
Jr.,
Mate,
on
bridge of M/V Margaret in 1958. This photo
is on the cover of Omegas video series CD
22 |
![]() Fish Processing Plant
Number of employees
275 (Marine & Shore Side)
Fish Processing Capacity
Up to 600+ million fish
23 |
![]() Reedville Fish Processing Plant
24 |
![]() Process Stack Removal
25 |
![]() 26 |
![]() Manufacturing Process Flow Diagram
27 |
![]() Manufacturing Process Logic Controls
(PLC)
28 |
![]() Schools of Menhaden
29 |
![]() 30 |
![]() 31 |
![]() 32 |
![]() 33 |
![]() 34 |
![]() 35 |
![]() 36 |
![]() 37 |
![]() 38 |
![]() 39 |
![]() 40 |
![]() 41 |
![]() 42 |
![]() 43 |
![]() 44 |
![]() Net Sets
Map
Reedville
45 |
![]() Jane Crowther
Senior Director
Health & Science Center
46 |
![]() Refined Omega-3 Oils
47 |
![]() 48 |
![]() HSc Certifications
49 |
![]() Refined Oil Process Flow
50 |
![]() Oil Processing Step 1
Silica Treatment
Silica Treatment
Silica is added to crude oil under heat to remove
proteinaceous, mucilagenous materials.
51 |
![]() Oil Processing Step 2
Fractionation
Fractionation
Oil is chilled over time in crystallizers and saturate fraction
is filtered
reduces the saturate level and clarifies the oil
increases omega-3 content
52 |
![]() Oil Processing Step 3
Refining
Refining
Sodium Hydroxide (NaOH) or caustic
is added to heated oil. The oil is then
mixed, centrifuged and washed with
water to remove excess caustic and
soap.
reduces the free fatty acids via
conversion to water soluble soap.
reduces materials which contribute to
odor reversion and oxidation in the
deodorizer.
53 |
![]() Oil Processing Step 4
Bleaching
Bleaching
Absorbent technology using clays,
carbon, montmorillanite, bentonite,
silica, diatomaceous earth, etc.
added to heated oils under
vacuum. Oil + clay are then
filtered to remove the clay.
removes pigments and lightens
color.
removes metallic cations (iron,
copper, cadmium, arsenic) to
reduce oxidation.
54 |
![]() Oil Processing Step 5
Deodorization
Deodorization
Refined Oil is heated to ~400 deg F
under high vacuum (<7mmHg),
dried, degassed, then steam is
injected into the oil to remove
flavor, odor and residual free fatty
acids, aldehydes, ketones, and
other volatile components etc.
carefully controlled deodorization
gives a flavorless menhaden oil.
55 |
![]() Oil
Processing Step 6 Stabilization
Stabilization
During Deodorization, chelators are added (aqueous
citric acid), to chelate or bind residual metals.
Antioxidants are added during cool down in the
antioxidant addition tank and metered into the oil on the
way to storage.
Mixed Tocopherols
Vitamin E
TBHQ
tertiary butylhydroquinone
Ascorbyl Palmitate
56 |
![]() Omega-3 &
Animals
Danny, the polar bear, had a fatty acid deficiency:
itching coat, inflammation
listless
unhappy
Omega Protein provided
appropriate amount of
Omega-3 oil for his diet
& in 3 months
Cincinnati Zoo, 2000
Danny is much
Danny is much
better
better
57 |
![]() Before
Omega-3
Imperial College of Medicine/Dyspraxia Foundation
After
Omega-3
Omega-3 & Humans
58 |
![]() Questions?
59 |
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