Exhibit 99.1

Omega Protein Announces Third Quarter 2016 Financial Results

HOUSTON, TX – November 2, 2016 – Omega Protein Corporation (NYSE:OME), a nutritional product company and a leading integrated provider of specialty oils and specialty protein products, today reported financial results for the third quarter and nine months ended September 30, 2016.

Third Quarter 2016 Highlights

“We are generally pleased with the strength of our third quarter operational and financial performance,” commented Bret Scholtes, Omega Protein’s President and Chief Executive Officer. “Our animal nutrition segment continued to benefit from favorable volume and pricing which produced the highest quarterly Adjusted EBITDA since we started calculating it. In addition, we recently concluded a successful fishing season in the Gulf of Mexico with solid harvest and production results which we believe will help us meet the high demand for our products in the quarters ahead. Although our human nutrition segment continues to struggle, we are focused on some near term action plans to identify and grow key products and address additional SG&A efficiencies. Animal nutrition is well positioned for the future and will benefit from the recent regulatory decision to increase the Atlantic menhaden quota by 6.45%. Finally, we are focused on opportunities to further enhance our operating and capital efficiency.”

Third Quarter 2016 Results

The Company's revenues decreased 3% from $112.2 million in the same period last year to $108.8 million. This decrease was due to a $7.9 million decrease in human nutrition revenues, partially offset by $4.5 million increase in animal nutrition revenues. The decrease in human nutrition revenues was primarily due to lower sales of specialty oils, including coconut oils. The increase in animal nutrition revenues was primarily due to increased sales volumes of 16% for fish meal and increased sales prices of 4% for fish oil, partially offset by decreased sales prices of 1% for fish meal and decreased sales volumes of 11% for fish oil. The composition of revenues by nutritional product line for the third quarter of 2016 was 52% fish meal, 20% fish oil, 28% dietary supplements, and less than 1% other.

Third quarter of 2016 revenues decreased 3% from $112.7 million in the second quarter of 2016 to $108.8 million. This decrease was due to a $3.9 million decrease in animal nutrition revenues, while human nutrition revenues were essentially flat. The decrease in animal nutrition revenues was due to decreased fish oil sales volumes of 50%, partially offset by increased fish meal sales volumes of 31% and increased fish oil sales prices of 11%; fish meal sales prices were flat. The increase in fish oil sales prices was primarily due to a change in the product mix of higher priced refined and lower priced crude oils.

The Company reported gross profit of $33.0 million, or 30.4% as a percentage of revenues, for the third quarter of 2016, versus $35.2 million, or 31.4% as a percentage of revenues, in the third quarter of 2015. The decrease in gross profit as a percentage of revenues was due to decreases in both the animal nutrition and human nutrition segments. Animal nutrition gross profit as a percentage of revenues decreased from 39.3% to 37.5%, due primarily to lower fish catch and production in 2016 compared to 2015, which led to an increase in the cost per unit of sales in the 2016 period. Human nutrition gross profit as a percentage of revenues decreased from 16.6% to 12.6% due primarily to corresponding decreases in specialty oils and protein products.

Compared to the second quarter of 2016, third quarter gross profit decreased from $33.4 million to $33.0 million, but increased from 29.6% to 30.4% as a percentage of revenues. The increase in gross profit as a percentage of revenues was due primarily to an improvement in the human nutrition segment. Animal nutrition gross profit as a percentage of revenues increased from 37.4% to 37.5%. Human nutrition gross profit as a percentage of revenues increased from 9.2% to 12.6% primarily as a result of a corresponding increase for specialty oils, due in part to shifts in product mix.

Selling, general and administrative expense, including research and development expense (“SG&A”), for the third quarter decreased to $10.4 million compared to $12.4 million in the third quarter of 2015 and $11.8 million in the second quarter of 2016. The decreases were primarily due to reduced labor expenses and professional fees.

Plant closure expenses were $0.7 million in the third quarter of 2016 compared to $0.6 million in the third quarter of 2015 and $1.0 million in the second quarter of 2016. The third quarter of 2016 expense is primarily due to the Company’s decision to focus its omega-3 oils manufacturing operations on non-concentrated oils and dispose of its Batavia, Illinois oil concentration facility.

Gain on foreign currency related to Bioriginal Food & Science (“Bioriginal”) was $0.2 million for the third quarter of 2016 compared to a $0.8 million loss in the third quarter of 2015 and a $0.1 million gain in the second quarter of 2016.

Net income for the third quarter of 2016 was $14.6 million ($0.64 per diluted share) compared to $10.6 million ($0.47 per diluted share) in the same period last year and $5.7 million ($0.25 per diluted share) in the second quarter of 2016. Excluding adjustments for certain items, adjusted net income for the third quarter of 2016 was $15.2 million ($0.67 per diluted share), compared to $14.8 million ($0.66 per diluted share) in the same period last year and $14.1 million ($0.62 per diluted share) for the second quarter of 2016.

Adjusted EBITDA totaled $29.0 million for the third quarter of 2016, compared to $28.7 million for the same period last year and $28.6 million for the second quarter of 2016.

Nine Month 2016 Results

Revenues in the first nine months of 2016 increased 11% to $306.2 million compared to $277.0 million for the nine months ended September 30, 2015. The increase in revenues was due to a $42.6 million increase in animal nutrition revenues partially offset by a $13.4 million decrease in human nutrition revenues. The increase in animal nutrition revenues was primarily due to increased sales volumes of 29% and 50% for fish meal and fish oil, respectively, partially offset by decreased sales prices of 4% and 11% for fish meal and fish oil, respectively. The decrease in fish oil sales prices is due in part to a change in the product mix of higher priced refined and lower priced crude oils. The decrease in human nutrition revenues was primarily due to a decrease in sales of specialty oils and other nutraceutical ingredients, partially offset by an increase in sales of protein products.

The Company recorded gross profit of $91.3 million, or 29.8% as a percentage of revenues, for the first nine months of 2016, versus gross profit of $75.8 million, or 27.4% as a percentage of revenues, for the first nine months of 2015. The increase in gross profit as a percentage of revenues was due to an improvement in the animal nutrition segment from 36.0% to 38.2%, and an increase in the proportion of revenues attributable to the animal nutrition segment, partially offset by a reduction in human nutrition gross profit as a percentage of revenues from 14.2% to 11.5%.

Net income for the nine months ended September 30, 2016 was $28.6 million ($1.27 per diluted share) compared to $21.0 million ($0.95 per diluted share) for the same period last year. Excluding adjustments for certain items, net income for the nine months ended September 30, 2016 was $38.3 million ($1.70 per diluted share) compared to $27.0 million ($1.21 per diluted share).

Adjusted EBITDA totaled $78.1 million for nine months ended September 30, 2016, compared to $60.7 million for the same period last year.

Balance Sheet

Total debt decreased $19.1 million from $24.1 million on December 31, 2015 to $5.0 million on September 30, 2016. Stockholders' equity increased $36.2 million to $331.4 million as of September 30, 2016 compared to $295.2 million as of December 31, 2015.

ASMFC Decision to Increase 2017 Atlantic Menhaden Quota

In October 2016, the Atlantic States Marine Fisheries Commission (ASMFC) voted to increase the annual harvest quota by 6.45 percent for the Atlantic menhaden fish meal/oil fisheries and bait fisheries. The decision to increase the quota is based on the continued strength of the Atlantic Menhaden stock as it expands in its range up and down the Atlantic coastline. The new harvest quota is expected to take effect for the 2017 Atlantic menhaden fishing season.

The increase brings the total annual amount of Atlantic menhaden that can be landed by Omega Protein and independent bait fisherman to 200,000 metric tons. The Company also expects that Virginia will maintain its 85 percent share of the coastwide allocation for its fish meal/oil fisheries and bait fisheries for the 2017 season. If Virginia maintains its current allocation split between fish meal/oil fisheries and bait fisheries, then the Company believes that in 2017 the Company’s Atlantic fish catch limit will be approximately 152,000 metric tons.

Conference Call Information

Omega Protein will host a conference call on its third quarter and nine month financial results at 8:30 a.m. Eastern Time on Thursday, November 3, 2016. The Company’s senior management team will be available to discuss recent financial results and current business trends as well as respond to questions.

Please dial (877) 407-3982 in North America or (201) 493-6780 internationally to join the call. Interested parties may also listen to the webcast live over the Internet at www.omegaprotein.com.

A webcast replay of the conference call and the prepared remarks will be available beginning shortly after the conclusion of the call at www.omegaprotein.com and will be available for 30 days. A telephonic playback will be available from 11:30 a.m. ET, November 3, 2016, through November 17, 2016. Participants can dial (877) 870-5176 in North America, and international listeners may dial (858) 384-5517. The password is 13647205.

About Omega Protein Corporation

Omega Protein Corporation (NYSE: OME) is a century old nutritional product company that develops, produces and delivers healthy products throughout the world to improve the nutritional integrity of foods, dietary supplements and animal feeds. Omega Protein's mission is to help people lead healthier lives with better nutrition through sustainably sourced ingredients such as highly-refined specialty oils, specialty protein products and nutraceuticals.

The Company operates seven manufacturing facilities located in the United States, Canada and Europe. The Company also operates more than 30 vessels to harvest menhaden, a fish abundantly found in the Atlantic Ocean and Gulf of Mexico.

For More Information

Visit Omega Protein at www.omegaprotein.com, follow us on Twitter at https://twitter.com/omegaprotein, or find us on LinkedIn at https://www.linkedin.com/company/omega-protein-inc.

Forward-Looking Statements

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: The statements contained in this press release that are not historical facts are forward-looking statements that involve a number of risks and uncertainties. Forward-looking information may be based on projections, predictions and estimates. Some statements in this press release may be forward-looking and use words like “may,” “may not,” “believes,” “do not believe,” “expects,” “do not expect,” “anticipates,” “do not anticipate,” “see,” “do not see,” “should,” or other similar expressions. The actual results of future events described in any of these forward-looking statements could differ materially from those stated in the forward-looking statements. Important factors that could cause actual results to be materially different from those forward-looking statements include, among others: (1) the Company’s ability to meet its raw material requirements through its annual menhaden harvest, which is subject to fluctuations due to natural conditions over which the Company has no control, such as varying fish population, fish oil yields, adverse weather conditions, natural and other disasters and disease; (2) the impact of laws and regulations that may be enacted that may restrict the Company’s operations or the sale of the Company’s products or increase the cost of compliance; (3) the impact of worldwide supply and demand relationships on prices for the Company’s products; (4) the Company’s expectations regarding demand and pricing for its products proving to be incorrect, and the effect of forward sales of products on the Company’s financial results; (5) fluctuations in the Company’s quarterly operating results due to the seasonality of the Company’s business, estimates of standard cost for inventory and subsequent adjustments to such costs, and the Company’s deferral of inventory sales based on worldwide prices for competing products; (6) the Company’s ability to realize the anticipated benefits from its acquisitions in the human nutrition business, and specifically, to integrate successfully its acquisitions in the human nutrition segment; (7) the Company’s expectations regarding Bioriginal, its future prospects and the dietary supplement market or the human health and wellness segment generally, proving to be incorrect; (8) increase in the price and shortage of key raw materials that could adversely affect Bioriginal’s businesses; (9) the cost of compliance or potential restrictions on sales caused by laws and regulations regarding fish meal or oil importation into foreign jurisdictions; (10) the resolution of the U.S. Attorney’s criminal investigation with respect to the Company’s waste water discharge practices and the resulting impact on the Company’s 2013 plea agreement and terms of probation and the Company’s business, reputation, results of operations and financial condition; (11) the resolution of a Department of Justice False Claims Act investigation and the resulting impact on the Company’s business, reputation, results of operations and financial condition ; (12) the impact of the Company’s decision to exit the concentrated oils manufacturing business and dispose of its oil concentration facility on the Company’s business, financial condition and results of operations, including the amount of losses that may be incurred in connection therewith; (13) the ability of the Company to purchase shares of its common stock under the share repurchase program due to changes in stock price or other conditions; and (14) the Company’s expectations regarding the ASMFC’s 2017 harvest quota decision, including timing and allocations among ASMFC member states and user groups. Other factors are described in further detail in the Company’s filings with the Securities and Exchange Commission, including its reports on Form 10-K, Form 10-Q and Form 8-K. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking information whether as a result of new information, future events or otherwise.

Contact:
Investor Relations
(713) 623-0060
hq@omegahouston.com

OMEGA PROTEIN CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value amounts)

OMEGA PROTEIN CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share amounts)  

OMEGA PROTEIN CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands) 

The tables below present information about reported segments for the three months ended September 30, 2016 and 2015 (in thousands):

(1) Excludes revenue from internal customers of $0.2 million for fish oil that was transferred from the animal nutrition segment to the human nutrition segment at cost.

(2) Excludes revenue from internal customers of $0.8 million for fish oil that was transferred from the animal nutrition segment to the human nutrition segment at cost.

The tables below present information about reported segments for the nine months ended September 30, 2016 and 2015 (in thousands):

(3) Excludes revenue from internal customers of $0.6 million for fish oil that was transferred from the animal nutrition segment to the human nutrition segment at cost.

(4) Excludes revenue from internal customers of $1.8 million for fish oil that was transferred from the animal nutrition segment to the human nutrition segment at cost.

Adjusted EBITDA to Net Income Reconciliation

The following table (in thousands) provides a reconciliation of Adjusted EBITDA, a non-GAAP (Generally Accepted Accounting Principles) financial measure, to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three months ended September 30, 2016, June 30, 2016, and September 30, 2015 and the nine months ended September 30, 2016 and 2015:

(1) See segment disclosures for allocation among segments.

(2) Relates to human nutrition segment.

Adjusted EBITDA represents net income before interest expense, income tax, depreciation and amortization, impairment of goodwill and other intangible assets, loss related to plant closures, acquisition post-closing consideration and (gain) loss on disposal of assets. The Company has reported Adjusted EBITDA because it believes Adjusted EBITDA is a measure commonly reported and widely used by investors as an indicator of a Company's performance of its ongoing operations. The Company believes Adjusted EBITDA assists such investors in comparing a company's performance of its ongoing operations on a consistent basis. Adjusted EBITDA is not a calculation based on GAAP and should not be considered an alternative to net income in measuring our performance or used as an exclusive measure of cash flow because it does not consider the impact of working capital changes, capital expenditures, debt principal reductions and other sources and uses of cash which are disclosed in our consolidated statements of cash flows. Investors should carefully consider the specific items included in our computation of Adjusted EBITDA. While Adjusted EBITDA has been disclosed herein to permit a more complete comparative analysis of our operating performance relative to other companies, investors should be cautioned that Adjusted EBITDA as reported by us may not be comparable in all instances to Adjusted EBITDA as reported by us or by other companies. Adjusted EBITDA amounts may not be fully available for management's discretionary use, due to certain requirements to conserve funds for capital expenditures, debt service and other commitments, and therefore management relies primarily on our GAAP results. Adjusted EBITDA is not intended to represent net income as defined by GAAP and such information should not be considered as an alternative to net income, cash flow from operations or any other measure of performance prescribed by GAAP in the United States.

Adjusted Net Income and Diluted Earnings Per Share to Net Income Reconciliation

The following table (in thousands, except per share amounts) provides a reconciliation of Adjusted Net Income and Diluted Earnings Per Share, non-GAAP (Generally Accepted Accounting Principles) financial measures, to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three months ended September 30, 2016, June 30, 2016, and September 30, 2015 and the nine months ended September 30, 2016 and 2015: 

Adjusted net income and Adjusted diluted earnings per share represent net income and diluted earnings per share without impairment of goodwill and other intangible assets, loss related to plant closures, acquisition post-closing consideration and (gain) loss on disposal of assets. Income tax expense associated with these items is adjusted on a year-to-date basis, as applicable. The Company has reported Adjusted net income and Adjusted diluted earnings per share because it believes these measures are widely used by investors as an indicator of a Company’s performance of its ongoing operations. The Company believes Adjusted net income and Adjusted diluted earnings per share assist investors in comparing a company's performance of its ongoing operations on a consistent basis. Adjusted net income and Adjusted diluted earnings per share are not calculations based on GAAP and should not be considered alternatives to net income or diluted earnings per share in measuring our performance. Investors should carefully consider the specific items included in our computation of Adjusted net income and Adjusted diluted earnings per share. While Adjusted net income and Adjusted diluted earnings per share have been disclosed herein to permit a more complete comparative analysis of our operating performance across time periods and relative to other companies, investors should be cautioned that these measures as reported by us may not be comparable in all instances to Adjusted net income and Adjusted diluted earnings per share as reported by us or by other companies. Adjusted net income and Adjusted diluted earnings per share are not intended to represent net income or diluted earnings per share as defined by GAAP and such information should not be considered as an alternative to net income, diluted earnings per share or any other measure of performance prescribed by GAAP in the United States.

Human Nutrition Segment Financial Information Reconciliation

The following table (in thousands) provides a breakdown of the total Human Nutrition Segment revenue, cost of sales and gross profit (loss) among concentrated menhaden oil products and tolling, dairy protein products and other products for the three and nine months ended September 30, 2016.

The Company has provided a breakdown of total Human Nutrition Segment revenue, cost of sales and gross profit (loss) among concentrated menhaden oil products, dairy protein products and other human nutrition products because it believes such a breakdown will provide investors with additional useful detail on the performance of the Human Nutrition Segment.