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Martek Announces First Quarter 2009 Financial Results
Date:3/4/2009

s research and development efforts in order to broaden Martek's product offerings, to improve production efficiencies and versatility of our oils, and to further establish the scientific support for the health benefits of life'sDHA(TM). We believe our work in these areas will yield both short- and long-term financial benefits. The Company expects to continue to experience quarter-to-quarter fluctuations in research and development expenses primarily due to the timing of outside services, including third-party clinical trial services.

During the first quarter of fiscal 2009, selling, general and administrative expenses ("SG&A") were $13.1 million, or 15.0% of revenue, a slight decrease, on a percentage of revenue basis, from last year's first quarter. For fiscal 2009, SG&A, on a percentage of revenue basis, is expected to remain near fiscal 2008 levels as the Company continues to closely manage SG&A spending levels.

Financial Position

For the first quarter of fiscal 2009, the Company generated $8.6 million of cash from operating activities, a $6.5 million decrease from the cash generated in the first quarter of fiscal 2008. Consistent with the Company's projections noted last quarter, the first quarter's operating cash flow also decreased as compared to the fourth quarter of fiscal 2008. Both decreases were due, in part, to the timing of ARA purchases from DSM and a higher accounts receivable balance caused by an unevenness in customer ordering patterns. These ordering patterns resulted in customer sales being more heavily weighted towards the end of the first quarter of fiscal 2009 as compared to other quarters. These factors contributed to lower cash flow in first quarter of fiscal 2009.

As of the end of the first quarter, Martek had $107.3 million in cash and cash equivalents, a minimal amount of debt and the entire balance of its long-term revolving credit facility ($13
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SOURCE Martek Biosciences Corporation
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