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Martek Announces Fourth Quarter and FY 2007 Financial Results
Date:12/12/2007

Fourth Quarter Highlights: -- Record revenues of $82.0 million, up 22% from the prior year's fourth

quarter

-- Non-recurring income tax benefit of $10.8 million -- Non-GAAP earnings per share of $0.23, a 130% increase over last year's

non-GAAP earnings per share -- Operating cash flow of $24.3 million, revolving debt facility paid off -- Launch of four new food and beverage products and one new pregnancy and

nursing product containing life'sDHA(TM)

COLUMBIA, Md., Dec. 12 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation (Nasdaq: MATK) today announced its financial results for the fourth quarter and fiscal year ended October 31, 2007. Revenues for the fourth quarter were $82.0 million, up 22% from $67.2 million in the fourth quarter of fiscal 2006. During the fourth quarter, the Company recorded a tax benefit of $10.8 million which resulted from the Company's reversal of its deferred tax asset valuation allowance upon the determination that all of its net operating loss carryforwards will be realizable in the future. Net income, including this non-recurring tax benefit was $18.3 million, or $0.55 per diluted share, for the fourth quarter of fiscal 2007 compared with $100,000, or $0.00 per diluted share, in last year's fourth quarter. The fourth quarter of fiscal 2006 included a charge of $4.7 million related to the restructuring of the Company's plant operations.

Excluding the impact of this tax benefit in fiscal 2007 and the effects of the restructuring charge in both fiscal 2006 and fiscal 2007, the Company's net income on a non-GAAP basis would have been $7.5 million, or $0.23 per diluted share,
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SOURCE Martek Biosciences Corporation
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