disclosed by the Company, the conclusions of these experts include a
recommendation for pregnant and lactating women to consume at least
200 mg of DHA per day.
For the first quarter of fiscal 2008, Martek expects total revenues to be between $79 million and $83 million, which include projected non-infant formula nutritional revenue of between $6.2 million and $7.6 million. First quarter gross margin is expected to be between 39% and 39.5%. Net income is projected to be between $6.8 million and $7.5 million, and diluted earnings per share are projected to be between $0.21 and $0.23.
For fiscal 2008, the Company expects growth in both revenues and profitability as compared with fiscal 2007. Martek expects to grow its core infant formula business and expand its penetration into the pregnancy and nursing, nutritional supplements and food and beverage markets. Although the Company expects such growth, Martek is likely to experience quarter-to-quarter fluctuations in both infant formula and non-infant formula nutritional revenues due primarily to variability in customer ordering patterns and the timing of product launches.
Reconciliation of GAAP to Non-GAAP Net Income Measure
The Company makes reference in this release to non-GAAP presentations
of net income and earnings per share that exclude the tax benefit from
reversal of deferred tax asset valuation allowance and restructuring
charge. We are providing this information to assist investors in comparing
the results of the current period to those in the prior year periods when
the non-recurring items were not present. We caution investors, however,
that these non-GAAP results should only be considered in addition to
results that are reported under current GAAP and should not be considered
as a substitute for results that are presented under GAAP. Following is a
schedule showing the reconciliation of net income reported under GAAP to
|SOURCE Martek Biosciences Corporation|
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