Commenting on the quarter, Chief Executive Officer Steve Dubin said, "Our results in this year's fourth quarter confirm that our strategies are on target and demonstrate the progress we have made against our key focus areas in 2007. During the year, we increased penetration in international infant formula markets, expanded the use of DHA outside of infant formula and improved our gross margin and profitability. We also continued to focus on developing new products to support our future growth. I believe that we are well-positioned to continue growing revenues and profits in the year ahead."
Fourth Quarter and Fiscal 2007 Revenue Summary
Product sales in the fourth quarter increased 24% to $79.0 million and contract manufacturing sales totaled $3.0 million compared with $3.4 million in contract manufacturing sales a year ago. The decline in fourth quarter contract manufacturing revenues resulted from the Company's decision to narrow its contract manufacturing services to include only products with reasonable profit margins or those that the Company expects could have a strategic fit in the future.
Fiscal 2007 product sales increased 14% to $292.5 million and contract manufacturing sales were $14.3 million.
Following is a breakdown of product sales by market for the fourth
quarter and full year periods (in thousands):
Three months ended Year ended
October 31, October 31,
2007 2006 2007 2006
Infant formula market $72,246 $59,506 $265,563 $240,497
Food and beverage market 1,706 398 5,483 1,404
Pregnancy and nursing,
|SOURCE Martek Biosciences Corporation|
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