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

p>For the fiscal year ended October 31, 2007, the Company generated $45.9 million of cash from operating activities with the fourth quarter contributing $24.3 million. The $45.9 million represents a nearly 30% increase in operating cash flow as compared to fiscal 2006.

Martek's inventory balance at quarter-end declined as compared to the amount on-hand at the end of fiscal 2006 despite significant revenue growth between years. The Company's significant cash generation allowed for repayments on its credit facility totaling $36 million during fiscal 2007. At the end of the quarter, Martek had $21.6 million in cash and had the entire balance of its long-term revolving credit facility ($135 million) available for future borrowing.

Significant Recent Events

-- Multi-Year Worldwide Sole Source Supply Agreement with Abbott -- In

October 2007, Martek announced that it had entered into a 10-year

supply agreement with Abbott Nutrition, a leading worldwide producer of

infant formula products including the Similac(R) Advance(R) brand,

under which Martek will serve as Abbott's exclusive worldwide DHA and

ARA supplier for all of Abbott's infant formula products. Under terms

of the agreement, Abbott has the right to terminate the arrangement as

of January 2012. Martek has been supplying Abbott with DHA and ARA for

use in infant formula products under a 25-year license agreement signed

in 2000 which remains in effect.

-- New Infant Formula Licensee -- In October 2007, Martek announced that

it had entered into a multi-year license and supply agreement with

Alter Farmacia, S.A. for the inclusion of Martek's arachidonic acid oil

in Alter's infant formula products that contain ARA and are sold in

Spain and Portugal.

-- Worldwide Distributor Agreement for Animal Feed Products -- In

November 2007, Martek announced that it
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SOURCE Martek Biosciences Corporation
Copyright©2007 PR Newswire.
All rights reserved

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