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Martek Announces Fourth Quarter and FY 2008 Financial Results

er of fiscal 2008 increased 10% year-over-year to $86.6 million, and product sales for FY08 grew to $336.6 million, a 15% increase over prior year levels. These increases reflect higher revenues from Martek's infant formula customers, particularly outside of the United States, and a solid growth in sales of life'sDHA(TM) to non-infant formula markets which grew more than 30% in both the fourth quarter and full fiscal year periods.

Following is a breakdown of product sales by market for the fourth quarter and fiscal year 2008 periods (in thousands):

                        Three months ended October 31,  Year ended October 31,
                                 2008    2007 %incr        2008    2007  %incr
                                              (decr)                    (decr)
    Infant formula market     $77,259 $72,246   7%     $300,742 $265,563  13%
    Food and beverage market    2,638   1,706  55%       10,431    5,483  90%
    Pregnancy and nursing,
     nutritional supplements
     and animal feeds           5,411   4,444  22%       20,835   17,439  19%
    Non-nutritional products    1,336     629 112%        4,601    4,064  13%
     Total product sales      $86,644 $79,025  10%     $336,609 $292,549  15%

Contract manufacturing sales in the fourth quarter totaled $3.7 million, compared with $3.0 million a year ago, and in fiscal 2008 totaled $15.8 million, compared with $14.3 million in the prior year. These increases were primarily due to additional orders from one existing customer. During fiscal 2009, the Company anticipates continuing to reduce the scope of its contract manufacturing activities focusing more of its resources on the Company's higher margin nutritional oils business.

Gross Margin and Operating Expenses

Overall gross margin for the fourth quarter of fiscal 2008 was 41.3%, an increase over the 40.2% gross margin realized in the fou

SOURCE Martek Biosciences Corporation
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