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Martek Announces Fourth Quarter and FY 2008 Financial Results

ubled the amounts achieved in fiscal 2007. In the fourth quarter, Martek's cash flow was nearly equivalent to the Company's total operating cash generation for all of fiscal 2007, underscoring the inherent leverage in Martek's business model. Contributing to the 2008 cash generation were strong current year profits as well as a nearly $10 million reduction in inventory held during fiscal 2008, bringing the year-end inventory balance to $99.6 million, the Company's lowest inventory level since mid-2006.

At the end of the year, Martek had $102.5 million in cash and cash equivalents and had the entire balance of its long-term revolving credit facility ($135 million) available for future borrowing. Excluded from the Company's October 31, 2008 cash balance are $11.3 million of long-term auction rate security investments backed by student loans and guaranteed by the U.S. Department of Education.

    Significant Recent Events
    -- New products recently launched with Martek's life'sDHA(TM) include:
       --  Infant Formula Products -- Wimm-Bill-Dan infant formula with
          life'sDHA(TM) and life'sARA(TM) (Russia)
       -- Food and Beverage Products --
         -- U.S. Launches -- Kellogg's Live Bright(TM) Brain Health Bar with
            life'sDHA(TM); Pompeian OlivExtra(R) Plus Omega-3 DHA, Canola Oil
            & Extra Virgin Olive Oil with life'sDHA(TM); Life Balance(TM)
            Tortillas Fortified with Vitamins and Calcium with life'sDHA(TM);
            Omega To-Go beverage with life'sDHA(TM); Glenny's Marshmallow
            Treats with life'sDHA(TM) and 8th Continent Complete soymilk with
         -- International Launches -- Farm Pride Omega-3 Eggs with
            life'sDHA(TM); Capilano Honey with life'sDHA(TM) and Rafferty's
            Garden Baby Food with life'sDHA(TM)  (All in Australia) and Bija
            Udo's Choice Omega Truffles with life'sDHA(TM)  (Can
SOURCE Martek Biosciences Corporation
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