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Martek Announces Fourth Quarter and FY 2008 Financial Results
Date:12/11/2008

on and $89 million with first quarter infant formula revenue projected to be between $74 million and $77 million and first quarter non-infant formula nutritional revenue projected to be between $7 million and $8.5 million. First quarter gross margin is expected to be approximately 42.5%. Net income for the first quarter is projected to be between $8.7 million and $9.7 million, and diluted earnings per share are projected to be between $0.27 and $0.29.

With respect to fiscal 2009, the Company expects moderate growth of both revenues and profitability over fiscal 2008 with profitability growing at a higher rate than revenues primarily due to improvements in gross profit margins; however, a deep, prolonged economic recession would yield additional uncertainty with respect to the Company's attainment of its forecasted operating results.

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 certain non-recurring tax benefits 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 the non-GAAP financial measure included herein ($ in thousands):



                                         Three months ended     Year ended
                                            October 31,         October 31,
                                          2008       2007     2008     2007

    Net income, as reported under GAAP 
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SOURCE Martek Biosciences Corporation
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