COLUMBIA, Md., Dec. 16 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation (Nasdaq: MATK) today announced its financial results for the fourth quarter and fiscal year ended October 31, 2009. Revenues for the fourth quarter were $87.6 million, down 3% from $90.4 million in the fourth quarter of fiscal 2008. Net income was $11.0 million, or $0.33 per diluted share, for the fourth quarter of fiscal 2009, a 5% increase compared with $10.5 million, or $0.31 per diluted share, in last year's fourth quarter. The fourth quarter of fiscal 2008 included a non-recurring tax benefit of $1.5 million. Excluding this tax benefit, the fiscal 2008 fourth quarter earnings would have been $8.9 million, or $0.27 per diluted share. Compared to these prior year non-GAAP amounts, the Company's net income rose by 24% in the fourth quarter of fiscal 2009 (see "Reconciliation of GAAP to Non-GAAP Net Income Measure" below).
Commenting on the quarter and year, Chief Executive Officer Steve Dubin said, "Martek's solid fiscal 2009 financial results, though impacted by the many global economic factors affecting business in general, reflect the quality of Martek's products and the desire of consumers to improve their health and well-being, even in times of economic uncertainty. Sales to our infant formula customers decreased by 5% from 2008 primarily due to the de-stocking issues we have previously discussed as well as declining U.S. birth rates; however, our sales of DHA outside of infant formula increased by over 25% in fiscal 2009, with record quarterly sales achieved in Q4 2009. This increase was substantial in light of the global economy. I expect formula sales to increase slightly in 2010, as we believe that continued growth in international markets is expected to more than offset the impact of declining U.S. births or any additional de-stoc
|SOURCE Martek Biosciences Corporation|
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