Mr. Dubin continued, "I also believe we are well-positioned for another year of strong growth in our non-formula markets with a number of new product launches from current customers set to go over the next two quarters and important new customers coming into the market with products over the next several months. Our pre-tax earnings improvement of just over 10% in fiscal 2009 was achieved by controlling costs and by improving the efficiencies of our production processes. Our continuous efforts to improve our manufacturing efficiencies coupled with additional decreases in our ARA costs should result in further gross margin improvements in 2010 and, along with an expected increase in sales, should further improve our profitability over 2009. We also made significant progress on our product pipeline in 2009 and we will be sharing information about these exciting developments publicly early next year."
Product sales in the fourth quarter of fiscal 2009 decreased to $81.9 million from $86.6 million in the fourth quarter of fiscal 2008. The revenue decrease in the current year's fourth quarter was caused largely by declines in infant formula revenues due to the continuing effects of de-stocking by certain infant formula customers as well as slight declines in the number of births in the U.S. These revenue declines were partially offset by non-infant formula nutritional revenues of $10.6 million in the fourth quarter of fiscal 2009 which represents a 32% increase from last year's fourth quarter. A breakdown of product sales by market for the fourth quarter and fiscal year periods (in thousands) follows:
Three months ended October 31, Year ended October 31, % % incr incr 2009 20
|SOURCE Martek Biosciences Corporation|
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