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Martek Announces Fourth Quarter and FY 2009 Financial Results
Date:12/16/2009

08 (decr) 2009 2008 (decr) ------------------------------------------------------------------------ Infant formula market $70,370 $77,259 (9%) $285,664 $300,742 (5%) Food and beverage market 2,414 2,638 (8%) 10,692 10,431 3% Pregnancy and nursing, nutritional supplements and animal feeds 8,219 5,411 52% 28,615 20,835 37% Non-nutritional products 914 1,336 (32%) 4,164 4,601 (9%) ------- ------- -------- -------- Total product sales $81,917 $86,644 (5%) $329,135 $336,609 (2%) ======= ======= ======== ========

In addition, contract manufacturing and services revenues in the fourth quarter totaled $5.7 million, compared with $3.7 million a year ago. This increase was due primarily to the continued production of shikimic acid, a starting material used to produce an anti-viral drug for the treatment of influenza, as well as the initial revenues associated with Martek's joint development agreement with a subsidiary of BP p.l.c. ("BP") for work on microbial oils for use as biofuels. As previously communicated, the Company anticipates exiting most of its historical contract manufacturing activities over the course of fiscal 2010; however, its development services with BP are expected to continue through at least 2011.

Gross Margin and Operating Expenses

Overall gross margin for the fourth quarter of fiscal 2009 was 43.8%, a significant increase over the 41.3% gross margin realized in the fourth quarter of fiscal 2008. The continued improvement resulted largely from ARA cost reductions and DHA productivity increases.

Research and development expenses in the fourth quarter of fiscal 2009 were $6.9 million, essentially flat compared to the corresponding quarter of last year. Research and development expenses in fiscal 2009 were
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SOURCE Martek Biosciences Corporation
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