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

$27.4 million, or 8.0% of revenue, a slight increase, on a percentage of revenue basis, from research and development spending levels in fiscal 2008. Martek's research and development focuses on both broadening the market applications for the Company's life'sDHA(TM) as well as leveraging the Company's microbial technology to develop new product offerings. The Company continues to expect quarter-to-quarter fluctuations in research and development expenses mainly due to the timing of outside services, including third-party clinical trial services.

During the fourth quarter of fiscal 2009, selling, general and administrative expenses ("SG&A") were $12.6 million, a decrease from $13.4 million in last year's fourth quarter. For the full fiscal year 2009, SG&A expenses as a percentage of revenue were approximately 14.5%, compared to 15.4% in fiscal 2008. The Company closely managed its SG&A spending levels and for fiscal 2009, SG&A was lower than in fiscal 2008 on both a percentage of revenue and absolute dollar basis.

Financial Position

As of the end of the fourth quarter, Martek had $141.1 million in cash and cash equivalents, a minimal amount of debt and the entire balance of its long-term revolving credit facility ($135 million) available for future borrowing. For the fiscal year ended October 31, 2009, the Company generated $65.8 million of cash from operating activities. Martek's year-end inventory value of approximately $116 million is consistent with previously disclosed expectations and reflects a reduction of over 7% from amounts held at the end of the Company's third quarter.

Significant Recent Events

  • Federal Circuit Rules in Martek's Favor in Appeal of Patent Infringement Case -- In September 2009, the United States Court of Appeals for the Federal Circuit ruled in Martek's favor in appeal proceedings related to a patent infringement law
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SOURCE Martek Biosciences Corporation
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