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

cts total revenues for the first quarter of fiscal 2010 to be between $85 million and $89 million with first quarter infant formula revenue projected to be between $67 million and $71 million reflecting an additional impact of the customer de-stocking first experienced in fiscal 2009. First quarter non-infant formula nutritional revenue is projected to be between $10 million and $11 million, and contract manufacturing and services revenue is projected to be between $5.0 million and $6.0 million. First quarter gross margin is expected to be between 43.5% and 44.5%. Excluding due diligence costs incurred (see next paragraph), net income for the first quarter is projected to be between $9.6 million and $10.7 million, and diluted earnings per share are projected to be between $0.29 and $0.32.

As discussed previously, the Company has an ongoing process of evaluating potential merger and acquisition candidates that will support Martek's future growth and expand its product offerings. Related to these continuing evaluations, the Company's first quarter expenses will include due diligence costs, which to date are approximately $1.0 million, or $0.02 per diluted share. After including these non-recurring expenses, net income for the first quarter is projected to be between $8.9 million and $10.0 million, and diluted earnings per share are projected to be between $0.27 and $0.30. No agreements have been reached and there is no assurance that the Company will complete any acquisitions in the near term.

With respect to fiscal 2010, Martek anticipates modest growth in infant formula revenues, most of which is expected to take place in the second half of the year, as penetration in the overseas markets is expected to outpace any decreases domestically due to declining birth rates. Moreover, meaningful growth is projected in the non-infant formula category during fiscal 2010 fueled, in part, by certain new customers that are expected to launch products i
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SOURCE Martek Biosciences Corporation
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