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Martek Announces Fourth Quarter and FY 2010 Financial Results
Date:12/8/2010

COLUMBIA, Md., Dec. 8, 2010 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation (Nasdaq: MATK) today announced its financial results for the fourth quarter and fiscal year ended October 31, 2010. Total revenues for the fourth quarter were $119.1 million, up 36% from the fourth quarter of fiscal 2009. Fourth quarter non-GAAP earnings per share (EPS) were $0.41, a 24% increase from $0.33 per diluted share in last year's fourth quarter.  For the full year 2010, revenues increased 30% to $450.0 million, and full year non-GAAP EPS were $1.55, an increase of 27% versus 2009.  Non-GAAP EPS for the fourth quarter and full year 2010 exclude, for the applicable periods, certain acquisition and restructuring charges (see Table II "Reconciliation of GAAP to Non-GAAP Net Income Measure" below).  On a GAAP basis, earnings (loss) per share were ($0.18) and $0.83 for the fourth quarter and full year 2010, respectively.  Revenue and earnings for the fourth quarter include the results of Amerifit Brands ("Amerifit" or "branded consumer health products"), and revenue and earnings for the full year fiscal 2010 include the results of Amerifit since the February 12, 2010 date of acquisition by Martek.

Commenting on the quarter and year, Chief Executive Officer Steve Dubin said, "Martek's fourth quarter came in at the high end of our expectations and concluded a year of many accomplishments for Martek.  Revenue grew across all business segments in 2010, our core infant formula ingredients business was strengthened through the extension of the terms of two of our key infant formula sole source supply agreements, and significant improvements on the operational side of the business were implemented which helped drive growth in both margins and income.  In addition, we expanded our business platform through the acquisition of Amerifit, and made significant progress o
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