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

promotion (A&P) spending totaled $4.2 million, or 4% of revenue, and $14.3 million, or 3% of revenue, for the fourth quarter and full year 2010, respectively.  The increase in A&P as compared to 2009 is primarily attributable to increased spending in support of branded consumer health product sales as a result of the acquisition of Amerifit.  

Liquidity and Capital ResourcesThe Company generated cash flow from operations of $46.3 million and $146.0 million, respectively, for the fourth quarter and full year 2010.  Martek ended fiscal 2010 with a cash balance of $63.7 million, essentially no debt, and its entire $100 million credit line available since paying off the $86 million of acquisition-related debt in the third quarter of 2010.

Winchester Plant Restructuring and SaleIn November 2010, we completed the previously announced sale of a significant portion of the assets at our Winchester, KY manufacturing facility in an effort to streamline operations, improve capacity utilization, and reduce manufacturing costs and operating expenses. As part of the restructuring, Martek also transferred certain manufacturing and distribution processes previously performed at our Winchester, KY site to our Kingstree, SC site. As a result of the restructuring and sale, consistent with previous disclosures, the Company recorded total restructuring charges of $30.7 million in the fourth quarter of fiscal 2010, comprised of a non-cash asset impairment charge of $29.2 million and cash charges for employee separation and other costs of $1.5 million. As previously disclosed, restructuring related cash charges for employee separation and other costs of approximately $600,000 were also recorded in the third quarter of fiscal 2010.

Significant Recent Events

  • Extended Global Sole-Source Supply Agreement – In December 2010, Martek extended its global sole-source DHA and ARA supply agreement with a major infant form
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  • SOURCE Martek Biosciences Corporation
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