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Martek Announces Second Quarter 2008 Financial Results
Date:6/4/2008

mprovement from last year's second quarter resulted from DHA productivity gains at Martek's manufacturing facilities, as well as reductions in ARA costs. Contract manufacturing gross margins were slightly lower than anticipated, but Martek believes that such margins will improve in the third quarter and contract manufacturing margins for the full fiscal year 2008 will be between 5% and 10%.

Research and development expenses in the second quarter of fiscal 2008 were $6.8 million, or approximately 8% of revenue which is similar to prior year levels. The Company's research and development efforts continue to focus on developing new food and beverage applications for life'sDHA(TM), broadening the scientific evidence supporting the benefits of life'sDHA(TM) throughout life, improving manufacturing processes and developing new products to expand the Company's market offerings. In the future, the Company expects to experience quarter-to-quarter fluctuations in research and development expenses primarily due to the timing of outside services, including third-party clinical trial services. The Company anticipates that its research and development spend for the full fiscal year 2008 will also approximate 8% of revenue.

During the second quarter of fiscal 2008, selling, general and administrative expenses were $14.2 million, within the range of the second quarter estimates previously provided. As a percentage of revenue, the Company's selling, general and administrative expenses were 15.7%, consistent with the first quarter. For the full fiscal year 2008, the Company expects S,G & A as a percentage of revenue to be near 16%, compared to 14.6% in fiscal 2007. The spending increase from fiscal 2007 relates primarily to the Company's continued investment in new personnel required to support growth, expansion of marketing efforts designed to increase sales in both infant formula and non-infant formula markets as well as projected increases in the variable component o
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SOURCE Martek Biosciences Corporation
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