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

f Company-wide compensation resulting from Martek's improved overall financial performance.

Liquidity

For the six months ended April 30, 2008, the Company generated $38.8 million of cash from operating activities with the second quarter providing $23.6 million of this total primarily through strong profits. At the end of the quarter, Martek had $44.7 million in cash and cash equivalents and had the entire balance of its long-term revolving credit facility ($135 million) available for future borrowing. Excluded from the Company's cash balance at quarter-end are "AAA" rated, long-term auction rate security investments valued at $14.7 million. During the second quarter, Martek recorded an approximately $800,000 unrealized loss on such investments in other comprehensive income reflecting the decline, which is expected to be temporary, in the estimated fair value of these securities due primarily to lack of current liquidity.

Inventory levels are approximately $3 million higher than amounts at October 31, 2007 due to the timing of the Company's ARA purchases from DSM, Martek's ARA supplier. The Company anticipates that overall inventory levels at year-end will ultimately be lower than such prior year-end amounts, further contributing to the projected improved cash flow generation during the second half of fiscal 2008.

Significant Recent Events

-- New Alliance formed with Dow AgroSciences - In May 2008, Martek

announced the signing of a collaborative agreement with Dow

AgroSciences LLC to jointly develop and commercialize a canola seed

that produces the omega-3 fatty acid, DHA. Under the terms of the

agreement, Martek and Dow AgroSciences will co-develop the canola seed

for the purpose of producing a DHA-rich canola oil. The companies

anticipate a multi-year effort to produce this new healthy oil, which

when commercialized will be marketed to the food industry.

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SOURCE Martek Biosciences Corporation
Copyright©2008 PR Newswire.
All rights reserved

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Related biology technology :

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4. Martek Announces Settlement of OmegaTech Milestone Litigation
5. Martek to Obtain Permanent Injunction Against Lonza in U.S. Patent Infringement Suit; Jury Verdict on Infringement of Two of Three Patents Upheld by Judge
6. European Patent Office Upholds Martek European DHA Food Patent; Scope of Original Claims Narrowed
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10. Leading DHA Expert and Former NIH Researcher, Dr. Norman Salem, Jr., to Join Martek as Chief Scientific Officer
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