Third Quarter Highlights: - Revenues of $88.4 million, up 14% from the prior year's third quarter - Earnings per share of $0.28, an increase of 47% over last year's third quarter - Operating cash flow of $23 million (Year-to-date operating cash flow of $62 million) - Raising full year 2008
revenues and earnings guidance
COLUMBIA, Md., Sept. 4 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation (Nasdaq: MATK) today announced its financial results for the third quarter of fiscal 2008. Revenues for the third quarter were $88.4 million, up 14% from $77.8 million in the third quarter of fiscal 2007. Net income was $9.3 million, or $0.28 per diluted share, for the third quarter of fiscal 2008, up 47% compared with $6.1 million, or $0.19 per diluted share, in last year's third quarter.
Commenting on the quarter, Chief Executive Officer Steve Dubin said,
"Martek's third quarter was another solid quarter for the Company
reflecting revenues and earnings in excess of our projections as well as
the continued execution of our business plan. Our core infant formula
business showed ongoing strength due mainly to sales growth
internationally, and our margin improvement was primarily the result of
process improvements and increased utilization of our manufacturing plants.
While third quarter non-infant formula revenues were below anticipated
levels, due to some extent to seasonality and the current challenging
economic environment, Martek's sales of DHA to non-infant formula markets
are up 38% year-to-date and I expect improvements in the fourth quarter
based on an increased number of new product launches planned by our food,
beverage and supplement customers. With a stronger fourth quarter sales
|SOURCE Martek Biosciences Corporation|
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