Third Quarter and Year-to-Date Revenue Summary
Product sales in the third quarter of fiscal 2008 increased 12% over the third quarter of fiscal 2007 to $83.5 million. Product sales in fiscal 2008 year-to-date increased 17% over fiscal 2007 year-to-date to $250.0 million. These increases reflect continued strong demand from Martek's U.S. and international infant formula customers and the launch of new and the growth of existing food and beverage products containing life'sDHA(TM). In the third quarter of fiscal 2008, total sales to non-infant formula nutritional markets, which include DHA capsules, foods and beverages and animal feeds, were $7.5 million, a 12% increase over the same period of fiscal 2007, but below the $9 million to $10 million range previously provided. This difference from projected levels was caused by unevenness in ordering patterns, resulting to some degree from the seasonality of customer products, as well as by delays in the launch of certain new customer offerings due in part to the challenging economic environment currently being faced in the United States. As discussed below, the Company expects non-infant formula nutritional product revenues to be between $31 million and $33 million for the full fiscal year 2008, which would represent an increase over fiscal 2007 of approximately 40%.
Following is a breakdown of product sales by market for the third
quarter and year-to-date periods (in thousands):
Three months Nine months
ended July 31, ended July 31,
2008 2007 (decr) 2008 2007 (decr)
|SOURCE Martek Biosciences Corporation|
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