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Martek Announces Third Quarter 2008 Financial Results
Date:9/4/2008

hich is fairly consistent, on a percentage of revenue basis, with the prior year's third quarter and the second quarter of fiscal 2008. As noted last quarter, for the full fiscal year 2008, the Company expects selling, general and administrative expenses as a percentage of revenue to be approximately 15.5%, compared to 15% in fiscal 2007.

Liquidity

For the nine months ended July 31, 2008, the Company generated $61.9 million of cash from operating activities with the third quarter providing $23.2 million of this total, primarily through strong profits. At the end of the quarter, Martek had $57.6 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 July 31, 2008 cash balance are $14.7 million of long-term auction rate security investments backed by student loans and guaranteed by the Department of Education.

Inventory levels are approximately $4 million higher than amounts at October 31, 2007 due to the timing of the Company's ARA purchases from Martek's ARA supplier. The Company anticipates that overall inventory levels at year-end will ultimately be lower than that of the previous year, further contributing to the projected improved cash flow generation.

Management Outlook

Revenue and earnings for the full year 2008 are projected to be slightly higher than previously estimated. Martek expects total revenues for the fourth quarter of fiscal 2008 to be between $87 million and $91 million. Fourth quarter infant formula revenue is projected to be between $74 million and $77 million; fourth quarter non-infant formula nutritional revenue is projected to be between $8 million and $9.5 million; fourth quarter other non-nutritional revenue is projected to be approximately $1.0 million and fourth quarter contract manufacturing revenue is projected to be between $3 million and $3.5 million. Fourth quarter gross marg
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SOURCE Martek Biosciences Corporation
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