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Martek Announces Third Quarter FY 2010 Financial Results
Date:9/1/2010

COLUMBIA, Md., Sept. 1 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation (Nasdaq: MATK) today announced its financial results for the third quarter of fiscal 2010. Revenues for the third quarter were $117.2 million, up 51% from $77.8 million in the third quarter of fiscal 2009. GAAP net income was $11.9 million, or $0.35 per diluted share, for the third quarter of fiscal 2010, an increase of 33% compared to $8.9 million, or $0.27 per diluted share, for the third quarter of fiscal 2009.  The revenues and earnings for the third quarter of fiscal 2010 include the results of Amerifit Brands ("Amerifit" or "branded consumer health products"), the acquisition of which was completed by Martek on February 12, 2010.  

The third quarter of fiscal 2010 included charges related to the acquisition of Amerifit of $700,000 and charges related to the Winchester restructuring (see discussion below) of $600,000.  Excluding these amounts, net of tax, the fiscal 2010 third quarter earnings on a non-GAAP basis would have been $12.7 million, or $0.38 per diluted share, an increase of 42% over the third quarter of fiscal 2009  (see Table II "Reconciliation of GAAP to Non-GAAP Net Income Measure" below).

Commenting on the quarter, Chief Executive Officer Steve Dubin said, "Martek's strong third quarter results reflect another good quarter for DHA and ARA sales to our infant formula customers, another record quarter of DHA sales in non-infant formula markets, strong sales of Amerifit's consumer branded products and improved gross margins. I believe that Martek's strong run rate coming out of fiscal 2010 will provide an excellent platform from which to grow as we continue to expand our DHA ingredients business beyond infant formula, begin to commercialize new products currently in development as consumer branded products sold through Amerifit's marketing and distrib
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