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Martek Announces First Quarter 2008 Financial Results
Date:3/5/2008

products with reasonable profit margins or those that the Company expects could have a strategic fit in the future.

Gross Margin and Operating Expenses

Gross margin for the first quarter of fiscal 2008 was 41.1%, an increase over both the 34.0% gross margin realized in the first quarter of fiscal 2007 and the 40.2% gross margin realized in the fourth quarter of 2007, which included a non-recurring property tax recovery that contributed approximately 1% to gross margin. This gross profit margin improvement resulted from DHA productivity gains at Martek's manufacturing facilities, as well as reductions in ARA costs.

Research and development expenses in the first quarter of fiscal 2008 were $6.0 million, essentially unchanged from the first quarter of fiscal 2007. The Company's research and development efforts continue to focus on developing new food and beverage applications for life'sDHA(TM), broadening the scientific evidence supporting the benefits of life'sDHA(TM) throughout life, improving manufacturing processes and developing new products to expand the Company's market offerings. The Company will experience quarter-to-quarter fluctuations in research and development expenses primarily due to the timing of outside services, including third-party clinical trial services.

During the first quarter of fiscal 2008, selling, general and administrative expenses increased to $13.0 million, a $2.3 million increase from last year's first quarter. As a percentage of revenue, the Company's selling, general and administrative expenses increased to 15.7% in the first quarter of fiscal 2008 from 15.1% in last year's first quarter. The Company continues to invest resources in areas needed to support its growth. Furthermore, Martek continues to incur costs for marketing initiatives, which vary based on the timing of such marketing campaigns, and which are mainly designed to increase sales to infant formula customers overseas and to grow DHA markets ou
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SOURCE Martek Biosciences Corporation
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