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

tside of infant formula.

Liquidity

For the first quarter of fiscal 2008, the Company generated $15.1 million of cash from operating activities. Contributing to this cash generation was a near $2 million decline in Martek's inventory balance at quarter-end compared with the amount on-hand at the end of fiscal 2007. At the end of the quarter, Martek had $22.1 million in cash and had the entire balance of its long-term revolving credit facility ($135 million) available for future borrowing.

The Company holds a variety of "AAA" rated interest-bearing auction rate securities which are comprised of student loans guaranteed by the federal government. As a result of current negative conditions in the global credit markets, auctions for the Company's $15.8 million investment in these securities either have failed or may fail to settle on their respective settlement dates which will occur over the next few weeks. Given our strong liquidity position and expected positive operating cash flows, the Company has the ability to execute its business plan and intends to hold these securities until conditions improve. As such, the Company has reclassified these securities from short-term investments to long-term investments on its balance sheet as of January 31, 2008.

Significant Recent Events

-- Multi-Year Sole Source Supply Agreement with Numico -- In February

2008, Martek and Numico Trading B.V. ("Numico") entered into a license

and supply agreement (the "Agreement"), effective as of January 1,

2008. The Agreement provides that Martek will serve as the exclusive

supplier for all of Numico's arachidonic acid (ARA) and microbially-

derived docosahexaeonic acid (DHA) needs for infant formula products.

Numico may continue to use alternative non-microbial DHA sources. The

Agreement has a 15-year term that runs until December 31, 2022. In

addition to customary termination pr
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SOURCE Martek Biosciences Corporation
Copyright©2008 PR Newswire.
All rights reserved

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