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Martek Announces Second Quarter 2009 Financial Results
Date:6/3/2009

-- Record revenues of $92.4 million

-- Record non-infant formula nutritional sales of $9.8 million

-- Record pre-tax income of $17.1 million

-- Earnings per share of $0.33, an increase of 20% over last year's second quarter

-- Operating cash flow of $17 million (Year-to-date operating cash flow of $26 million)

-- Full fiscal year 2009 earnings guidance of $1.20 - $1.25 per share, pre-tax earnings growth of 10% to 15% over fiscal 2008

-- Memory study results to be released in July 2009

COLUMBIA, Md., June 3 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation (Nasdaq: MATK) today announced its financial results for the second quarter of fiscal 2009. Revenues for the second quarter were $92.4 million, up 2% from $90.7 million in the second quarter of fiscal 2008. Net income was $11.0 million, or $0.33 per diluted share, for the second quarter of fiscal 2009, a 20% increase compared with $9.2 million, or $0.28 per diluted share, in last year's second quarter.

Commenting on the quarter, Chief Executive Officer Steve Dubin said, "The continued execution of our business plan allowed Martek to generate record revenues and profits in the second quarter. These results were achieved despite the challenges of a struggling global economy. We continue to be encouraged by recent infant formula sales data which indicates that end consumer demand for infant formula is stable despite the weak global economic environment. As such, while infant formula related revenue in the second half of our fiscal 2009 will be impacted by some inventory de-stocking, Martek is still expecting strong 2009 earnings as a result of growth in our non-infant formula business and controlling our expenses during this period. I believe our growing non-infant formula business coupled with an expecte
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SOURCE Martek Biosciences Corporation
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