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

nagement measures employed by the Company to address economic challenges.

Financial Position

For the six months ended April 30, 2009, the Company generated $25.6 million of cash from operating activities, with the second quarter providing $17.0 million of this total. As of the end of the second quarter, Martek had $117.9 million in cash and cash equivalents, a minimal amount of debt and the entire balance of its long-term revolving credit facility ($135 million) available for future borrowing.

Significant Recent Events

  • Non-Infant Formula Product Launches - Several non-infant formula nutritional products with Martek's life'sDHA(TM) were launched by Martek's customers, including Walmart Spring Valley DHA dietary supplements and The Coca Cola Company's Minute Maid Blueberry Pom single serve beverage, an extension of Minute Maid's current Pomegranate Blueberry juice with life'sDHA(TM).

  • Multi-Year Sole-Source Infant Formula Supply Agreements - Martek entered into multi-year, sole-source infant formula supply agreements with Rice Field Corporation ("Rice Field") and Lactalis Nutrition Sante ("Lactalis"). Under the Rice Field agreement, Martek will supply its DHA and ARA blend for all infant formula products manufactured by Rice Field under the Prodigy brand. Rice Field will also be using Martek's life'sDHA(TM) and life'sARA(TM) in its growing-up milks and will be using life'sDHA(TM) in its products for pregnant and nursing women, all of which will be sold under the Prodigy brand in China. Under the Lactalis agreement, Martek will supply its life'sARA(TM) for use in infant formula and growing-up milks produced by Lactalis and sold in France and Algeria.

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SOURCE Martek Biosciences Corporation
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