Martek Announces Third Quarter 2007 Financi...($6.8 million in thethird quarter of fisc...),Health

Date:9/5/2007

$6.8 million in the third quarter of fiscal 2007 compared to $6.2 million in last year's third quarter. 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.

Selling, general and administrative expenses increased to $12.9 million in the third quarter of fiscal 2007 compared to $11.3 million in last year's third quarter. The increase was primarily attributable to growth in the Company's sales, customer support and marketing personnel, particularly in the non-infant formula area, as well as higher advertising and public relations costs designed to continue developing the life'sDHA(TM) brand across all target markets.

Liquidity

For the nine months ended July 31, 2007, the Company generated $21.5 million of cash from operating activities with the third quarter contributing nearly $14 million. The third quarter's cash generation was driven primarily by the Company's earnings as well as a $6 million reduction in inventories held during the quarter. Martek's inventory balance at quarter-end approximates the amount on-hand at the end of fiscal 2006 despite significant revenue growth between years.

At the end of the quarter, Martek had $17.9 million in cash and $118 million of funds available under its long-term revolving credit facility. The outstanding balance on the Company's credit facility was $17 million at quarter-end, a reduction of $19 million since October 31, 2006.

Other Highlights

-- Regulatory Approval in China - In August 2007, Martek received

authorization from the Ministry of Health in China to use the Company's

life'sDHA(TM) as a novel food ingredient. This new designation will

permit the immediate use of life'sDHA(TM) in fo
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SOURCE Martek Biosciences Corporation Copyright©2007 PR Newswire. All rights reserved

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