Martek Announces Third Quarter 2007 Financi... (athy associated with prematurity the aut...)

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Martek Announces Third Quarter 2007 Financial Results

Date:9/5/2007

athy associated with prematurity, the authors

summarize a series of experiments demonstrating that long-chain

omega-3 fatty acids, and selected metabolites, are effective in

reducing retinal vascular disease, a leading cause of blindness. A

portion of these studies included Martek oils as the source of long-

chain fatty acids.

Management Outlook

For the fourth quarter of fiscal 2007, Martek expects total revenues to be between $77 million and $80 million, which includes projected non-infant formula nutritional revenue of between $6 million and $7 million. Fourth quarter revenues from non-infant formula applications are expected to include growth in sales to the food and beverage market offset by declines in sales to other non-infant formula areas caused by quarter-to-quarter fluctuations in customer ordering patterns based on the timing of product launches. Fourth quarter gross margin is expected to be between 37.5% and 39%. Net income is projected to be between $6.5 million and $6.8 million, and diluted earnings per share are projected to be between $0.20 and $0.21.

With these projected fourth quarter results, Martek's fiscal year 2007 revenues are expected to be between $302 million and $305 million and full year diluted earnings per share are expected to be between $0.62 and $0.63 ("pro forma" diluted earnings per share of between $0.63 and $0.64 excluding the restructuring charge). This represents a revenue increase of approximately 12% and profitability growth of approximately 35% over fiscal 2006 "as reported" amounts and approximately 15% growth over "pro forma" fiscal 2006 results which exclude the restructuring charge.

In fiscal 2006, the Company entered into a supply agreement with its largest customer pursuant to which Martek serves as the exclusive worldwide DHA and ARA supplier for this customer's infant formula products. Since that time, Martek has been negotiating to s
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