Martek Reports Improved Third Quarter
Product sales in the third quarter increased 12% to $74.5 million and contract manufacturing sales totaled $3.4 million compared to $4.0 million in contract manufacturing sales a year ago.
06/09/07 Martek Biosciences Corporation has said that revenues for the third quarter were $77.8 million, up 11% from $70.4 million in the third quarter of fiscal 2006. Net income was $6.1 million, or $0.19 per diluted share, compared with $4.6 million, or $0.14 per diluted share, in last year's third quarter.
Commenting on the quarter, Chief Executive Officer Steve Dubin said, "Martek's improved financial performance this quarter resulted from growth in both sales of DHA for uses other than infant formula and sales of DHA and ARA to infant formula customers, combined with an improved gross margin. We have dedicated much time and effort on the Company's key 2007 focus areas: increasing penetration in international infant formula markets; expanding the use of DHA outside of infant formula; improving gross margin and profitability and developing new products to support future growth. These efforts are beginning to pay off as indicated by this quarter's operating results."
Product sales in the third quarter increased 12% to $74.5 million and contract manufacturing sales totaled $3.4 million compared to $4.0 million in contract manufacturing sales a year ago. The decline in third quarter contract manufacturing revenues resulted from the Company's decision to narrow its contract manufacturing services to include only products with reasonable profit margins or those that could have a strategic fit in the future.
Year-to-date product sales increased 11% to $213.5 million and year-to- date contract manufacturing sales were $11.3 million.
