Martek Announces Record Fourth Quarter and FY 2004 Financial Results
Published: Thursday, December 16, 2004
Martek Biosciences Corporation (MATK) announced its financial results for the fourth quarter and year ended October 31, 2004. For the fourth quarter of 2004 (4th Qtr 04), revenues of $59.7 million were achieved, up from $38.6 million for the fourth quarter of 2003 (4th Qtr 03), and for year ended October 31, 2004 (FY 04), revenues of $184.5 million were achieved, up from $114.7 million for the year ended October 31, 2003 (FY 03). For the 4th Qtr 04, Martek generated income before income taxes of $10.1 million compared to income before income taxes of $6.2 million in the 4th Qtr 03. For FY 04, Martek generated income before income taxes of $21.9 million compared to income before income taxes of $16.0 million for FY 03. Net income was $35.3 million, or $1.16 per diluted share, for the 4th Qtr 04 compared to net income of $6.2 million, or $0.21 per diluted share, for the 4th Qtr 03 and net income was $47.0 million, or $1.55 per diluted share, for FY 04 compared to net income of $16.0 million, or $0.58 per diluted share, for FY 03. Both the 4th Qtr 04 and FY 04 net income amounts reflect a one-time, non-cash income tax benefit of $25.2 million. See below for additional discussion.
"Martek continued its robust growth in earnings and revenue in the fourth quarter. This growth is expected to continue throughout 2005 as the Kingstree facility expands production and demand grows from existing and new products," stated Henry "Pete" Linsert, Jr., Chief Executive Officer of Martek.
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