Martek Biosciences Corporation (Nasdaq: MATK) reported that profits rose 89% in 2Q08.
Revenues for the quarter set a record at $90.7 million, up 18% from $76.7 million in 2Q007. Net income was $9.2 million, or $0.28 per diluted share, compared with $4.9 million, or $0.15 per diluted share, in 2Q07.
Analysts polled by Thomson Financial expected profit of $0.25 per share.
The company reported operating cash flow of $23.6 million, with year-to-date operating cash flow of $38.8 million.
During the quarter, Martek Launched eight new food and beverage and four new nutritional supplement products containing the company’s life’sDHA(TM)
Commenting on the quarter, CEO Steve Dubin said, "Martek’s strong second quarter results reflect the continued execution of the company’s business plan. Martek’s core infant formula business grew, especially overseas, and solid revenue increases were seen in non-infant formula markets. Interest from food, beverage and supplements companies in our nutritional oils continues to grow which should lead to further expansion of our non-infant formula business. In addition, advancements continue in the development of both new applications for life’sDHA(TM) as well as new products to support Martek’s long-term growth."
About Martek
Martek Biosciences Corporation is a leader in the development of omega-3 DHA products. The company produces life’sDHA(TM), a vegetarian source of the omega-3 fatty acid DHA (docosahexaenoic acid), for use in foods, infant formula and supplements, and life’sARA(TM) (arachidonic acid), an omega-6 fatty acid, for use in infant formula.
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