COLUMBIA, Md.—Martek Biosciences Corporation announced first quarter 2010 financial results. Revenues for the first quarter were $89.8 million, up 3 percent from $87.4 million in the first quarter of fiscal 2009. GAAP net income was $9.6 million, or $0.29 per diluted share, for the first quarter of fiscal 2010, consistent with the earnings levels in last year's first quarter. The first quarter of fiscal 2010 included expenses associated with the acquisition of Amerifit Brands ("Amerifit") of $1.2 million. Excluding these amounts, net of tax, the fiscal 2010 first quarter earnings would have been $10.4 million, or $0.31 per diluted share, an increase of 8 percent over the first quarter of fiscal 2009.
Commenting on the quarter, Chief Executive Officer Steve Dubin said, "Fiscal 2010 is off to a good start as a result of continued strong growth in Martek's DHA sales for markets outside of infant formula. DHA sales outside of formula increased by 40 percent over Q1 2009, including a 60-percent increase in sales of DHA for food and beverage applications as a number of projects that were stalled in the pipeline during the economic downturn are now beginning to come to market."
