Revenues for the second quarter were $124m, up 34% from $92.4m in the second quarter of fiscal 2009. GAAP net income was $12.5m, or $0.37 per diluted share, for the second quarter of fiscal 2010, compared to $11.0m, or $0.33 per diluted share, for the second quarter of fiscal 2009.
These revenues and earnings include the results of Amerifit Brands, the acquisition of which was completed by Martek on 12 February 2010.
The second quarter of fiscal 2010 included charges related to the acquisition of Amerifit of $3.5m. Excluding these amounts, net of tax, the fiscal 2010 second quarter earnings would have been $15.0m, or $0.45 per diluted share, an increase of 37% over the second quarter of fiscal 2009.
Commenting on the quarter, CEO Steve Dubin said: “The improving economy, new launches of products with Martek’s life’sDHA, growing international markets for Martek’s products and sales of Amerifit’s branded consumer health products all contributed to Martek’s record quarterly results.
“This year as a whole is looking strong from a revenue perspective, although revenues for the balance of 2010 are projected to be somewhat uneven on a quarter-to-quarter basis due to customer plant shutdowns for maintenance and other timing matters.
“Martek’s strong run rate coming out of fiscal 2010 should provide an excellent platform from which to grow as some of Martek’s new products currently in development begin to hit the market over the next 18 months as additional consumer brands launched through Amerifit’s marketing and distribution channels.”
Source: Martek Biosciences Corporation
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