The company, which makes health care supplies, did earn more in the quarter ended Oct. 31 -- $13.6 million, or 30 cents a share -- compared with year-ago income of $8.6 million, or 19 cents a share. But fourth-quarter revenue dipped 2%, and full-year fiscal 2006 earnings fared even worse, dropping to $66.2 million, or $1.44 a share, compared with $91.7 million, or $2.04 a share, in 2005. Full-year revenue edged up only 6% to $859 million, missing Wall Street estimates by some $20 million, according to Thomson Financial.
The company now expects its 2007 earnings to range between $2.90 to $3.05 a share, excluding items, down from its previous forecast of $3.35 to $4. Revenue guidance was cut, as well, to range between $920 million and $960 million, from its previous prediction of $948 million to $1 billion. This still covers Wall Street's $958.9 million expectations, but shares were down $5.20, or 10.5%, to $44.25, in after-hours trading.
Martek Biosciences (MATK) shot up on increased revenue for the quarter and year ended Oct. 31, despite plunging GAAP profits largely blamed on a one-time $3 million restructuring charge. The Columbia, Md.-based company posted fourth-quarter GAAP income of $641,000, or 2 cent a share, compared with $4.9 million, or 15 cents a share, a year ago. But non-GAAP income, which takes into account the charge and stock-based compensation, came to $4 million, or 12 cents a share.Revenue increased 20% to $56 million for the quarter, with full-year 2006 revenue swelling 24% to $270.7 million. GAAP income for the year totaled $17.8 million, or 55 cents a share, compared with $15.3 million, or 48 cents a share, last year. But non-GAAP 2006 earnings reflect a more dramatic increase -- a total of $22.9 million, or 71 cents a share -- without the charges. Shares were up $1.19, or 5.1%, to $24.55.