< back to news
Cyanotech Reports Financial Results for the Third Quarter of Fiscal 2010
— The Company Achieves Record Net Income for the Third Quarter and First Nine Months of Fiscal 2010 —

KAILUA KONA, Hawaii (February 11, 2010) — Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and health products, today announced financial results for the third quarter and first nine months of fiscal 2010, ended December 31, 2009.

Third Quarter Fiscal 2010
Revenues for the third quarter of fiscal 2010 increased 12% to $3,982,000, compared to revenues of $3,553,000 for the third quarter of fiscal 2009. Gross profit was $1,750,000, with gross profit margin of 44%, in the current quarter compared to a gross profit of $1,566,000 and gross profit margin of 44% reported for the same quarter in fiscal 2009. Net income increased 18% to $605,000, or $0.11 per diluted share, compared to $514,000, or $0.10 per diluted share for the third quarter of fiscal 2009.

Cash and cash equivalents were $791,000 at December 31, 2009 compared to the March 31, 2009 balance of $977,000. Working capital increased to $5,171,000 at December 31, 2009 compared to $3,892,000 at March 31, 2009.

“The third quarter featured several company milestones including the launch of Hawaiian Spirulina Pacifica® Multivitamins, and the discovery of Vitamin K2 in Hawaiian Spirulina Pacifica®,” said Andrew H. Jacobson, President and CEO. “In addition, our re-branding campaign continues to resonate with consumers and increase awareness of Cyanotech’s unique value proposition: More Nutrition. Better Health. Purely Hawaiian™.”

He continued, “Despite economic challenges, our focus on business fundamentals remains robust. We delivered our most profitable quarter in over 10 years and we grew our core BioAstin® and Hawaiian Spirulina Pacifica® businesses both domestically and internationally.”

First Nine Months Fiscal 2010
Revenues for the first nine months of fiscal 2010 increased 13% to $11,928,000, compared to revenues of $10,528,000 for the first nine months of fiscal 2009. Gross profit was $5,245,000, with gross profit margin of 44%, compared to a gross profit of $4,248,000 and gross profit margin of 40% reported for the same period in 2009. Net income increased 71% to $1,617,000, or $0.30 per diluted share, compared to $948,000, or $0.18 per diluted share for the first nine months of fiscal 2009.

Jacobson added that the company remains committed and focused on its goal of being the global leader in health and wellness derived from microalgae. “With our strong commitment to serving our customers and best in class, nutritionally superior product portfolio, we believe we are well positioned to expand our industry leadership.”

About Cyanotech — Cyanotech Corporation, a world leader in microalgae technology, produces BioAstin® Natural Astaxanthin and Hawaiian Spirulina Pacifica®—all natural, functional nutrients that leverage our experience and reputation for quality, building nutritional brands which promote health and well-being. Cyanotech's Spirulina products offer complete nutrition, and augment energy and immune response. They are FDA reviewed and accepted as Generally Recognized as Safe (GRAS) for use in food products. BioAstin's superior antioxidant activity and ability to support and maintain a natural anti-inflammatory response enhance skin, muscle and joint health. All Cyanotech products are produced from microalgae grown at its 90-acre facility in Kona, Hawaii using patented and proprietary technology. Cyanotech distributes to nutritional supplement, nutraceutical and cosmeceutical manufacturers and marketers in more than 40 countries worldwide. Cyanotech was the first microalgae company in the world to obtain quality management standards ISO 9001:2000 certification and is GMP-certified by the Natural Products AssociationTM. Visit www.cyanotech.com for more information.

“Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995
Besides statements of present fact and historical fact, this press release may contain forward-looking statements. Forward-looking statements relate to the future and are subject to inherent uncertainties, risks and changes in circumstances which are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution against relying on forward-looking statements. Important factors that could change actual, future results include: changes in sales levels to our largest customers, weather patterns in Hawaii, production problems, risks associated with new products, foreign exchange fluctuations, and availability of financing, as well as national and global political, economic, business, competitive, market and regulatory conditions. Other factors are more fully detailed in the Company’s recent Form 10-Q and annual Form 10-K filings with the Securities and Exchange Commission.

(Financial Tables Follow: The following tables do not contain footnotes or other information contained in the Company’s Form 10-Q for the period ended December, 31, 2009. As such the following Financial Tables are provided only as a guide and other factors are more fully detailed in the Company’s Form 10-Q and annual Form 10-K filings with the Securities and Exchange Commission.)

Contact:
Bruce Russell: [email protected]
(310) 559-4955 x101


 

 
 
 
Home About CyanotechContact UsSign up for News © 2017 Cyanotech Corporation