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Cyanotech Reports Financial Results for the First Quarter of Fiscal 2011

KAILUA KONA, Hawaii (August 12, 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 first quarter of fiscal 2011, ended June 30, 2010.

First Quarter 2011
For the first quarter of fiscal 2011 compared to the first quarter of fiscal 2010, revenues were $3,856,000 compared to revenues of $4,021,000. Gross profit was $1,659,000, with gross profit margin of 43%, compared to gross profit of $1,733,000 and gross profit margin of 43%. Net income was $399,000, or $0.07 per diluted share, compared to $413,000, or $0.08 per diluted share.

Trailing 12 Months
For the trailing 12 months ended June 30, 2010, compared to the trailing 12 months ended June 30, 2009, revenues were $15,577,000 compared to revenues of $14,270,000. Gross profit was $6,559,000, with gross profit margin of 42%, compared to gross profit of $5,941,000 and gross profit margin of 42%. Net income was $1,377,000, or $0.27 per diluted share, compared to $1,284,000, or $0.25 per diluted share.

“Cyanotech’s performance was steady in the first quarter of fiscal 2011 for both our bulk raw material Spirulina and Astaxanthin products and our branded packaged products,” said David I. Rosenthal, Interim President and CEO. “As a world leader in the production and marketing of high-value natural products from microalgae, we are putting increased emphasis on our Nutrex Hawaii consumer products to introduce them to a broader consumer market than in prior years, principally domestic. Our marketing team is making good progress with new retail outlets, both major chain stores and their online stores.”

Rosenthal noted, “Our production continues to show excellent yields, which should enable us to meet increased demand for our bulk and packaged products as we go forward.”

Cash and cash equivalents were $868,000 at June 30, 2010 compared to the March 31, 2010 balance of $817,000. Working capital increased to $5,243,000 at June 30, 2010 compared to $4,942,000 at March 31, 2010.

For the first quarter of fiscal 2011 compared to the first quarter of 2010, Spirulina sales accounted for 51% of total revenues and natural Astaxanthin sales for 49%. International sales were 46% of total sales compared to 47%.

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 54 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 June 30, 2010. 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


 

 
 
 
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