November 11, 2021; 8:00PM EDT
Gerry Cysewski – Chief Executive Officer
Felicia Ladin – Chief Financial Officer
Aloha from Kona, Hawaii. Thank you all for joining us today. I am Gerry Cysewski, Chief Executive Officer of Cyanotech. Joining me on the call today is Felicia Ladin, our Chief Financial Officer. I am pleased to report Cyanotech’s second quarter fiscal year 2022 earnings results. I will turn the call over to Felicia to provide our forward looking statement.
Thanks Gerry. Our discussion today may include forward-looking statements. We do not undertake any obligation to update forward-looking statements either as a result of new information, future events or otherwise. Our actual results may differ materially from what is described in these forward-looking statements. Some of the factors that may cause results to differ are listed in our publicly filed documents. For additional information, we encourage you to review our 10Q and fiscal year 2021 10K report filed with the Securities and Exchange Commission.
I will turn it back to Gerry for comments on the quarter, Gerry:
The financial results for the second quarter of fiscal year 2022 continued the positive results from the first quarter of fiscal year 2022. The sales in the second quarter of fiscal year 2022 were $9.4M, an increase of $848,000 or 10% over the second quarter of fiscal 2021 and operating income of $1,082,000, an increase of $801,000 over the second quarter of fiscal 2021.
Similar to the first quarter, we experienced stable growing conditions that allowed sustained cultivation and production metrics above trend. While we have not been immune from the supply chain disruptions being seen across the globe, we have been able to minimize their impact to date.
Working capital has increased due the planned growth in astaxanthin inventory.
Now I would like to turn over the call to Felicia to discuss the second quarter. Felicia, please?
Thank you, Gerry and good evening, everyone.
- As Gerry said net sales for the second quarter of fiscal 2022 were $9,419,000 compared to $8,571,000 for the second quarter of fiscal 2021.
- Gross profit for the second quarter of fiscal 2022 was $3,762,000, with gross profit margin of 39.9%, compared to gross profit of $3,301,000 and gross profit margin of 38.5% in the second quarter of fiscal 2021.
- Operating income for the second quarter was $1,082,000 compared to $281,000 last year reflecting an increase of $801,000 due to increased sales, lower cost of spirulina and astaxanthin and lower operating expenses.
- Net income for the current quarter was $970,000, or $0.16 per diluted share, compared to net income of $155,000, or $0.03 per diluted share in the prior year.
- Company had cash of $2.1M million and working capital of $10.7 million as compared to $3.8 million and $9.3 million, respectively as of March 31, 2021.
I will hand the call back to Gerry for concluding comments, Gerry:
We have not had any questions. Thank you for attending the call.
Please stay safe and healthy. Aloha