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Cyanotech Reports Q4 Financial Results

Cyanotech Reports Q4 Financial Results

June 24, 2011
AlgaeIndustryMagazine.com

Cyanotech Corporation, a NASDAQ-traded leader in microalgae-based, high-value nutrition and health products, headquartered in Kona, Hawaii, has announced financial results for the fourth quarter and fiscal year 2011, ended March 31, 2011.

For the fourth quarter of fiscal 2011, revenues were $5,218,000 compared to $3,814,000 for the fourth quarter of fiscal 2010. Gross profit was $1,798,000, with gross profit margin of 34%, compared to gross profit of $1,387,000 and gross profit margin of 36% for 4Q ’10. Net income was $795,000 or $.14 per diluted share, compared to net loss of $226,000 or $(0.04) per diluted share last fiscal year.

Fiscal Year 2011

For the fiscal year ended March 31, 2011, revenues were $16,827,000 compared to revenues of $15,742,000 for the year ended March 31, 2010. Gross profit was $6,341,000, with gross profit margin of 38%, compared to gross profit of $6,633,000 and gross profit margin of 42% in fiscal 2010. Net income was $1,730,000 or $.32 per diluted share, compared to $1,391,000, or $0.26 per diluted share fiscal year 2010.

Brent Bailey, President and CEO, said, “Cyanotech’s business is healthy and vital. Our fourth quarter results were…a record quarter with 16% net sales growth generated by expanded market awareness of our products, such as from favorable publicity for both Astaxanthin and Spirulina from multiple segments on the popular Dr. Oz Show. Our fiscal 2011 results were similarly influenced by these factors.”

For fiscal 2011, Spirulina sales accounted for 50% of total revenues and natural Astaxanthin sales for 50%. International sales were 42% of total sales.

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Sat June 25 2011 11:43:58 AM by Tomcatino 1071 views
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