This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cyanotech Reports Financial Results For The Third Quarter And First Nine Months Of Fiscal 2011

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 2011, ended December 31, 2010.

Third Quarter 2011

For the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010, revenues were $3,919,000 compared to revenues of $3,982,000. Gross profit was $1,232,000, with gross profit margin of 31%, compared to gross profit of $1,750,000 and gross profit margin of 44%. Net income was $10,000, or $0.00 per diluted share, compared to $605,000, or $0.11 per diluted share.

Trailing 12 Months

For the trailing 12 months ended December 31, 2010, compared to the trailing 12 months ended December 31, 2009, revenues were $15,423,000 compared to revenues of $15,350,000. Gross profit was $5,931,000, with gross profit margin of 38%, compared to gross profit of $6,509,000 and gross profit margin of 42%. Net income was $709,000, or $0.14 per diluted share, compared to $1,811,000, or $0.35 per diluted share.

“Trends of our new marketing initiatives continued to improve in the third quarter of fiscal 2011, although overall sales were down 2%,” said Brent Bailey, President and CEO. “Sales of Cyanotech’s branded, higher-margin packaged products, a core initiative, increased 25% for Spirulina and 40% for natural Astaxanthin, offset by lower private label sales for both products. Marketing and sales expense increased by 49% from the third quarter of fiscal 2010 to support new brokers and broker training as well as new marketing programs for packaged products.”

“Our third quarter fiscal 2011 production was well below the same period in fiscal 2010 due to several factors including rain events and the subsequent recovery time to normal production levels,” Bailey added. “These factors were the primary driver of our margin decline for the quarter and are not expected to continue.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,504.06 -179.52 -1.02%
S&P 500 2,049.78 -18.98 -0.92%
NASDAQ 4,918.2530 -73.6870 -1.48%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs