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
TheStreet Open House

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

Stocks in this article: CYAN

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs