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 First Quarter Of Fiscal 2012

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 year 2012, ended June 30, 2011.

First Quarter 2012

For the first quarter of fiscal 2012 compared to the first quarter of fiscal 2011, revenues were $5,950,000 compared to $3,856,000. Gross profit was $2,104,000, with gross profit margin of 35%, compared to gross profit of $1,659,000 and gross profit margin of 43%. Net income was $486,000 or $.09 per diluted share, compared to net income of $399,000 or $0.07 per diluted share.

Trailing 12 Months

For the trailing 12 months ended June 30, 2011, compared to the trailing 12 months ended June 30, 2010, revenues were $18,921,000 compared to revenues of $15,577,000. Gross profit was $6,786,000, with gross profit margin of 36%, compared to gross profit of $6,558,000 and gross profit margin of 42%. Net income was $1,817,000 or $.33 per diluted share, including a non-cash tax benefit of $552,000 due to a reduction in the deferred tax valuation allowance and recording of a net deferred tax asset in the fourth quarter of fiscal 2011, compared to $1,377,000, or $0.25 per diluted share. Income before the income tax benefit was $1,256,000 compared to $1,401,000.

Brent Bailey, President and CEO, said, “Cyanotech continued its sound performance in the first quarter of fiscal 2012 compared to the first quarter of fiscal 2011:

  • Net Sales were a record $5,950,000 (+$2,094,000 or +54%)
    • Natural astaxanthin sales increased 97%, primarily due to an increase of 94% in bulk astaxanthin products. Packaged astaxanthin sales increased 108%.
    • Spirulina sales increased 12%, primarily due to an increase of 35% in packaged spirulina sales. Bulk spirulina sales increased by 2%.
  • Cash increased to $3,109,000 (+$2,241,000 or +258%)
  • Inventories declined to $2,809,000 (-$1,368,000 or -33%)

Gross Margin was a disappointing 35% (-8 pts) largely due to lower Spirulina production over the last three quarters and should improve as we sell our higher cost inventory and production levels return to normal.

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
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs