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 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

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 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

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