- Net sales increased $7.8 million or 46.4% over the prior year to a record $24.6 million, driven primarily by an increase in demand for astaxanthin products.
- Gross margin increased to 39.7% from 37.7%, aided by the growth in higher margin astaxanthin sales.
- Operating income increased $1.7 million or 136% to $2.9 million, driven by the net sales growth.
- Net income increased $1.9 million or 110% to $3.6 million, driven by the volume increase and a partial reversal of the valuation allowance on our deferred tax asset.
- Earnings per diluted share increased $0.34 to $0.66.
- Cash from operating activities increased $3.3 million to $5.1 million, resulting from the increased volume and non-cash items such as stock option compensation and increases in accounts payable and accrued expenses.
- Cash and cash equivalents at March 31, 2012 increased $3.0 million to $5.1 million. As a result, working capital increased $1.8 million or 29% to $8.1 million at March 31, 2012.
Cyanotech Reports Financial Results For Fiscal Year 2012
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