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Cyanotech Reports Financial Results For The First Quarter Of Fiscal 2013

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 2013, ended June 30, 2012.

First Quarter 2013

For the first quarter of fiscal 2013 compared to the first quarter of fiscal 2012, revenues were $6,506,000 compared to $5,950,000, an increase of 9%. Gross profit was $2,574,000, with gross profit margin of 39.6%, compared to gross profit of $2,104,000 and gross profit margin of 35.4%. Net income was $493,000 or $0.08 per diluted share, compared to net income of $486,000 or $0.09 per diluted share.

Commenting on the first quarter fiscal 2013 results, Brent Bailey, President and CEO, noted: “Although first quarter net sales growth companywide was a modest 9%, our packaged products increased 44% reflecting our new strategic marketing focus, driven by strong growth of 36% on the mainland, 55% in Hawaii, 49% in direct-to-consumer and 209% internationally. BioAstin and Hawaiian Spirulina Pacifica continue to be the #1 brands of astaxanthin and spirulina, respectively, in the United States natural products channel. In spite of significantly increased demand, bulk net sales declined 6% due to lower production in the fourth quarter of fiscal 2012. Bulk spirulina sales were down 9% while bulk astaxanthin dropped 5%.”

“The increase in first quarter operating expenses reflects the investment we are making in brand development, marketing and people with successful business-building track records in consumer packaged goods. We are confident that this investment strengthens our foundation for continued revenue growth, improved margins and resulting profit,” continued Bailey.

Trailing 12 Months

For the trailing 12 months ended June 30, 2012, compared to the trailing 12 months ended June 30, 2011, revenues were $25,187,000 compared to revenues of $18,921,000, an increase of 33%. Gross profit was $10,244,000, with gross profit margin of 40.7%, compared to gross profit of $6,786,000 and gross profit margin of 35.9%. Net income was $3,639,000 or $0.65 per diluted share, compared to $1,817,000, or $0.34 per diluted share.

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