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 Third Quarter And First Nine Months 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 third quarter and first nine months of fiscal year 2013, ended December 31, 2012.

Third Quarter 2013

For the third quarter of fiscal 2013 compared to the third quarter of fiscal 2012, revenues were $7,242,000 compared to $6,706,000, an increase of 8%. Gross profit was $2,865,000, with gross profit margin of 40%, compared to gross profit of $2,827,000 and gross profit margin of 42%. Net income was $607,000 or $0.11 per diluted share, compared to net income of $1,113,000 or $0.20 per diluted share.

Commenting on the third quarter fiscal 2013 results (changes shown vs. third quarter of fiscal 2012), Brent Bailey, President and CEO, noted:

“Demand in the third quarter was strong with net sales at an all-time record $7,242,000 (+8%). The growth is in the strategic areas we have identified as priorities and is driven by our increased sales and marketing spending:

  • Nutrex Mainland: +49%
  • Nutrex Hawaii: +30%
  • Nutrex Direct (online): +96%
  • International Bulk: +73%

“Packaged products generated 43% (+10 pts.) of our revenue as our market shares in the Natural Products Channel continue to grow:

  • Astaxanthin: 45% (+16 pts.)
  • Spirulina: 44% (+4 pts.)

“Three factors negatively impacted profitability in the third quarter:

  • Planned sales and marketing expenses, which increased 59% due to increased advertising, promotional events and web support to drive our packaged products business; our new Scientific Advisory Board and public relations services; and incremental headcount.
  • Continued higher cost of Spirulina production, due to lower than expected harvests, which are expected to continue in the fourth quarter.
  • Increased legal fees.”

First Nine Months 2013

For the first nine months of fiscal 2013 compared to the first nine months of fiscal 2012, revenues were $20,684,000 compared to $18,645,000, an increase of 11%. Gross profit was $8,251,000, with gross profit margin of 40%, compared to gross profit of $7,721,000 and gross profit margin of 41%. Net income was $1,576,000 or $0.28 per diluted share, compared to net income of $2,473,000 or $0.45 per diluted share.

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 18,050.88 +15.95 0.09%
S&P 500 2,107.69 +7.29 0.35%
NASDAQ 5,021.1010 +26.4990 0.53%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs