Cyanotech Reports Financial Results For The Fourth Quarter And Fiscal Year 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 fourth quarter and fiscal year 2013, ended March 31, 2013.

Fourth Quarter 2013

For the fourth quarter of fiscal 2013 compared to the fourth quarter of fiscal 2012, net sales were $6,897,000 compared to $5,986,000, an increase of 15%. Gross profit was $2,708,000, with gross profit margin of 39%, compared to gross profit of $2,053,000 and gross profit margin of 34%. Net income was $2,633,000 or $0.47 per diluted share, compared to net income of $1,158,000 or $0.20 per diluted share. Net income in the fourth quarter includes a non-cash income tax benefit of $1,912,000 recognized on the elimination of the valuation allowance on deferred tax assets, compared to a reduction of the valuation allowance in the fourth quarter of last year of $892,000. Operating income for the quarter was $597,000 compared to $311,000 for the same quarter last year, an increase of 92%.

Regarding the 4th quarter fiscal 2013 results (changes shown versus fiscal 2012), Brent Bailey, President and CEO, stated:

“In the 4th quarter, our packaged consumer products represented more than one-half of company revenue for the first time, accounting for 52% (+14 pts.) of total net sales. Net sales growth for these products, by area, was:
  • Nutrex Mainland: +73%
  • Nutrex Hawaii: +14%
  • Nutrex Direct (online): +90%
  • Nutrex International: +203%

“Retail dollar growth in the natural products channel of our Astaxanthin products was +59% and our market share was 50% (+22 pts.). Our Spirulina retail dollar growth for the quarter was +55% and our market share was 50% (+8 pts.).

“The solid revenue growth combined with a stronger gross margin from improved Spirulina production and continued growth in Astaxanthin production, nearly doubled operating profit to $597,000 (+92%) in the 4th quarter.”

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