Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world
leader in microalgae-based, high-value nutrition and health dietary
supplement products, announced financial results for the first
quarter of fiscal year 2022, ended June 30, 2021.
First Quarter Fiscal 2022
Cyanotech reported net sales of $8,964,000 for the first quarter
of fiscal 2022 compared to $7,352,000 for the first quarter of
fiscal 2021, an increase of 22%. Gross profit was $3,672,000, with
gross profit margin of 41.0%, compared to gross profit of
$2,975,000, with gross profit margin of 40.5%. Operating income for
the first quarter of fiscal 2022 was $619,000 compared to $268,000
in the same period of the prior year.
Net income for the current fiscal quarter was $520,000, or $0.08
per diluted share, compared to net income of $138,000, or $0.02 per
diluted share, for the same period of the prior year.
Commenting on the first quarter fiscal 2022 results, Cyanotech’s
Chief Executive Officer, Gerald R. Cysewski, Ph.D., said: “We had a
good start to the year with strong sales and an improvement in
gross profit margin. Climatic conditions were generally stable
during the first quarter on Hawaii Island, and we saw cultivation
and production metrics above trend.”
Trailing Twelve Months
For the trailing twelve months ended June 30, 2021, compared to
the trailing twelve months ended June 30, 2020, net sales were
$33,957,000 compared to $31,179,000. Gross profit was $11,813,000,
with gross profit margin of 34.8%, compared to $11,999,000 and
38.5%. Net income was $1,302,000, or $0.21 per diluted share, which
included $1,389,000 for the forgiveness of the loan under the
Paycheck Protection Program, compared to net income of $659,000, or
$0.11 per diluted share.
Please review the Company’s Form 10-Q for the period ended June
30, 2021 for more detailed information.
— Cyanotech will host a virtual broadcast at 8:00 PM EDT on
Thursday, August 12, 2021 to respond to questions about its
operating results and other topics of interest. Interested parties
are asked to submit questions to questions@cyanotech.com before 12
p.m. (noon) EDT on Thursday, August 12, 2021. The Company will
respond only to relevant questions relating to the Company’s first
quarter fiscal 2022 financial performance and will not be accepting
any questions or comments during the broadcast.
To join the broadcast, please browse http://cyanotech.com/meet
approximately five minutes prior to the start time.
About Cyanotech — Cyanotech Corporation, a world leader
in microalgae technology for more than 30 years, produces BioAstin®
Hawaiian Astaxanthin® and Hawaiian Spirulina Pacifica®. These
all-natural, dietary ingredients and supplements leverage our
experience and reputation for quality, building nutritional brands
which promote health and well-being. The Company’s mission is to
fulfill the promise of whole health through Hawaiian microalgae.
Cyanotech’s BioAstin® offers superior antioxidant activity which
supports skin, eye and joint health, as well as recovery from
exercise*. Cyanotech's Spirulina products offer nutrition that
supports cardiovascular health and immunity*. All Cyanotech
products are produced from microalgae grown at our 96-acre facility
in Kona, Hawaii using patented and proprietary technology and are
Generally Recognized as Safe (“GRAS”) for use in food products.
Cyanotech sells its products direct to consumers at retail
locations in the United States and online at www.nutrex-hawaii.com
and also distributes to dietary supplement, nutraceutical and
cosmeceutical manufacturers and marketers. The Company is regulated
by the Food and Drug Administration. Visit www.cyanotech.com for
more information.
*These statements have not been evaluated by the Food and Drug
Administration. This product is not intended to diagnose, treat,
cure or prevent any disease.
“Safe Harbor” Statement under the U.S. Private Securities
Litigation Reform Act of 1995 Besides statements of present
fact and historical fact, this press release may contain
forward-looking statements. Forward-looking statements relate to
the future and are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by
forward-looking statements. We caution against relying on
forward-looking statements. Important factors that could change
actual, future results include: changes in sales levels to our
largest customers, weather patterns in Hawaii, production problems,
risks associated with new products, foreign exchange fluctuations,
and availability of financing, as well as national and global
political, economic, business, competitive, market and regulatory
conditions. Other factors are more fully detailed in the Company’s
annual Form 10-K filings with the Securities and Exchange
Commission.
Financial Tables Follow: The following tables do not
contain footnotes or other information contained in the Company’s
Form 10-Q for the first quarter fiscal 2022 ended June 30, 2021,
which can be found on the Cyanotech website (www.cyanotech.com)
under Investors>Investor Filings upon filing. As such, the
following Financial Tables are provided only as a guide and other
factors are more fully detailed in the Company’s annual Form 10-K
filings with the Securities and Exchange Commission.
CYANOTECH CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except per share
amounts)
(Unaudited)
June 30, 2021
March 31, 2021
ASSETS
Current assets:
Cash
$
1,061
$
3,767
Accounts receivable, net of allowance for
doubtful accounts of $75 as of June 30, 2021 and $32 as of March
31, 2021
5,036
2,436
Inventories, net
9,234
8,415
Prepaid expenses and other current
assets
374
488
Total current assets
15,705
15,106
Equipment and leasehold improvements,
net
11,905
12,136
Operating lease right-of-use assets,
net
3,435
3,517
Other assets
122
120
Total assets
$
31,167
$
30,879
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,471
$
2,287
Accrued expenses
1,133
844
Customer deposits
156
124
Operating lease obligations, current
portion
348
343
Line of credit
1,000
1,000
Current maturities of long-term debt
720
1,210
Total current liabilities
5,828
5,808
Long-term debt, less current
maturities
4,647
4,823
Long-term operating lease obligations
3,085
3,175
Other long-term liabilities
28
32
Total liabilities
13,588
13,838
Commitments and contingencies
Stockholders’ equity:
Preferred stock of $0.01 par value,
authorized 10,000,000 shares; no shares issued and outstanding
—
—
Common stock of $0.02 par value,
authorized 50,000,000 shares; issued and outstanding 6,117,719
shares at June 30, 2021 and 6,116,073 shares at March 31, 2021
122
122
Additional paid-in capital
33,285
33,267
Accumulated deficit
(15,828
)
(16,348
)
Total stockholders’ equity
17,579
17,041
Total liabilities and stockholders’
equity
$
31,167
$
30,879
CYANOTECH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended June
30,
2021
2020
Net sales
$
8,964
$
7,352
Cost of sales
5,292
4,377
Gross profit
3,672
2,975
Operating expenses:
General and administrative
1,347
1,328
Sales and marketing
1,550
1,244
Research and development
156
135
Total operating expenses
3,053
2,707
Income from operations
619
268
Interest expense, net
(95
)
(131
)
Income before income taxes
524
137
Income tax expense (benefit)
4
(1
)
Net income
$
520
$
138
Net income per share:
Basic
$
0.09
$
0.02
Diluted
$
0.08
$
0.02
Shares used in calculation of net income
per share:
Basic
6,117
6,029
Diluted
6,293
6,036
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version on businesswire.com: https://www.businesswire.com/news/home/20210811005080/en/
Bruce Russell (310) 346-6131 brussell@cyanotech.com
Cyanotech (NASDAQ:CYAN)
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