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     107  0 Kommentare Cyanotech Reports Financial Results for the Second Quarter and First Six Months of Fiscal 2021

    Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and dietary supplements, announced financial results for the second quarter and first six months of fiscal year 2021, ended September 30, 2020.

    Cyanotech’s Chief Executive Officer, Gerald R. Cysewski, Ph.D., said: “Cyanotech continues to focus on its core operational functions. In packaged goods, we are seeing an increase in sales to customers with an on-line presence as the COVID-19 restrictions impact brick and mortar stores.”

    “On October 1, 2020, we launched a line extension of BioAstin Hawaiian Astaxanthin in a new delivery form, water dispersible powder, available in both 1% and 2% concentrations to the bulk ingredients market worldwide.”

    Second Quarter Fiscal 2021

    Cyanotech reported net sales of $8,571,000 for the second quarter of fiscal 2021 compared to $7,690,000 for the second quarter of fiscal 2020. Gross profit was $3,301,000, with gross profit margin of 38.5%, compared to gross profit of $3,063,000 and gross profit margin of 39.8%. Operating income for the second quarter was $282,000 compared to $409,000 last year. Net income was $155,000, or $0.03 per diluted share, compared to a net income of $228,000, or $0.04 per diluted share.

    Six Months Fiscal 2021

    For the six months ended September 30, 2020, Cyanotech reported net sales of $15,923,000 compared to $15,761,000 for the same period in fiscal 2020. Gross profit was $6,276,000, with gross profit margin of 39.4%, compared to gross profit of $6,738,000 and gross profit margin of 42.8%. Net income was $293,000, or $0.05 per diluted share, compared to a net income of $95,000, or $0.02 per diluted share.

    Trailing Twelve Months

    For the trailing twelve months ended September 30, 2020, compared to the trailing twelve months ended September 30, 2019, net sales were $32,060,000 compared to $31,863,000. Gross profit was $12,238,000, with gross profit margin of 38.2%, compared to $13,082,000 and 41.1%. Net income was $586,000 or $0.10 per diluted share, compared to net loss of ($1,091,000) or ($0.19) per diluted share.

    Please review the Company’s Form 10-Q for the period ended September 30, 2020 for more detailed information.

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    — Cyanotech will host a Skype broadcast at 8:00 PM EST on Friday, November 13, 2020 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) EST on Friday, November 13, 2020. The Company will respond only to relevant questions relating to the Company’s second quarter fiscal 2021 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.

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    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 (“FDA”). Visit www.cyanotech.com for more information.

    *These statements have not been evaluated by the FDA. 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 second quarter fiscal 2021 ended September 30, 2020, 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)

     

     

    September 30,
    2020

     

     

    March 31,
    2020

     

    ASSETS

     

     

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

     

     

    Cash

     

    $

    4,253

     

     

    $

    2,417

     

    Accounts receivable, net of allowance for doubtful accounts of $34 at September 30, 2020 and $13 at March 31, 2020

     

     

    2,083

     

     

     

    2,154

     

    Inventories, net

     

     

    10,074

     

     

     

    9,653

     

    Prepaid expenses and other current assets

     

     

    433

     

     

     

    504

     

    Total current assets

     

     

    16,843

     

     

     

    14,728

     

     

     

     

     

     

     

     

     

     

    Equipment and leasehold improvements, net

     

     

    12,590

     

     

     

    13,042

     

    Operating lease right-of-use assets, net

     

     

    3,678

     

     

     

    3,834

     

    Other assets

     

     

    142

     

     

     

    183

     

    Total assets

     

    $

    33,253

     

     

    $

    31,787

     

     

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS’ EQUITY

     

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

     

     

    Accounts payable

     

    $

    2,300

     

     

    $

    2,137

     

    Accrued expenses

     

     

    978

     

     

     

    849

     

    Customer deposits

     

     

    198

     

     

     

    327

     

    Operating lease obligations, current portion

     

     

    333

     

     

     

    319

     

    Short-term contract obligation

     

     

     

     

     

    38

     

    Line of credit

     

     

    2,000

     

     

     

    2,000

     

    Current maturities of long-term debt

     

     

    2,197

     

     

     

    689

     

    Total current liabilities

     

     

    8,006

     

     

     

    6,359

     

     

     

     

     

     

     

     

     

     

    Long-term debt, less current maturities

     

     

    5,550

     

     

     

    6,009

     

    Long-term operating lease obligations

     

     

    3,349

     

     

     

    3,519

     

    Other long-term liabilities

     

     

    37

     

     

     

    54

     

    Total liabilities

     

     

    16,942

     

     

     

    15,941

     

     

     

     

     

     

     

     

     

     

    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 6,097,073 shares at September 30, 2020 and 6,011,885 shares at March 31, 2020

     

     

    122

     

     

     

    120

     

    Additional paid-in capital

     

     

    33,164

     

     

     

    32,994

     

    Accumulated deficit

     

     

    (16,975

    )

     

     

    (17,268

    )

    Total stockholders’ equity

     

     

    16,311

     

     

     

    15,846

     

    Total liabilities and stockholders’ equity

     

    $

    33,253

     

     

    $

    31,787

     

     

    CYANOTECH CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share amounts)

    (Unaudited)

     

     

    Three Months Ended
    September 30,

     

     

    Six Months Ended
    September 30,

     

     

     

    2020

     

     

    2019

     

     

    2020

     

     

    2019

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net sales

     

    $

    8,571

     

     

    $

    7,690

     

     

    $

    15,923

     

     

    $

    15,761

     

    Cost of sales

     

     

    5,270

     

     

     

    4,627

     

     

     

    9,647

     

     

     

    9,023

     

    Gross profit

     

     

    3,301

     

     

     

    3,063

     

     

     

    6,276

     

     

     

    6,738

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    General and administrative

     

     

    1,472

     

     

     

    1,157

     

     

     

    2,800

     

     

     

    3,188

     

    Sales and marketing

     

     

    1,374

     

     

     

    1,343

     

     

     

    2,618

     

     

     

    2,751

     

    Research and development

     

     

    173

     

     

     

    154

     

     

     

    308

     

     

     

    341

     

    Total operating expenses

     

     

    3,019

     

     

     

    2,654

     

     

     

    5,726

     

     

     

    6,280

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income from operations

     

     

    282

     

     

    409

     

     

    550

     

     

    458

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

     

    (121

    )

     

     

    (182

    )

     

     

    (251

    )

     

     

    (367

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income before income taxes

     

     

    161

     

     

    227

     

     

    299

     

     

    91

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income tax expense (benefit)

     

     

    6

     

     

    (1

    )

     

     

    6

     

     

    (4

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    155

     

    $

    228

     

    $

    293

     

    $

    95

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income per share:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.03

     

    $

    0.04

     

    $

    0.05

     

    $

    0.02

    Diluted

     

    $

    0.03

     

    $

    0.04

     

    $

    0.05

     

    $

    0.02

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Shares used in calculation of net income per share:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    6,054

     

     

     

    5,965

     

     

     

    6,042

     

     

     

    5,942

     

    Diluted

     

     

    6,163

     

     

     

    5,973

     

     

     

    6,147

     

     

     

    5,963

     

     



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    Cyanotech Reports Financial Results for the Second Quarter and First Six Months of Fiscal 2021 Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and dietary supplements, announced financial results for the second quarter and first six months of fiscal year 2021, ended September 30, …