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gnulaw (54.33)

Cyanotech (NASDAQ:CYAN) Q1 2012...record net sales...cash $3M +258%...Astaxanthin Sales +97%

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August 11, 2011 – Comments (6) | RELATED TICKERS: CYAN , ABT , BMY

 

Cyanotech (NASDAQ:CYAN) "...today announced financial results for the first quarter of fiscal year 2012, ended June 30, 2011.

First Quarter 2012

For the first quarter of fiscal 2012 compared to the first quarter of fiscal 2011, revenues were $5,950,000 compared to $3,856,000. Gross profit was $2,104,000, with gross profit margin of 35%, compared to gross profit of $1,659,000 and gross profit margin of 43%. Net income was $486,000 or $.09 per diluted share, compared to net income of $399,000 or $0.07 per diluted share.

Trailing 12 Months

For the trailing 12 months ended June 30, 2011, compared to the trailing 12 months ended June 30, 2010, revenues were $18,921,000 compared to revenues of $15,577,000. Gross profit was $6,786,000, with gross profit margin of 36%, compared to gross profit of $6,558,000 and gross profit margin of 42%. Net income was $1,817,000 or $.33 per diluted share, including a non-cash tax benefit of $552,000 due to a reduction in the deferred tax valuation allowance and recording of a net deferred tax asset in the fourth quarter of fiscal 2011, compared to $1,377,000, or $0.25 per diluted share. Income before the income tax benefit was $1,256,000 compared to $1,401,000.

Brent Bailey, President and CEO, said, “Cyanotech continued its sound performance in the first quarter of fiscal 2012 compared to the first quarter of fiscal 2011:

Net Sales were a record $5,950,000 (+$2,094,000 or +54%) Natural astaxanthin sales increased 97%, primarily due to an increase of 94% in bulk astaxanthin products. Packaged astaxanthin sales increased 108%. Spirulina sales increased 12%, primarily due to an increase of 35% in packaged spirulina sales. Bulk spirulina sales increased by 2%. Cash increased to $3,109,000 (+$2,241,000 or +258%) Inventories declined to $2,809,000 (-$1,368,000 or -33%)

Gross Margin was a disappointing 35% (-8 pts) largely due to lower Spirulina production over the last three quarters and should improve as we sell our higher cost inventory and production levels return to normal.

“The significant increases in packaged product sales are attributed to our focus on the growing consumer market for health and nutrition supplement products, combined with recent media reports regarding the benefits of both astaxanthin and spirulina.”

“We believe that Cyanotech’s high-quality, Hawaiian spirulina and natural astaxanthin will continue to benefit from increasing general consumer demand for natural nutritional products with proven value,” Bailey concluded.

Cash and cash equivalents at June 30, 2011 compared to March 31, 2011 were $3,109,000 compared to $2,062,000. Working capital was $6,715,000 compared to $6,285,000. Inventory was $2,809,000 compared to $3,627,000.

For the first quarter of fiscal 2011, Spirulina sales accounted for 37% of total revenues and natural Astaxanthin sales for 63%. International sales were 40% of total sales..."

Source: Cyanotech August 11, 2011.

 

6 Comments – Post Your Own

#1) On September 17, 2011 at 7:50 AM, gnulaw (54.33) wrote:

UPDATE (Sep 17, 2011)

FDA passes 12 mg New Dietary Ingredient petition for astaxanthin

The US Food and Drug Administration (FDA) has issued permission for an increase in the daily serving for astaxanthin from 7.8 mg to 12 mg, following a successful petition by Cyanotech...

Source: Sep 16, 2011 NUTRA ingredients-usa  http://www.nutraingredients-usa.com/Industry/FDA-passes-12-mg-New-Dietary-Ingredient-petition-for-astaxanthin

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#2) On October 01, 2011 at 11:38 AM, gnulaw (54.33) wrote:

JointAstin 12mg Astaxanthin (see above comment) now available from CYAN owned Nutrex-Hawaii on Amazon.com ?

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#3) On October 11, 2011 at 12:05 PM, gnulaw (54.33) wrote:

(October 11, 2011) Cyanotech Announces 33% Expansion of Astaxanthin Production Capacity

 

(October 07, 2011)  EID Parry completes acquisition of (Cyanotech:CYAN) strategic alliance Valensa

 

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#4) On October 17, 2011 at 5:43 PM, gnulaw (54.33) wrote:

(October 17, 2011) $CYAN makes 52-week high at $4.90, closes at 4.75 + 7.5% on 3.73X ADV (3 mo). Q2 2012 numbers ending Sep 30 out around November 10th (per last year's timing). Q2 2011 numbers ending September 30 2010 here and here. (Net Sales were $3.8M, $0.10 EPS.). See above for Q1 2012 ending June 30, 2011 numbers.

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#5) On October 18, 2011 at 7:54 PM, gnulaw (54.33) wrote:

Cyanotech:CYAN Board Director submits resignation October 12th. Signed by CFO October 17th, SEC FORM 8-K filed today, October 18. No reason provided.

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#6) On November 10, 2011 at 7:35 PM, gnulaw (54.33) wrote:

So how does a company

1. Not set a date for their earnings announcement for Q2 2012 ending September 30, 2011 (which, historically, should be tomorrow, November 11, 2011)?

2. Never hold an earnings announcement conference call?

3. When will they shed the appearance of a company operating out of their basement than a pharmaceutical?

When will CYAN start acting like a real company? Very disturbing.

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