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The Company is engaged in the production of natural products derived from microalgae. It provides microalgal products for human and animal nutrition in a sustainable, reliable and environmentally sensitive operation.
Generating cash for its owners and sporting high management returns. Sales, earnings, and book value are growing at a nice rate, and there is manageable debt. Small cap with lots of room to grow. Best case scenario this is grossly under-valued. Worse case is that it is selling at a fair price.
Cyanotech Reports Financial Results for the Second Quarter and First Six Months of Fiscal 2013November 09, 2012 08:00 am ETBusiness WireKAILUA KONA, Hawaii--(BUSINESS WIRE)--Nov. 9, 2012-- Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and health products, today announced financial results for the second quarter and first six months of fiscal year 2013, ended September 30, 2012.Second Quarter 2013Related InvestmentsCyanotech CorpLast 3 MonthsFor the second quarter of fiscal 2013 compared to the second quarter of fiscal 2012, revenues were $6,936,000 compared to $5,989,000, an increase of 16%. Gross profit was $2,812,000, with gross profit margin of 40.5%, compared to gross profit of $2,790,000 and gross profit margin of 46.6%. Net income was $476,000 or $0.08 per diluted share, compared to net income of $875,000 or $0.16 per diluted share.Commenting on the second quarter fiscal 2013 results, Brent Bailey, President and CEO, noted: “We are pleased with the record net sales of $6,936,000 in the second quarter and growth of 16%, including a 46% increase in our US branded consumer business and 36% in our bulk astaxanthin business. Our market shares of both spirulina and astaxanthin in the natural products distribution channel were above 40% and growing in the most recent 12-week period. However, this solid net sales growth was offset by the following factors, resulting in a net income decline:“The shift in mix from spirulina to astaxanthin and from bulk to retail sales has led to year-to-date performance slightly ahead of expectations in spite of the factors listed above.”First Six Months 2013For the first six months of fiscal 2013 compared to the first six months of fiscal 2012, revenues were $13,442,000 compared to $11,939,000, an increase of 12.6%. Gross profit was $5,386,000, with gross profit margin of 40.1%, compared to gross profit of $4,894,000 and gross profit margin of 40.0%. Net income was $969,000 or $0.17 per diluted share, compared to net income of $1,361,000 or $0.25 per diluted share.Trailing 12 MonthsFor the trailing 12 months ended September 30, 2012, compared to the trailing 12 months ended September 30, 2011, revenues were $26,134,000 compared to revenues of $21,076,000, an increase of 24.0%. Gross profit was $10,266,000, with gross profit margin of 39.3%, compared to gross profit of $7,924,000 and gross profit margin of 37.6%. Net income was $3,240,000 or $0.58 per diluted share, compared to $2,166,000, or $0.40 per diluted share.About Cyanotech — Cyanotech Corporation, a world leader in microalgae technology, produces BioAstin® Natural Astaxanthin and Hawaiian Spirulina Pacifica®—all natural, functional nutrients that leverage our experience and reputation for quality, building nutritional brands which promote health and well being. Cyanotech's Spirulina products offer complete nutrition, and augment energy and immune response. They are FDA-reviewed and accepted as Generally Recognized as Safe (GRAS) for use in food products. BioAstin's superior antioxidant activity and ability to support and maintain a natural anti-inflammatory response enhance skin, muscle and joint health. All Cyanotech products are produced from microalgae grown at our 90-acre facility in Kona, Hawaii using patented and proprietary technology. Cyanotech distributes to nutritional supplement, nutraceutical and cosmeceutical manufacturers and marketers in more than 54 countries worldwide. Cyanotech was the first microalgae company in the world to obtain quality management standards ISO 9001:2000 certification and is GMP-certified by the Natural Products AssociationTM. Visit www.cyanotech.com for more information.“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 recent Form 10-Q and 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 period ended September 30, 2012. As such the following Financial Tables are provided only as a guide and other factors are more fully detailed in the Company’s Form 10-Q and annual Form 10-K filings with the Securities and Exchange Commission.)Source: Cyanotech Corporationfor Cyanotech CorporationBruce Russell, 310-559-4955 x101
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