twittertopbarlinks_eventstopbarlinks_requesttopbarlinks_archives
NCMA Algae Tips
Click here for more information about Liqofluxphenometrics515R1
Visit cricatalyst.com!Commercial Algae Professionals

Money

Cyanotech posts financial results

August 15, 2016
AlgaeIndustryMagazine.com

Gerald R. Cysewski, Ph.D.

Gerald R. Cysewski, Ph.D., Interim President and Chief Executive Officer of Cyanotech

Hawaii-based Cyanotech Corporation, producer of microalgae-based nutrition and health products, has announced financial results for the first quarter of fiscal year 2017, ended June 30, 2016.

For the first quarter of fiscal year 2017, compared to the first quarter of fiscal year 2016, net sales were $7,322,000 compared to $7,594,000, a decrease of 3.6%. Gross profit was $2,821,000, with gross profit margin of 38.5%, compared to gross profit of $2,924,000 and gross profit margin of 38.5%. Operating loss was ($610,000) compared to operating loss of ($195,000). Net loss was ($691,000) or ($0.12) per diluted share, compared to net loss of ($105,000) or ($0.02) per diluted share.

Commenting on the results Gerry Cysewski, Cyanotech’s Interim President and CEO, noted, “Net sales declined 3.6% for the quarter, driven by a 14% decrease in our packaged products, offset by a 39% increase in bulk sales. The decline in sales of packaged product compared to the same period last year is the result of limits on the level of discounts offered in low margin channels in the current quarter. This change, which resulted in a 19% decrease in astaxanthin sales and flat spirulina sales, is expected to improve profitability in the long run.

“Sales of our bulk products increased 39%, made up of a 43% increase in spirulina sales and a 25% increase in astaxanthin sales. The increase in bulk sales was driven by increased demand from our international customers, coupled with increased levels of astaxanthin inventory available for sale.

“Our strategy continues to focus on growing the market for higher margin, branded consumer products by emphasizing the higher nutritional content of our Hawaiian spirulina and the benefits of our natural astaxanthin over synthetics. Both are the #1 selling products in their respective categories in the natural products channel.

“During the first quarter, BioAstin sales expanded into an additional 32 warehouse stores in Costco’s Texas region and now is available in 195 Costco warehouses, or roughly 40% of their domestic total.

“We also began extracting 100 percent of our astaxanthin product in our new onsite extraction facility, saving considerable costs and time compared to our earlier process of sending biomass to the mainland US and to New Zealand for extraction.”

For the trailing 12 months ended June 30, 2016 compared to the trailing 12 months ended June 30, 2015, net sales were $31,568,000 compared to $33,779,000, a decrease of 6.5%. Gross profit was $11,763,000, with gross profit margin of 37.3%, compared to gross profit of $14,331,000 and gross profit margin of 42.4%. Pretax loss was ($1,590,000) compared to pretax income of $1,083,000, and net loss was ($4,981,000) or ($0.89) per diluted share, compared to net income of $252,000 or $0.05 per diluted share.

More Like This…

HOME A.I.M. Archives

Copyright ©2010-2016 AlgaeIndustryMagazine.com. All rights reserved. Permission required to reprint this article in its entirety. Must include copyright statement and live hyperlinks. Contact editorial@algaeindustrymagazine.com. A.I.M. accepts unsolicited manuscripts for consideration, and takes no responsibility for the validity of claims made in submitted editorial.

From The A.I.M. Archives

— Refresh Page for More Choices
Analia Murias 
reports for fis.com that Chilean exports of products made from macroalgae generated a total of $195 million US in the first seven months of 2014, according...
Renewable fuels company Muradel has launched Australia’s first integrated demonstration plant to sustainably convert algae into green crude, as a first step towards a com...
Phys.org reports that, in collaboration with the Berlin, Germany LED manufacturer FutureLED, scientists at the Technische Universität München have developed a unique comb...
Cyanobacteria, also known as blue-green algae because of their color, have endured for more than 2.5 billion years, providing ample time to adapt to changes in the Earth'...
In an age where customer input is as easy as a click, OriginOil has tapped directly into its intended market to R&D their next generation algae harvester -- with a de...
Montague, Prince Edward Island-based Solarvest has announced that it has used its algal-based production platform to express bioactive therapeutic proteins. The proof of ...
Five years ago, on April 20, 2010, an explosion on the Deepwater Horizon rig caused a release of 200 million gallons of oil into the Gulf of Mexico before the well was ca...
Modesto, California-based G3 Enterprises, Inc. has entered into an agreement with Commercial Algae Professionals (CAP) to represent their unique drying technology in the ...
Nevele, Belgium-based TomAlgae is developing freeze-dried microalgae for feed in shrimp hatcheries. The company has created its own microalgal “cultivar” and manufactures...
Professor David Sinton of the University of Toronto’s Faculty of Applied Science & Engineering has been awarded a 2015 E.W.R. Steacie Memorial Fellowship from the Nat...
CleanMalaysia.com reports that rooftop spirulina gardens are part of a burgeoning do-it-yourself urban farm project in Bangkok, Thailand’s capital. They are aimed at grow...
Benedict O’Donnell writes in the EU Research and Innovation magazine, Horizon, about research being developed on seaweed as a biological, environmentally friendly, sustai...