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Cyanotech reports 2017 financial results

June 22, 2017
AlgaeIndustryMagazine.com

Cyanotech’s net sales showed an increase in spirulina sales, offset by a modest decrease in astaxanthin sales.

kdropcapsailua Kona-based Cyanotech Corporation has announced financial results for the fourth quarter and fiscal year 2017, ended March 31, 2017. For fiscal 2017 compared to fiscal 2016, net sales were $32,042,000 compared to $31,840,000, an increase of 0.6%. Gross profit was $12,224,000, with gross profit margin of 38.1%, compared to gross profit of $11,866,000 and gross profit margin of 37.3%. Operating loss was ($682,000) compared to operating loss of ($785,000). Net loss was ($1,215,000) or ($0.21) per diluted share, compared to net loss of ($4,395,000) or ($0.79) per diluted share.

Commenting on the fiscal 2017 results (changes shown vs. fiscal 2016), Gerry Cysewski, Ph.D., Cyanotech’s President and CEO noted, “While we suffered from high legal costs this year, our results reflect positive momentum in the areas where we are focused strategically. Additionally, we instituted production efficiencies and a restructuring that should generate cost savings in the next fiscal year.

“Net sales showed an increase in spirulina sales, offset by a modest decrease in astaxanthin sales. The increase in spirulina sales was driven by an increase in bulk sales (+9.9%) due to higher production in the last quarter of fiscal 2016 through the third quarter of fiscal 2017. Sales of packaged Spirulina Pacifica and BioAstin showed modest growth (+2.8% and 0.1%, respectively), with sales to Costco increasing 25%. Additionally, during the 4th quarter of fiscal 2017, we increased our focus on Amazon and immediately saw a 4-fold increase in sales compared to the prior quarter. While this growth was offset by reductions in our lowest value channel, the shift to these two channels presents us with more opportunity for growth. The decrease in astaxanthin sales is due primarily to the discontinuation of a product by one of our European bulk customers.

“Our gross profit increased by 0.8 percentage points compared to fiscal 2016. This improvement was the result of savings from a full year’s utilization of our new extraction facility, coupled with an 8% increase in astaxanthin production with lower production costs. We incurred $0.25 million of non-inventoriable costs during fiscal 2017 related to lower spirulina production in the 4th quarter of fiscal 2017, compared to $0.5 million in fiscal 2016, which included $0.4 million related to start-up costs of our new extraction facility.

“Operating expenses increased moderately, largely for General and Administrative expenses due to an increase in legal fees of $1.2 million related to a shareholder lawsuit. The Company is no longer a party to the shareholder lawsuit.”

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