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Cyanotech Reports FY2016

May 27, 2016
AlgaeIndustryMagazine.com

logo-SpirulinaMicroalgae-based, high-value nutrition and health products maker Cyanotech Corporation announced financial results for the fourth quarter ended March 31, 2016 and fiscal year 2016. “Our market shares in the natural products channel remain excellent; for the 52 week period ending May 15, 2016, BioAstin commanded a 59% market share for astaxanthin products and Hawaiian Spirulina Pacifica commanded a 50% market share for Spirulina products. Both are the #1 selling products in their respective categories,” said Gerry Cysewski, Ph.D., Cyanotech’s Interim President and CEO.

For fiscal year 2016 compared to fiscal year 2015, net sales were $31,840,000 compared to $33,809,000, a decrease of 5.8%. Gross profit was $11,866,000, with gross profit margin of 37.3%, compared to gross profit of $14,466,000 and gross profit margin of 42.8%. Operating loss was ($785,000) compared to operating income of $322,000. Net loss was ($4,395,000) or ($0.79) per diluted share, compared to net loss of ($24,000) or ($0.00) per diluted share. The net loss for the current year included a valuation allowance on their deferred tax asset of $3,564,000 compared to $0 in the prior year.

Commenting on the fiscal 2016 results (changes shown vs. fiscal 2015), Dr. Cysewski said, “The net sales decline of 5.8% in fiscal 2016 was driven primarily by a reduction of bulk astaxanthin sales due to lower production from weather-related (El Niño) conditions in the first half of the fiscal year. Sales of our spirulina products grew 2.5%, driven by a 4.4% increase in bulk sales and a 1.3% increase in packaged sales. Our astaxanthin sales decreased 10.2% over the prior year, driven by a 67.1% decrease in bulk sales, offset by a 4.4% increase in packaged sales.

“Both spirulina and astaxanthin are sold in consumer packaged goods distributed primarily in the U.S. and in bulk form for use worldwide,” he said. “The change in composition of our sales in fiscal 2016 reflects our ongoing strategy 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.”

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