Cyanotech sales up 12% in Fiscal Year 2013
July 15, 2013
icroalgae-based, high-value nutrition and health products manufacturer, Cyanotech Corporation, has announced financial results for fiscal year 2013, ended March 31, 2013.
For fiscal 2013 compared to fiscal 2012, net sales for the Kona, Hawaii-based company were $27,581,000 compared to $24,631,000, an increase of 12%. Gross profit was $10,958,000, with gross profit margin of 40%, compared to gross profit of $9,774,000 and gross profit margin of 40%. Net income was $4,209,000 or $0.74 per diluted share, compared to net income of $3,632,000 or $0.66 per diluted share.
Commenting on the fiscal 2013 results, President and CEO Brent Bailey said, “Fiscal 2013 net sales were a record $27,581,000 (+12%) and were driven by strong growth in our consumer business:
- Nutrex Mainland: +54%
- Nutrex Hawaii: +26%
- Nutrex Direct (online): +81%
- Nutrex International: +105%
“Retail dollar growth of our Astaxanthin and Spirulina products in the natural products channel was +41% and +35%, respectively, and our market share was 40% (+13 pts.) and 45% (+5 pts.), respectively. Net sales per capita of our Nutrex products in the Hawaii market reached $1.47 in fiscal 2013. Packaged products now generate 45% (+10 pts.) of our total revenue, yet utilize only 36% (+16 pts.) and 18% (+6 pts.) of our Spirulina and Astaxanthin production, respectively.
“Operating income for the year was negatively impacted by three factors:
- Under absorbed overhead due to lower than expected Spirulina production in the first three quarters of the year.
- The investments we are making in people, infrastructure and marketing which are driving our topline growth
- Increased legal fees.”
All Cyanotech products are produced from microalgae grown at their 90-acre facility in Kona, using patented and proprietary technology. Cyanotech distributes to nutritional supplement, nutraceutical and cosmeceutical manufacturers and marketers in more than 50 countries worldwide.