Money

Cyanotech sales up 12% in Fiscal Year 2013

July 15, 2013
AlgaeIndustryMagazine.com

Cyanotech’s algae cultivation and production facilities in Kona

Cyanotech’s algae cultivation and production facilities in Kona

Microalgae-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:

  1. Under absorbed overhead due to lower than expected Spirulina production in the first three quarters of the year.
  2. The investments we are making in people, infrastructure and marketing which are driving 
our topline growth
  3. 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.

More Like This…

HOME Algae Industry Jobs

Copyright ©2010-2013 AlgaeIndustryMagazine.com. All rights reserved. Permission granted 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
The Algae Biomass Organization (ABO) released the following statement calling on the EPA to include Carbon Capture and Utilization strategies in rules proposed June 2, 20...
A new, outdoor system at the University of Dayton Research Institute has been producing a high volume of algae since its installation in the summer of 2013, even through ...
Four years after the first optimistic calculations, the experimental cultivation of algae at Wageningen University in the Netherlands appears to be meeting expectations. ...
A University of New South Wales (UNSW)-led team of researchers has discovered how algae that survive in very low levels of light are able to switch on and off a weird qua...
Jamie Radford writes in the Illawarra Mercury that Pia Winberg, from the University of Wollongong, believes that the South Coast of New South Wales, Australia (NSW) is in...
Gilbert, AZ-based Heliae has announced a partnership with Sincere Corporation, a Japanese waste management and recycling company, to form a joint venture and develop a co...
A recent discovery in the multicellular green alga, Volvox carteri,has revealed the origin of male and female sexes, showing how they evolved from a more primitive mating...
Matthew Carr was recently named executive director of the Algae Biomass Organization (ABO), the leading trade association for the algae industry. His presence will soon b...
The EPA has released the Annual Use of Pesticides in the U.S. Report. We now know that American farmers apply roughly a billion pounds of toxic chemicals intentionally in...
Using a combination of satellite imagery and laboratory experiments, researchers have evidence showing that viruses infecting those algae are driving the life-and-death d...
Portuguese cement facility, Secil, and microalgae biotechnology company, A4F, also based in Portugal, have formed AlgaFarm, a joint venture to develop the use of cement f...
SCHOTT AG, of Mitterteich, Germany, and Algatechnologies Ltd. (Algatech), based at Israel’s Kibbutz Ketura, have signed an R&D agreement to strengthen their partnersh...
Arizona is taking advantage of its open land and ample sunshine to assume a leadership position in the algae biofuel field. The state is home to two national algae testbe...
With their new CO₂ processing-platform called AstaCos, AlgaeBiotech can produce waxy particles of only 50-100 µm in size with a loading of 25% astaxanthin oleoresin. The ...
Algix, parent company of Solaplast, will be inaugurating their algae-to-plastic facility in Meridian, Mississippi, on November 14, 2014. Solaplast's facility will be focu...
On September 25, 2014, a photobioreactor for the cultivation of algae was officially unveiled during a seminar at Thomas More University College in Mechelen, Belgium. Und...
Iran-based Qeshm Microalgae Biorefinery Co. (QMAB) has launched a biofuel being marketed as BAYA®, produced from a species of Nannochloropsis (strain 6016) isolated from ...
William Tucker writes in fullfreedom.org about the lure the oceans have for advocates of biofuel, particularly in Scandinavia. “Two-thirds of the globe is covered with wa...