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
Scientists at the Energy Department’s National Renewable Energy Laboratory (NREL) have demonstrated that just two of six iron-sulfur-containing ferredoxins in a represent...
Algae.Tec Ltd has received its first purchase order from Reliance Industrial Investments and Holdings Limited (RIIHL), in connection with the arrangements announced on Ja...
In a global scenario where increasing attention is being directed towards issues of sustainability and limited food supplies, algal sources offer immense scope for the ra...
Valensa International and Contract Biotics have announced that Contract Biotics has started construction of an additional six acres of algae production units at the compa...
By sending algae into space, a U.S. Department of Agriculture (USDA) scientist and his team will be able to study some of the key mechanisms that control plant growth and...
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 ...
Kazuaki Nagata reports from Japan that while the Fukushima nuclear disaster has prompted vigorous discussion about alternative energy in Japan, there is a lack of a paral...
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...
Algae Industry Magazine is pleased to announce a new Algae 101 series by our popular blogger, Mark Edwards, Professor, Arizona State University. The Algae Solutions to Na...
Steven Mufson reports for the Washington Post that Algenol Biofuels estimates hackers have attempted to break into its computers 39 million times in four months this year...
Perth, Western Australia-based Algae.Tec Limited has announced that the Reliance Group has converted the first tranche of options following the positive progress achieved...
Channelnewsasia.com reports on three young Spaniards who harvest seaweed, a culinary delicacy, as a way for them to stay out of Spain’s troubled financial waters. 35-year...
Bookending the upcoming Algae Biomass Summit, Sept. 29-Oct.2 in San Diego, will be industry tours to give attendees a first-hand look at the latest progress in technical ...
Expanding from its initial work in algal biofuels, General Atomic’s (GA’s) Advanced Biological Processes team has focused on the rising need for food globally, specifical...
U.S. farmers and biofuels makers are watching for the Environmental Protection Agency’s (EPA’s) final decision on the 2014 Renewable Fuel Standard rules, which will set t...
James “Jamie” Levine took over the reigns at Sapphire Energy in July of this year as former President and CEO Cynthia “CJ” Warner stepped down, retaining her role as chai...
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...