Click here for more information about Algenuity
Click here for more information about LiqofluxPhenometrics Buy 3 Get 1 Free
Visit cricatalyst.com!Evodos Separation Technology

Money

Cyanotech’s spirulina sales increase 76% in latest quarter

August 19, 2019
AlgaeIndustryMagazine.com

Cyanotech 76 percent

Cyanotech encompasses 90 acres of algae cultivation ponds, processing facilities, an on-sight extraction plant, and office and research buildings.

Cyanotech Corporation, a Kailua Kona, Hawaii-based leader in high-value nutrition and health products made from algae, has announced financial results for the first quarter of fiscal year 2020, ended June 30, 2019.

The company reported net sales of $8,071,000 for the first quarter of fiscal 2020 compared to $7,145,000 for the first quarter of fiscal 2019. Gross profit was $3,675,000, with gross profit margin of 45.5%, compared to gross profit of $1,836,000 and gross profit margin of 25.7%. Operating income was $49,000 compared to operating loss of ($1,167,000). Net loss was ($133,000) or ($0.02) per diluted share, compared to net loss of ($1,275,000) or ($0.22) per diluted share.

Commenting on the first quarter fiscal 2020 results (changes shown vs. the first quarter of fiscal 2019), Cyanotech’s Chief Executive Officer, Gerald R. Cysewski, Ph.D., said, “We are pleased that our algae production stabilized and returned to more normal levels in the first quarter, as well as overall sales. Absent what we expect to be mostly non-recurring charges related to severance and associated payments tied to personnel organization, our first quarter pre-tax income would also have normalized at approximately $400,000.”

Cyanotech’s Vice President Finance and CFO, Brian Orlopp, added, “Net sales increase of 13.0% for the current quarter compared to the same period last year was primarily driven by a 76% increase in spirulina sales, as well as the contribution of third-party contract extraction services. Spirulina sales last year were significantly affected by production issues and the re-inoculation process. Since late last year, productivity levels have returned to normal levels, allowing us to fulfill both bulk and Nutrex consumer product orders. These increases were partially offset by a 10.7% decrease in Astaxanthin sales, primarily due to a reduction in sales to one of our major customers.”

“Gross profit as a percent of net sales increased by 19.8 percentage points compared to the same period last year, primarily due to improvements in production for both spirulina and astaxanthin.”

“Operating expenses increased $0.6 million for the current quarter compared to the same period last year, primarily due to increased general and administrative expenses related to personnel.”

More Like This…

Copyright ©2010-2020 AlgaeIndustryMagazine.com. All rights reserved. Permission required 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.

twittertopbarlinks_eventstopbarlinks_requesttopbarlinks_archives

From The A.I.M. Archives

— Refresh Page for More Choices
Edinburgh-based biotech startup MiAlgae has received an investment of £1 million ($1.3USD) to focus on the commercialization of its microalgae products that use co-produc...
Dartmouth scientists have created a more sustainable feed for aquaculture by using a marine microalga co-product as a feed ingredient. The study is the first of its kind ...
Alexander Richter reports for Geothermal Energy News that, among the many examples offered during a recent conference in Pisa, Italy, on Perspectives and Impact of the Gr...
John Cumbers and Kevin Costa report for Forbes that Berkeley-based biotech startup Checkerspot has announced a partnership with Gore — the makers of Gore-Tex — to use syn...
When there is a combination of population increase, wastewater discharge, agricultural fertilization, and climate change, the cocktail is detrimental to humans and animal...
The Algae Biomass Organization (ABO) reports the introduction of the Algae Agriculture Act of 2018 (H.R. 5373), a bill that would give algae cultivators and harvesters ma...
The Utah Science Technology and Research (USTAR) initiative, a technology-based economic development program funded by the state of Utah, has awarded a $175,320 grant for...
Reebok has introduced a plant-based shoe that is in class with the best performance running sneakers on the market. The Forever Floatride GROW is the latest example of Re...
Liu Jia reports for the Chinese Academy of Sciences that a “magic soil” made out of modified clays has proven effective in fighting red tide along China’s coastal waters ...
Maiki Sherman, traveling with New Zealand Prime Minister Jacinda Ardern, reports for 1News Now that new innovation partnerships have been signed between New Zealand and J...
Paris-based Solabia Group (“Solabia”) has acquired Algatech Ltd., a global leader in the development, cultivation and commercialization of ingredients delivered from micr...
French researchers have been exploring the potential of algae for boosting the immune systems of animals and reducing the use of antibiotics in livestock farming. Past st...