Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world
leader in microalgae-based, high-value nutrition and health dietary
supplement products, announced financial results for the third
quarter and first nine months of fiscal year 2022, ended December
31, 2021.
Commenting on the third quarter fiscal 2022 results, Cyanotech’s
Chief Executive Officer, Gerald R. Cysewski, Ph.D., said: “In the
third quarter, we were able to produce consistent results even as
we contend with the same range of supply chain constraints facing
most production and manufacturing businesses. Demand remains strong
as we are benefitting from increased interest in naturally derived
high value nutritional products for human health and
well-being.”
Third Quarter Fiscal 2022
Cyanotech reported net sales of $9,459,000 for the third quarter
of fiscal 2022 compared to $6,985,000 for the third quarter of
fiscal 2021, an increase of 35.4%. Gross profit was $3,238,000,
with gross profit margin of 34.2%, compared to gross profit of
$2,071,000, with gross profit margin of 29.6%. Operating income for
the third quarter of fiscal 2022 was $508,000 compared to operating
loss of $441,000 in the same period of the prior year. Net income
for the current fiscal quarter was $386,000, or $0.06 per diluted
share, compared to net income of $827,000, or $0.13 per diluted
share, for the same period of the prior year. The prior year net
income included the forgiveness of the loan under the Paycheck
Protection Program in the amount of $1,389,000.
First Nine Months Fiscal 2022
Cyanotech reported net sales of $27,842,000 for the first nine
months of fiscal 2022 compared to $22,907,000 for the same period
in fiscal 2021, an increase of 21.5%. Gross profit was $10,672,000,
with gross profit margin of 38.3%, compared to gross profit of
$8,347,000, with gross profit margin of 36.4%. Operating income for
the first nine months of fiscal 2022 was $2,210,000 compared to
$109,000 in the same period of the prior year. Net income for the
first nine months of fiscal 2022 was $1,877,000, or $0.30 per
diluted share, compared to net income of $1,121,000, or $0.18 per
diluted share, for the same period of the prior year. The prior
year net income included the forgiveness of the loan under the
Paycheck Protection Program in the amount of $1,389,000.
Trailing Twelve Months
For the trailing twelve months ended December 31, 2021, compared
to the trailing twelve months ended December 31, 2020, net sales
were $37,280,000 compared to $31,541,000. Gross profit was
$13,442,000, with gross profit margin of 36.1%, compared to
$11,431,000 and 36.2%. Net income was $1,676,000, or $0.27 per
diluted share, compared to net income of $1,242,000, or $0.20 per
diluted share. The prior trailing twelve months ended December 31,
2020 included the forgiveness of the loan under the Paycheck
Protection Program in the amount of $1,389,000.
Please review the Company’s Form 10-Q for the period ended
December 31, 2021 for more detailed information.
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— Cyanotech will host a virtual broadcast at 8:00 PM EST on
Friday, February 11, 2022 to respond to questions about its
operating results and other topics of interest. Interested parties
are asked to submit questions to questions@cyanotech.com before 12
p.m. (noon) EST on Friday, February 11, 2022. The Company will
respond only to relevant questions relating to the Company’s third
quarter fiscal 2022 financial performance and will not be accepting
any questions or comments during the broadcast.
To join the broadcast, please browse http://cyanotech.com/meet
approximately five minutes prior to the start time.
---------------
About Cyanotech — Cyanotech Corporation, a world leader
in microalgae technology for more than 30 years, produces BioAstin®
Hawaiian Astaxanthin® and Hawaiian Spirulina Pacifica®. These
all-natural, dietary ingredients and supplements leverage our
experience and reputation for quality, building nutritional brands
which promote health and well-being. The Company’s mission is to
fulfill the promise of whole health through Hawaiian microalgae.
Cyanotech’s BioAstin® offers superior antioxidant activity which
supports skin, eye and joint health, as well as recovery from
exercise*. Cyanotech's Spirulina products offer nutrition that
supports cardiovascular health and immunity*. All Cyanotech
products are produced from microalgae grown at our 96-acre facility
in Kona, Hawaii using patented and proprietary technology and are
Generally Recognized as Safe (“GRAS”) for use in food products.
Cyanotech sells its products direct to consumers at retail
locations in the United States and online at www.nutrex-hawaii.com
and also distributes to dietary supplement, nutraceutical and
cosmeceutical manufacturers and marketers. The Company is regulated
by the Food and Drug Administration. Visit www.cyanotech.com for
more information.
*These statements have not been evaluated
by the Food and Drug Administration. This product is not intended
to diagnose, treat, cure or prevent any disease.
“Safe Harbor” Statement under the U.S. Private
Securities Litigation Reform Act of 1995 Besides statements of
present fact and historical fact, this press release may contain
forward-looking statements. Forward-looking statements relate to
the future and are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by
forward-looking statements. We caution against relying on
forward-looking statements. Important factors that could change
actual, future results include: changes in sales levels to our
largest customers, weather patterns in Hawaii, production problems,
risks associated with new products, foreign exchange fluctuations,
and availability of financing, as well as national and global
political, economic, business, competitive, market and regulatory
conditions. Other factors are more fully detailed in the Company’s
annual Form 10-K filings with the Securities and Exchange
Commission.
Financial Tables Follow: The following tables do not
contain footnotes or other information contained in the Company’s
Form 10-Q for the third quarter fiscal 2022 ended December 31,
2021, which can be found on the Cyanotech website
(www.cyanotech.com) under Investors>Investor Filings upon
filing. As such, the following Financial Tables are provided only
as a guide and other factors are more fully detailed in the
Company’s annual Form 10-K filings with the Securities and Exchange
Commission.
CYANOTECH CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except per share
amounts)
(Unaudited)
December 31, 2021
March 31, 2021
ASSETS
Current assets:
Cash
$
2,298
$
3,767
Accounts receivable, net of allowance for
doubtful accounts of $156 as of December 31, 2021 and $32 as of
March 31, 2021
4,526
2,436
Inventories
8,724
8,415
Prepaid expenses and other current
assets
293
488
Total current assets
15,841
15,106
Equipment and leasehold improvements,
net
11,936
12,136
Operating lease right-of-use assets,
net
3,412
3,517
Other assets
112
120
Total assets
$
31,301
$
30,879
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,275
$
2,287
Accrued expenses
1,291
844
Customer deposits
83
124
Operating lease obligations, current
portion
382
343
Line of credit
—
1,000
Current maturities of long-term debt
626
1,210
Total current liabilities
4,657
5,808
Long-term debt, less current
maturities
4,400
4,823
Long-term operating lease obligations
3,027
3,175
Other long-term liabilities
20
32
Total liabilities
12,104
13,838
Commitments and contingencies
Stockholders’ equity:
Preferred stock of $0.01 par value,
authorized 10,000,000 shares; no shares issued and outstanding
—
—
Common stock of $0.02 par value,
authorized 50,000,000 shares; issued and outstanding 6,194,166
shares at December 31, 2021 and 6,116,073 shares at March 31,
2021
124
122
Additional paid-in capital
33,544
33,267
Accumulated deficit
(14,471
)
(16,348
)
Total stockholders’ equity
19,197
17,041
Total liabilities and stockholders’
equity
$
31,301
$
30,879
CYANOTECH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended December
31,
Nine Months Ended December
31,
2021
2020
2021
2020
Net sales
$
9,459
$
6,985
$
27,842
$
22,907
Cost of sales
6,221
4,914
17,170
14,560
Gross profit
3,238
2,071
10,672
8,347
Operating expenses:
General and administrative
1,403
1,001
4,171
3,801
Sales and marketing
1,127
1,300
3,808
3,918
Research and development
200
211
483
519
Total operating expenses
2,730
2,512
8,462
8,238
Income (loss) from operations
508
(441
)
2,210
109
Interest expense, net
(116
)
(123
)
(312
)
(374
)
Gain on extinguishment of debt
—
1,389
—
1,389
Income before income taxes
392
825
1,898
1,124
Income tax expense (benefit)
6
(2
)
21
3
Net income
$
386
$
827
$
1,877
$
1,121
Net income per share:
Basic
$
0.06
$
0.14
$
0.31
$
0.18
Diluted
$
0.06
$
0.13
$
0.30
$
0.18
Shares used in calculation of net income
per share:
Basic
6,183
6,097
6,144
6,060
Diluted
6,371
6,222
6,219
6,169
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version on businesswire.com: https://www.businesswire.com/news/home/20220210005148/en/
Bruce Russell (310) 346-6131 brussell@cyanotech.com
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