Cyanotech Reports Financial Results for the Second Quarter and First Six Months of Fiscal 2023
Commenting on the second quarter fiscal 2023 results, Cyanotech’s President and Chief Executive Officer,
“The financial results for the quarter, compared to the same period last year, had net sales decrease driven by a confluence of events, including the increased
“From the perspective of manufacturing operations, company performance was steady and on course, with consistent Spirulina and record Astaxanthin cultivation.”
“The reduction in sales reduced working capital by only
Second Quarter Fiscal 2023
First Six Months of Fiscal 2023
Trailing Twelve Months
For the trailing twelve months ended
Please review the Company’s Form 10-Q for the period ended
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About
*These statements have not been evaluated by the |
“Safe Harbor” Statement under the
Financial Tables Follow: The following tables do not contain footnotes or other information contained in the Company’s Form 10-Q for the second quarter fiscal 2023 ended
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands, except per share amounts) |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash |
|
$ |
379 |
|
|
$ |
2,589 |
|
Accounts receivable, net of allowance for doubtful accounts of |
|
|
2,118 |
|
|
|
3,664 |
|
Inventories |
|
|
12,088 |
|
|
|
9,466 |
|
Prepaid expenses and other current assets |
|
|
356 |
|
|
|
545 |
|
Total current assets |
|
|
14,941 |
|
|
|
16,264 |
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|
|
|
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|
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Equipment and leasehold improvements, net |
|
|
11,747 |
|
|
|
11,885 |
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Operating lease right-of-use assets, net |
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|
3,573 |
|
|
|
3,787 |
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Other assets |
|
|
92 |
|
|
|
109 |
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Total assets |
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$ |
30,353 |
|
|
$ |
32,045 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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|
|
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Accounts payable |
|
$ |
1,544 |
|
|
$ |
2,362 |
|
Accrued expenses |
|
|
1,078 |
|
|
|
1,412 |
|
Customer deposits |
|
|
92 |
|
|
|
164 |
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Operating lease obligations, current portion |
|
|
294 |
|
|
|
393 |
|
Line of credit |
|
|
1,300 |
|
|
|
— |
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Current maturities of long-term debt |
|
|
277 |
|
|
|
490 |
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Total current liabilities |
|
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4,585 |
|
|
|
4,821 |
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Long-term debt, less current maturities |
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4,212 |
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|
4,336 |
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Long-term operating lease obligations |
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|
3,265 |
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|
|
3,386 |
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Other long-term liabilities |
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|
5 |
|
|
|
15 |
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Total liabilities |
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12,067 |
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|
|
12,558 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock of |
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— |
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|
|
— |
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Common stock of |
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125 |
|
|
|
124 |
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Additional paid-in capital |
|
|
33,767 |
|
|
|
33,557 |
|
Accumulated deficit |
|
|
(15,606 |
) |
|
|
(14,194 |
) |
Total stockholders’ equity |
|
|
18,286 |
|
|
|
19,487 |
|
Total liabilities and stockholders’ equity |
|
$ |
30,353 |
|
|
$ |
32,045 |
|
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In thousands, except per share amounts) |
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(Unaudited) |
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Three Months Ended
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Six Months Ended
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2022 |
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2021 |
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2022 |
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2021 |
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Net sales |
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$ |
5,179 |
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$ |
9,419 |
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$ |
11,895 |
|
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$ |
18,383 |
|
Cost of sales |
|
|
3,389 |
|
|
|
5,657 |
|
|
|
7,787 |
|
|
|
10,949 |
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Gross profit |
|
|
1,790 |
|
|
|
3,762 |
|
|
|
4,108 |
|
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|
7,434 |
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Operating expenses: |
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General and administrative |
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1,279 |
|
|
|
1,422 |
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|
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2,608 |
|
|
|
2,768 |
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Sales and marketing |
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|
1,142 |
|
|
|
1,131 |
|
|
|
2,310 |
|
|
|
2,681 |
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Research and development |
|
|
206 |
|
|
|
127 |
|
|
|
452 |
|
|
|
284 |
|
Total operating expenses |
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|
2,627 |
|
|
|
2,680 |
|
|
|
5,370 |
|
|
|
5,733 |
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(Loss) income from operations |
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(837 |
) |
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|
1,082 |
|
|
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(1,262 |
) |
|
|
1,701 |
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Interest expense, net |
|
|
(103 |
) |
|
|
(101 |
) |
|
|
(147 |
) |
|
|
(196 |
) |
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(Loss) income before income taxes |
|
|
(940 |
) |
|
|
981 |
|
|
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(1,409 |
) |
|
|
1,505 |
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Income tax expense |
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— |
|
|
|
11 |
|
|
|
3 |
|
|
|
14 |
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Net (loss) income |
|
$ |
(940 |
) |
|
$ |
970 |
|
|
$ |
(1,412 |
) |
|
$ |
1,491 |
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Net (loss) income per share: |
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Basic |
|
$ |
(0.15 |
) |
|
$ |
0.16 |
|
|
$ |
(0.23 |
) |
|
$ |
0.24 |
|
Diluted |
|
$ |
(0.15 |
) |
|
$ |
0.16 |
|
|
$ |
(0.23 |
) |
|
$ |
0.24 |
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Shares used in calculation of net (loss) income per share: |
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Basic |
|
|
6,228 |
|
|
|
6,130 |
|
|
|
6,216 |
|
|
|
6,124 |
|
Diluted |
|
|
6,228 |
|
|
|
6,139 |
|
|
|
6,216 |
|
|
|
6,136 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005368/en/
(310) 346-6131
brussell@cyanotech.com
Source: