Cyanotech Corporation (CYAN) reported financial results for the fourth quarter and fiscal year 2k19, ended March 31, 2k19.
Fiscal Year 2k19
Cyanotech stated net sales of $30,202,000 for fiscal 2k19 contrast to $34,115,000 in fiscal 2k18. Gross profit was $10,466,000, with gross profit margin of 34.7%, contrast to gross profit of $13,371,000 and gross profit margin of 39.2%. Operating loss was ($2,997,000) contrast to operating income of $1,414,000. Net loss was ($3,596,000) or ($0.62) per diluted share, contrast to net income of $1,025,000 or $0.18 per diluted share.
“Net sales reduced 11.5% in fiscal year 2k19 contrast with fiscal year 2k18, driven by a 9.2% decrease in sales of our packaged Nutrex Hawaii products, and a 30.2% decrease in bulk sales. The decrease in packaged sales for spirulina was the result of lack of accessible product, which also influenced astaxanthin sales for certain channels that have historically displayed and promoted the two products together . The bulk sales decrease is also primarily the result of lack of product accessible for our bulk consumers. Two consumers accounted for 33% and 24%, respectively, of our total net sales in fiscal year 2k19.
“Our gross profit percent of net sales reduced by 4.5 percentage points in fiscal year 2k19 contrast with fiscal year 2k18, of which 3.2 percentage points of the decrease was the result of high cost astaxanthin inventory that was carried over from fiscal 2k18 and sold in fiscal 2k19, and the remaining 1.3 percentage point decrease was a result of unfavorable production variances for spirulina contrast to fiscal 2k18. The total impact on fiscal 2k19 gross profit from the spirulina production and re-inoculation issues was $2.1M, or 7.0 percentage points.
Fourth Quarter Fiscal 2k19
Cyanotech stated net sales of $6,059,000 for the fourth quarter of fiscal year 2k19 contrast to $8,101,000 in the fourth quarter of fiscal 2k18. Gross profit was $2,229,000, with gross profit margin of 36.8%, contrast to gross profit of $1,908,000 and gross profit margin of 23.6% in the fourth quarter of fiscal 2k18. Operating loss was ($1,321,000) contrast to operating loss of ($935,000) in the fourth quarter of fiscal 2k18. Net loss was ($1,473,000) or ($0.25) per diluted share, contrast to net loss of ($1,058,000) or ($0.18) per diluted share in the fourth quarter of fiscal 2k18.
CYAN Net profit margin of the firm was recorded at -9.90% and operating profit margin was calculated at -8.20% while gross profit margin was measured as 31.50%. The volatility in the previous week has experienced by 2.96% and observed of 2.92% in the previous month.27.80% ownership is held by institutional investors while insiders hold ownership of 2.80%.
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