CYAN 1.23...latest 6mo below:
B: Cyanotech Corporation Regains Compliance with NASDAQ SmallCap
arket Rules
B: Cyanotech Corporation Regains Compliance with NASDAQ SmallCap Market Rules
KAILUA KONA, Hawaii, Dec 1, 2003 (BUSINESS WIRE) -- Cyanotech Corporation
(Nasdaq:CYAN), a world leader in producing high-value natural products from
microalgae, announced today that the NASDAQ Listing Qualifications Panel
("Panel") has determined that Cyanotech has evidenced compliance with all
requirements necessary for continued listing on the NASDAQ SmallCap Market.
In a letter dated November 26, 2003, the Panel stated, "As of the close of
business on November 25, 2003, the Company demonstrated a closing bid price of
at least $1.00 per share for 13 consecutive trading days. Accordingly, the Panel
determined to continue the listing of the Company's securities on the NASDAQ
SmallCap Market."
"I am gratified that the NASDAQ Listing Qualifications Panel has determined in
favor of allowing our stock to remain listed on the SmallCap Market," commented
Gerald R. Cysewski, Ph.D., chairman, president and chief executive officer.
"With this issue resolved our Company can now put its full attention towards our
commitment to achieve sustainable growth and return to profitability. I believe
this focus on operations is a solid foundation for providing lasting value to
our shareholders. We have made excellent progress during this past year and will
continue to keep our efforts focused on our bottom line."
About Cyanotech
Cyanotech Corporation, a world leader in microalgal technology, produces
high-value natural products from microalgae and is the world's largest
commercial producer of natural astaxanthin (pronounced "asta-zan-thin") from
microalgae. Products include BioAstin(R) natural astaxanthin, a powerful
antioxidant with expanding applications as a human nutraceutical; NatuRose(R)
natural astaxanthin for the aquaculture and animal feed industries; Spirulina
Pacifica(R), a nutrient-rich dietary supplement; and phycobiliproteins, which
are fluorescent pigments used in the immunological diagnostics market. Spirulina
Pacifica and BioAstin are sold directly online through the Company's website,
www.nutrex-hawaii.com, as well as through resellers in over 30 countries
worldwide. Technical information for the Company's phycobiliproteins products is
available at www.phycobiliprotein.com. Corporate data and other product
information are available at www.cyanotech.com.
B: Cyanotech Corporation Reports Second Quarter Fiscal 2004 Finan
B: Cyanotech Corporation Reports Second Quarter Fiscal 2004 Financial Results; C
KAILUA KONA, Hawaii, Oct 30, 2003 (BUSINESS WIRE) -- Cyanotech Corporation
(Nasdaq:CYAN), a world leader in producing high-value natural products from
microalgae, today announced financial results for the second quarter of fiscal
year 2004, ended September 30, 2003, demonstrating continuing improvement from
the prior quarter's results.
For the second quarter of fiscal 2004, net sales were $2,840,000, a 17% increase
from the $2,428,000 recorded for the prior quarter and a 41% increase from the
$2,018,000 recorded for the comparable quarter of the prior fiscal year. The
increase in sales, quarter to quarter, was due primarily to increased bulk sales
of the Company's natural astaxanthin products, NatuRose(R) and BioAstin(R), and
higher sales of packaged consumer products. The growth in natural astaxanthin
product sales was especially evident in the Company's subsidiary in Japan, with
a 91% increase in sales over the prior quarter. For the first six months of
fiscal 2004, net sales were $5,268,000, an increase of 30% from the $4,050,000
recorded for the comparable period of fiscal 2003. The Company's gross profit
margin percentage for the quarter ended September 30, 2003 was 30%, a slight
increase over both the prior quarter and the comparable quarter of the prior
fiscal year.
During the quarter ended September 30, 2003, operating expenses increased by
$75,000 over the previous quarter amount; however, compared to the three months
ended September 30, 2002, operating expenses for the current fiscal quarter
decreased by $173,000. Operating expenses for the first six months of fiscal
2004 decreased by $643,000 from the comparable period of the prior fiscal year.
For the quarter ended September 30, 2003, the Company recorded income from
operations of $32,000 in contrast to the loss from operations of $434,000 in the
comparable prior fiscal year period.
Net loss for the quarter was $10,000, or ($0.00) per diluted share, an
improvement over the net loss of $141,000, or ($0.01) per diluted share,
reported for the prior quarter, and the net loss of $540,000, or ($0.03) per
diluted share, reported for the comparable quarter of the prior fiscal year. On
a fiscal year-to-date basis, the net loss for the first six months of fiscal
2004 amounted to $151,000 or ($0.01) per diluted share compared to a net loss of
$1,325,000, or ($0.08) per diluted share reported for the comparable period of
the prior fiscal year.
Cash balances at September 30, 2003 were $1,193,000, up from $681,000 and
$579,000 reported at June 30 and March 31, 2003, respectively. Cash generated
from operations during the current second quarter increased $155,000 over the
previous quarter results. The Company's increased cash balances, offset in part
by higher current liabilities, resulted in an improvement in working capital of
$485,000 during the second quarter of fiscal 2004.
"Our increased sales for the quarter ended September 30, 2003, combined with our
management of costs, demonstrate Cyanotech's continuing focus on achieving
profitability," said Gerald R. Cysewski, Ph.D., Chairman, President and Chief
Executive Officer. Elaborating on the Company's increased sales, Dr. Cysewski
commented, "As the first manufacturer to commercialize natural astaxanthin from
microalgae, we are pleased with the increased growth in sales of our NatuRose
products for the animal nutrition market and our BioAstin products for the human
nutrition market. We continue to see strong demand for our NatuRose products in
Japan and are also experiencing increased sales of our BioAstin products in the
United States and Europe."
Dr. Cysewski noted that Cyanotech's Quality Management System has been granted
registration under the new ISO 9001:2000 standard, well in advance of the
December 31, 2003 deadline, reaffirming the Company's commitment to quality. "We
are justifiably proud of this achievement. Certification under the new ISO
standard not only confirms Cyanotech's role as an internationally recognized
manufacturer of high-quality natural products, but is a testament to the
dedication of our personnel and the continued excellence of the Company's
operations and products." |
