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CYANOTECH REPORTS FIRST QUARTER PROFIT AND APPOINTMENT OF NEW DIRECTOR

 KAILUA-KONA, Hawaii, April 22 /PRNewswire/ -- Cyanotech Corporation (NASDAQ: CYAN) reported net income of $35,000 or $.003 per share on sales of $589,000 for the first quarter ended March 31, 1993. These results compare with a net loss of $53,000 or ($.01) per share on sales of $517,000 for the same period last year. Significant factors for the improved quarterly performance include elimination of the eight percent royalty on sales of bulk Spirulina Pacifica(TM), production process improvements, and increased sales of the company's higher margin phycobiliprotein products.
 Dr. Gerald R. Cysewski, Cyanotech's chief executive officer, said, "Although our production facility operates 24 hours a day, seven days a week, we cannot keep pace with the growing worldwide demand for our premium quality bulk Spirulina Pacifica. Customer orders are being scheduled four to six weeks in advance. As a result, we are actively looking for equity financing in order to expand our Spirulina production capacity. We are also investing in nationwide advertising to promote our Nutrex consumer products. I expect Nutrex sales to increase during the remainder of 1993, further improving our financial performance."
 During the first quarter, the company implemented a lower pricing structure on its Nutrex consumer product line while increasing its investment in advertising and promotion of the product line. Sales and marketing expenditures for the quarter increased 94 percent from the first quarter of 1992 and 37 percent from the fourth quarter of 1992 to a total of $93,000. At the Natural Products Expo West, a major health food trade show in Anaheim, Calif., Nutrex introduced a new sports drink mix containing Spirulina Pacifica, complex carbohydrates, protein, bee pollen, ginseng, and many other nutrients. The initial response to this nutritionally balanced energy mix, called Hawaiian Energizer(TM), has been favorable and the company hopes to achieve significant sales of this product in the coming months.
 The company also announced that Dr. Paul Yuen joined the board of directors during the first quarter. Dr. Yuen was Acting President of the University of Hawaii from July 1992 to March 1993 and currently serves as Interim Senior Vice President for Academic Affairs for the University of Hawaii at Manoa. His background in ocean science technology includes serving as president of the Pacific International Center for High Technology Research (PICHTR) from 1983 to 1988. Dr. Yuen will be one of the management nominees for election to the board by the stockholders at the company's annual meeting on May 13, 1993, in Honolulu, Hawaii.
 Cyanotech Corporation is a leader in marine biotechnology, producing algal products for worldwide nutritional and pharmaceutical markets, based on proprietary production and processing systems. The company's current products include Spirulina Pacifica, a high-protein nutritional product; and phycobiliproteins, fluorescent pigments used in immunological diagnostics. Nutrex, Inc., the company's wholly-owned subsidiary, produces and markets a line of Spirulina-based nutritional consumer products.
 -0- 4/22/93
 /CONTACT: Ronald P. Scott, vice president - finance of Cyanotech Corporation, 808-326-1353/
 (CYAN)


CO: Cyanotech Corporation ST: Hawaii IN: MTC SU: ERN

LD -- NY012 -- 9191 04/22/93 08:46 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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