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CYANOTECH REPORTS YEAR-TO-DATE AND THIRD-QUARTER PROFIT

 CYANOTECH REPORTS YEAR-TO-DATE AND THIRD-QUARTER PROFIT
 KAILUA-KONA, Hawaii, Oct. 15 /PRNewswire/ -- Cyanotech Corp. (NASDAQ: CYAN) reported net income of $59,000, or 1 cent per share, on record sales of $674,000 for the third quarter ended Sept. 30, 1992. These results compare with a net loss of $186,000, or 4 cents per share, on sales of $527,000 for the same period last year. Third-quarter sales revenue increased 13 percent from the $597,000 reported for the second quarter of 1992 and 28 percent from the same period in 1991.
 For the first nine months of 1992, the company reported sales revenue of $1,788,000, an increase of 34 percent over the $1,330,000 reported for the comparable period of 1991. Net income for the first nine months of 1992 was $27,000, or $0.003 per share, compared to a net loss of $536,000, or 11 cents per share, reported for 1991.
 "We are very pleased with the third-quarter and year-to-date results," said Dr. Gerald R. Cysewski, Cyanotech's chairman and chief executive officer. "The growth in sales and income is due to continued strong worldwide demand for Spirulina, significantly improved gross profit margins and accelerating sales growth of our Nutrex line of nutritional supplements."
 Cyanotech also announced that it has applied for a process patent on its unique drying technology which utilizes cold ocean sea water from a depth of 2,000 feet. Known as Ocean Chill(TM) drying, this process protects oxygen-sensitive nutrients in Spirulina, such as beta-carotene, and also provides lower production costs.
 Cyanotech is a leading manufacturer of marine products for worldwide nutritional and pharmaceutical markets, based on proprietary production and processing systems. The company's current products include Spirulina Pacifica(TM), 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.
 CYANOTECH CORP.
 SUMMARY STATEMENTS OF INCOME
 (Unaudited, in thousands, except per-share data)
 Three Months Nine Months
 Ended Sept. 30: 1992 1991 1992 1991
 Product sales $ 674 $ 527 $1,788 $1,330
 Cost of product sales 287 354 850 913
 Gross margin 387 173 938 417
 Total operating expenses 302 338 830 902
 Income (loss) from operations 85 (165) 108 (485)
 Net income (loss) $ 59 $ (186) $ 27 $ (536)
 Net income (loss) per share $0.01 $(0.04) $0.003 $(0.11)
 -0- 10/15/92
 /CONTACT: Ronald Scott, vice president-Finance, Cyanotech, 808-326-1353/
 (CYAN) CO: Cyanotech Corp. ST: Hawaii IN: SU: ERN


SW-TM -- SE003 -- 0228 10/15/92 08:56 EDT
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Date:Oct 15, 1992
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