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CYANOTECH ACHIEVES RECORD SALES AND PROFITS FOR 1992

 KAILUA-KONA, Hawaii, Jan. 28 /PRNewswire/ -- Cyanotech Corp. (NASDAQ: CYAN) reported record earnings of $255,000, or 3 cents per share, on total sales of $2,485,000 for the year ended Dec. 31, 1992. This represents the highest sales total and the first full year of profitability in the company's 9-year history. These results compare to a net loss of $657,000, or 13 cents per share, on total sales of $1,795,000 for 1991.
 "We are very pleased with the 1992 results," said Dr. Gerald R. Cysewski, Cyanotech's president and chief executive officer. "The strategic changes that we implemented in 1991 are beginning to show results. Through a combination of higher selling prices and product cost reductions, our gross profit margin on a comparable basis increased from 40 percent in 1991 to 56 percent in 1992. Demand for our products in both domestic and international markets remained strong during 1992 as evidenced by the 38 percent increase in product sales revenues. In addition to our improved earnings performance, our working capital position improved from a negative $305,000 at the beginning of 1992 to a positive $171,000 at the end of 1992. The company has reached a turning point, and I expect that our performance will continue to improve in 1993."
 During 1992, the company acquired all of the remaining limited partnership units of Spirulina Research Partners 1984-1, a research and development limited partnership, in exchange for 778,532 shares of restricted common stock. Acquisition of the remaining partnership units eliminated a royalty requirement of approximately 8 percent on all sales of bulk Spirulina.
 Cyanotech Corp. 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.
 Financial Highlights
 (In thousands, except per share data)
 1992 1991
 Product sales revenues $2,485 $1,795
 Cost of product sales 1,090 1,223
 Gross margin 1,395 572
 Total operating expenses 1,107 1,153
 Income (loss) from operations 288 (581)
 Net income (loss) $255 ($657)
 Net income (loss) per share $0.03 ($0.13)
 Current assets 902 628
 Current liabilities 731 933
 Total stockholders' equity 1,521 1,102
 -0- 1/28/93
 /CONTACT: Ronald Scott, VP-finance of Cyanotech, 808-326-1353/
 (CYAN)


CO: Cyanotech Corp. ST: Hawaii IN: MTC SU: ERN

LS-JL -- LA014 -- 0052 01/28/93 08:46 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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