CYANOTECH ANNOUNCES FISCAL YEAR, FOURTH-QUARTER RESULTS
CYANOTECH ANNOUNCES FISCAL YEAR, FOURTH-QUARTER RESULTS KAILUA-KONA, Hawaii, Feb. 7 /PRNewswire/ -- Cyanotech Corp.
(NASDAQ: CYAN) today announced its fiscal-year and fourth-quarter 1991 results. For the 12 months ended Dec. 31, 1991, the company reported total revenue of $1,795,000 and a net loss of $657,000, or 13 cents per share. This compares to total revenue of $1,881,000 and a net loss of $255,000, or 7 cents per share, for 1990. For the fourth quarter of 1991, the company reported total revenue of $465,000 and a net loss of $121,000, or 2 cents per share, compared to total revenue of $391,000 and a net loss of $180,000, or 5 cents per share, for the same period in 1990. Included in the total revenue amounts for the 12- and three-month periods of 1990 are $293,000 and $68,000 of research contract revenue for a project that ended on Dec. 31, 1990. Total product sales revenue increased 17 percent during 1991 compared to 1990. However, the company sold substantially less of its higher margin phycobiliprotein pigment products in 1991.
Company President and Chief Executive Officer Dr. Gerald Cysewski said, "During 1991, sales of our bulk Spirulina product increased over 75 percent from 1990. This increased demand reflects worldwide recognition of our superior product quality and an increasing demand for nutritional products. We are capitalizing on this demand by introducing our own consumer products to health and natural food stores through a nationwide campaign. Not only should our sales volume increase, but profit margins will be much higher than for our bulk products." Cysewski went on to say, "I expect 1992 to be a very good year for Cyanotech." In January, Cyanotech announced that its marketing subsidiary, Nutrex Inc., signed an agreement with Mic-Ellen Associates to establish a brokerage network that will provide access to many of the 8,000 health and natural food retailers throughout the United States. Cyanotech Corp. is a leading manufacturer of marine products for worldwide nutritional and pharmaceutical markets based on proprietary production and processing systems. -0- 2/7/92 /CONTACT: Dr. Gerald R. Cysewski or Ronald P. Scott of Cyanotech, 808-326-1353/ (CYAN) CO: Cyanotech Corp. ST: Hawaii IN: MTC SU: ERN
JH-SC -- SE002 -- 8068 02/07/92 09:04 EST
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|Date:||Feb 7, 1992|
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