CYANOTECH ANNOUNCES THIRD-QUARTER RESULTS
CYANOTECH ANNOUNCES THIRD-QUARTER RESULTS KAILUA-KONA, Hawaii, Nov. 14 /PRNewswire/ -- Cyanotech Corp.
(NASDAQ: CYAN) today announced its 1991 third-quarter results. For the three months ended Sept. 30, 1991, the company reported total revenue of $527,000, and a net loss of $186,000, or 4 cents per share. This compares to total revenue of $548,000 and net income of $75,000, or 2 cents per share, for the same period in 1990. For the first nine months of 1991, the company reported total revenue of $1,330,000, and a net loss of $536,000, or 11 cents per share. In the similar period of 1990, the company reported total revenue of $1,490,000 and a net loss of $75,000, or 2 cents per share. Included in the total revenue amounts for the three- and nine-month periods of 1990 are $67,000 and $225,000 of research contract revenue for a project that ended on Dec. 31, 1990. Although sales of the company's bulk Spirulina product increased 231 percent and 91 percent, respectively, over the three- and nine-month periods of 1990, these increases were offset by lower sales of the company's higher margin phycobiliprotein products.
Company president and chief executive officer, Dr. Gerald Cysewski, said, "Although orders for our bulk Spirulina product continue at record levels, I am disappointed with the third-quarter results. The lower-than-anticipated order rate for our phycobiliprotein products has had a significant impact on our 1991 results. A national advertising and marketing program for our Spirulina consumer product, Spirulina Pacifica Gold Label(TM) tablets, was not fully implemented until early in the fourth quarter. We also introduced two new phycobiliprotein pigments this quarter. I expect to see positive results from these efforts before the end of the year." Cyanotech Corp. is a leading provider of high-value natural marine products to nutritional, fine chemical, and pharmaceutical markets worldwide. The company currently manufactures and sells Spirulina, a high-protein nutritional product; and a series of phycobiliproteins -- fluorescent pigments used in immunological diagnostics. -0- 11/14/91 /CONTACT: Dr. Gerald R. Cysewski or Ronald P. Scott of Cyanotech Corp., 808-326-1353/ (CYAN) CO: Cyanotech Corp. ST: Hawaii IN: MTC SU: ERN SC-LM -- SE001 -- 4275 11/14/91 09:04 EST
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|Date:||Nov 14, 1991|
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