On Thursday, CYANOTECH CORP (CYAN) stock dipped -1.36% and closed at 2.18. The stock opened the session at $2.2 and touched its highest price point at $2.28. Its recent trading capacity is 10619 shares versus to its average trading volume of 13113 shares.
Cyanotech Corporation (CYAN) reported financial results for the fourth quarter and fiscal year 2020, ended March 31, 2020.
Fiscal Year 2020
Cyanotech stated net sales of $31,899,000 for fiscal 2020 contrast to $30,202,000 in fiscal 2019. Gross profit was $12,700,000, with gross profit margin of 39.8%, contrast to gross profit of $10,466,000 and gross profit margin of 34.7%. Operating income was $1,053,000 contrast to operating loss of ($2,997,000). Net income was $387,000, or $0.06 per diluted share, contrast to net loss of ($3,596,000), or ($0.62) per diluted share.
Commenting on the fiscal year results (changes shown vs. fiscal 2019), Cyanotech’s Chief Executive Officer, Gerald R. Cysewski, Ph.D., stated:
“We took several actions this past year to fortify our business and increase liquidity, including stabilizing production, postponing non-critical capital investments, and establishing cost controls to reduce spending in selling and general and administrative expenses going forward.
“I am happy with the results. We demonstrated achievement on multiple levels from the previous year: sales, margin, farm productivity, especially from our astaxanthin ponds, and the execution of cost cutting programs. Quarter over quarter net sales for fiscal 2020 have been consistent and have allowed us to improve cash management culminating in important accounts payable reduction, balancing inventory levels and building cash reserves.
“The COVID-19 pandemic has caused volatility in global markets. Our Company has been reported an essential business in Hawaii, and we have remained open at full operations. The Company is following all state and local mandates and is taking preventive measures to ensure the safety of our workforce. The extent of the impact of the pandemic on our financial performance, including the ability to execute our planned initiatives will depend on future developments, including the duration and spread of the pandemic and related government restrictions, all of which are uncertain.”
Fourth Quarter Fiscal 2020
Cyanotech stated net sales of $8,634,000 for the fourth quarter of fiscal year 2020 contrast to $6,059,000 in the fourth quarter of fiscal 2019. Gross profit was $3,084,000, with gross profit margin of 35.7%, contrast to gross profit of $2,229,000 and gross profit margin of 36.8% in the fourth quarter of fiscal 2019. Operating income was $228,000 contrast to operating loss of ($1,321,000) in the fourth quarter of fiscal 2019. Net income was $121,000, or $0.01 per diluted share, contrast to net loss of ($1,473,000), or ($0.25) per diluted share in the fourth quarter of fiscal 2019.
CYAN has a gross margin of 39.80% and an operating margin of 3.30% while its profit margin remained – 1.20% for the last 12 months. Its earnings per share (EPS) expected to touch remained 110.50% for this year. The company has 5.99M of outstanding shares and 12.71M shares were floated in the market.
My name is Brenda Weber, and I am the main writer behind the” readthisonline.com” for the ground-breaking and most fragile bits of knowledge into the most recent news in the business and finance sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities.