cyanotech corp (CYAN) Key Developments
Cyanotech Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014
Feb 12 15
Cyanotech Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2014. For the third quarter of fiscal 2015 compared to the third quarter of fiscal 2014, net sales were $8,842,000 compared to $7,438,000, an increase of 19%. Net income was $304,000 or $0.05 per diluted share, compared to net income of $36,000 or $0.01 per diluted share. Operating income for the quarter was $783,000, a healthy +143% increase versus prior year. The growth was driven by a 49% (+7 pts.) gross margin resulting from strong growth in the Nutrex business and an increase in extraction yields.
For the first nine months ended December 31, 2014 compared to the first nine months ended December 31, 2013, net sales were $24,968,000 compared to $21,646,000 an increase of 15%. Net income was $79,000 or $0.01 per diluted share, compared to net income of $172,000 or $0.03 per diluted share. Income from operations was $180,000 against $854,000 a year ago. Income before income tax was $109,000 against $764,000 a year ago.
Cyanotech Names David L. Vied as a Director
Jan 28 15
David L. Vied of Los Angeles, CA has been elected as a Director by the Board of Directors of Cyanotech Corporation. Mr. Vied was determined under Nasdaq rules to be an independent Director of the Board, which is now comprised of four independent directors and two management directors. Mr. Vied, age 54, serves as the Global Sector Leader, Medical Devices & Diagnostics for Korn Ferry.
Cyanotech Corp. Settles Lawsuit with Florida Firm, University of Illinois
Dec 19 14
Cyanotech Corp. has settled its patent infringement dispute with a Florida-based nutraceutical company and the Board of Trustees for the University of Illinois. PBN first reported on the dispute in July 2012, which began when Valensa International and the university claimed that Cyanotech's marketing of a product using the antioxidant supplement Astaxanthin for eye health violated their patents for Astaxanthin-based products for eye health. On December 19, 2014, Cyanotech said that all existing litigation and administrative proceedings between Valensa and the board of trustees have been amicably resolved.
Cyanotech Corp. Announces Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended September 30, 2014
Nov 10 14
Cyanotech Corp. announced unaudited consolidated earnings results for second quarter and six months ended September 30, 2014. For the quarter, the company reported net sales of $8,684,000 against $7,299,000 a year ago. Income from operations was $536,000 against $360,000 a year ago. Income before income tax was $513,000 against $335,000 a year ago. Net income was $188,000 or $0.03 per share basic and diluted against $106,000 or $0.02 per share basic and diluted a year ago.
For the nine months, the company reported net sales of $16,126,000 against $14,208,000 a year ago. Loss from operations was $603,000 against income from operations of $533,000 a year ago. Loss before income tax was $651,000 against income before income tax of $471,000 a year ago. Net Loss was $225,000 or $0.04 per share basic and diluted against net income of $136,000 or $0.02 per share basic and diluted a year ago.
Cyanotech Corp. Appoints Walter B. Menzel as Director
Sep 2 14
Cyanotech Corp. announced at the AGM held on August 28, 2014, the shareholders appointed Walter B. Menzel as director.