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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/23/20 Cyanotech Corp 10-K 3/31/20 94:8.1M RDG Filings/FA |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 839K
2: EX-23.1 Consent of Experts or Counsel HTML 30K
6: EX-99.1 Miscellaneous Exhibit HTML 96K
3: EX-31.1 Certification -- §302 - SOA'02 HTML 34K
4: EX-31.2 Certification -- §302 - SOA'02 HTML 34K
5: EX-32.1 Certification -- §906 - SOA'02 HTML 30K
24: R1 Document And Entity Information HTML 67K
71: R2 Consolidated Balance Sheets HTML 124K
86: R3 Consolidated Balance Sheets (Parentheticals) HTML 48K
47: R4 Consolidated Statements of Operations HTML 112K
22: R5 Consolidated Statements of Stockholders' Equity HTML 88K
70: R6 Consolidated Statements of Cash Flows HTML 135K
85: R7 Note 1 - Organization and Basis of Presentation HTML 45K
50: R8 Note 2 - Significant Accounting Policies HTML 112K
20: R9 Note 3 - Inventories HTML 42K
21: R10 Note 4 - Equipment and Leasehold Improvements HTML 46K
51: R11 Note 5 - Short-term Contract Obligation HTML 35K
84: R12 Note 6 - Line of Credit and Long-term Debt HTML 82K
73: R13 Note 7 - Accrued Expenses HTML 40K
19: R14 Note 8 - Operating Leases HTML 54K
49: R15 Note 9 - Other Commitments and Contingencies HTML 36K
82: R16 Note 10 - Share-based Compensation HTML 176K
72: R17 Note 11 - Common and Preferred Stock HTML 33K
23: R18 Note 12 - Earnings (Loss) Per Share HTML 56K
48: R19 Note 13 - Profit Sharing and 401k Plan HTML 33K
89: R20 Note 14 - Product Line and Geographic Information HTML 85K
55: R21 Note 15 - Income Taxes HTML 153K
28: R22 Note 16 - Related-party Transactions and Balances HTML 36K
35: R23 Note 17 - Subsequent Events HTML 33K
88: R24 Note 18 - Selected Quarterly Financial Data HTML 68K
(Unaudited)
54: R25 Schedule II - Valuation and Qualifying Accounts HTML 50K
27: R26 Significant Accounting Policies (Policies) HTML 169K
34: R27 Note 2 - Significant Accounting Policies (Tables) HTML 45K
87: R28 Note 3 - Inventories (Tables) HTML 40K
56: R29 Note 4 - Equipment and Leasehold Improvements HTML 42K
(Tables)
68: R30 Note 6 - Line of Credit and Long-term Debt HTML 55K
(Tables)
79: R31 Note 7 - Accrued Expenses (Tables) HTML 38K
52: R32 Note 8 - Operating Leases (Tables) HTML 47K
25: R33 Note 10 - Share-based Compensation (Tables) HTML 164K
69: R34 Note 12 - Earnings (Loss) Per Share (Tables) HTML 51K
80: R35 Note 14 - Product Line and Geographic Information HTML 78K
(Tables)
53: R36 Note 15 - Income Taxes (Tables) HTML 141K
26: R37 Note 18 - Selected Quarterly Financial Data HTML 67K
(Unaudited) (Tables)
67: R38 Schedule II - Valuation and Qualifying Accounts HTML 47K
(Tables)
81: R39 Note 1 - Organization and Basis of Presentation HTML 60K
(Details Textual)
60: R40 Note 2 - Significant Accounting Policies (Details HTML 58K
Textual)
92: R41 Note 2 - Significant Accounting Polices - HTML 39K
Reconciliation of Cash and Restricted Cash
(Details)
37: R42 Note 2 - Significant Accounting Policies - HTML 37K
Estimated Useful Lives (Details)
29: R43 Note 3 - Inventories (Details Textual) HTML 30K
61: R44 Note 3 - Inventories - Components of Inventory HTML 40K
(Details)
93: R45 Note 4 - Equipment and Leasehold Improvements HTML 32K
(Details Textual)
38: R46 Note 4 - Equipment and Leasehold Improvements - HTML 43K
Components of Equipment and Leasehold Improvements
(Details)
30: R47 Note 5 - Short-term Contract Obligation (Details HTML 56K
Textual)
59: R48 Note 6 - Line of Credit and Long-term Debt HTML 157K
(Details Textual)
94: R49 Note 6 - Line of Credit and Long-term Debt - HTML 44K
Summary of Line of Credit and Long-term Debt
(Details)
78: R50 Note 6 - Line of Credit and Long-term Debt - HTML 47K
Future Payments (Details)
65: R51 Note 7 - Accrued Expenses - Components of Accrued HTML 40K
Expenses (Details)
14: R52 Note 8 - Operating Leases (Details Textual) HTML 50K
43: R53 Note 8 - Operating Leases - Supplemental Balance HTML 35K
Sheet Information (Details)
77: R54 Note 8 - Operating Leases - Operating Leases HTML 47K
Maturities (Details)
64: R55 Note 9 - Other Commitments and Contingencies HTML 28K
(Details Textual)
13: R56 Note 10 - Share-based Compensation (Details HTML 100K
Textual)
42: R57 Note 10 - Share-based Compensation - Shares HTML 45K
Authorized, Available for Future Grant and
Outstanding Under Each Plan (Details)
76: R58 Note 10 - Share-based Compensation - Summary of HTML 69K
Option Activity Under Stock Plans (Details)
66: R59 Note 10 - Share-based Compensation - Summary of HTML 40K
Non-vested Options (Details)
32: R60 Note 10 - Share-based Compensation - Summary of HTML 61K
the Weighted-average Characteristics of
Outstanding Stock Options (Details)
41: R61 Note 10 - Share-based Compensation - Summary of HTML 44K
Valuation Assumptions Related to Options Granted
(Details)
91: R62 Note 10 - Share-based Compensation - Restricted HTML 51K
Stock Units (Details)
58: R63 Note 11 - Common and Preferred Stock (Details HTML 35K
Textual)
31: R64 Note 12 - Earnings (Loss) Per Share (Details HTML 33K
Textual)
40: R65 Note 12 - Earnings (Loss) Per Share - Summary of HTML 76K
Reconciliations Between the Numerator and the
Denominator of the Basic and Diluted Earnings Per
Share Computations (Details)
90: R66 Note 13 - Profit Sharing and 401k Plan (Details HTML 34K
Textual)
57: R67 Note 14 - Product Line and Geographic Information HTML 31K
(Details Textual)
33: R68 Note 14 - Product Line and Geographic Information HTML 46K
- Net Sales by Product Line (Details)
39: R69 Note 14 - Product Line and Geographic Information HTML 47K
- Sales by Geographic Region (Details)
44: R70 Note 15 - Income Taxes (Details Textual) HTML 48K
17: R71 Note 15 - Income Taxes - Components of Income Tax HTML 52K
Benefit (Expense) (Details)
62: R72 Note 15 - Income Taxes - Reconciliation of the HTML 52K
Amount of Income Taxes Computed at the Federal
Statutory Rate to the Amount Reflected in
Consolidated Statements of Operations (Details)
74: R73 Note 15 - Income Taxes - Effects of Temporary HTML 63K
Differences Related to Various Assets, Liabilities
and Carry Forwards That Give Rise to Deferred Tax
Assets and Liabilities (Details)
45: R74 Note 15 - Income Taxes - Net Operating Loss Carry HTML 58K
Forwards and Tax Credit Carry Forwards Available
to Offset Future Federal Income Tax (Details)
18: R75 Note 15 - Income Taxes - Open Tax Years and HTML 39K
Jurisdictions That the Company Used in Its
Evaluation of Tax Positions (Details)
63: R76 Note 16 - Related-party Transactions and Balances HTML 40K
(Details Textual)
75: R77 Note 17 - Subsequent Events (Details Textual) HTML 29K
46: R78 Note 18 - Selected Quarterly Financial Data HTML 56K
(Unaudited) - Quarterly Financial Information
(Unaudited) (Details)
15: R79 Schedule II - Valuation and Qualifying Accounts - HTML 38K
Valuation and Qualifying Accounts (Details)
16: XML IDEA XML File -- Filing Summary XML 180K
83: EXCEL IDEA Workbook of Financial Reports XLSX 86K
7: EX-101.INS XBRL Instance -- cyan-20200331 XML 2.33M
9: EX-101.CAL XBRL Calculations -- cyan-20200331_cal XML 167K
10: EX-101.DEF XBRL Definitions -- cyan-20200331_def XML 1.48M
11: EX-101.LAB XBRL Labels -- cyan-20200331_lab XML 1.21M
12: EX-101.PRE XBRL Presentations -- cyan-20200331_pre XML 1.53M
8: EX-101.SCH XBRL Schema -- cyan-20200331 XSD 246K
36: ZIP XBRL Zipped Folder -- 0001437749-20-013699-xbrl Zip 196K
Exhibit 99.1
|
News Release |
Contact: Bruce Russell (310) 346-6131 |
Cyanotech Reports Financial Results for the Fourth Quarter and Fiscal Year 2020
KAILUA KONA, Hawaii (June 23, 2020) — Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and health products, announced financial results for the fourth quarter and fiscal year 2020, ended March 31, 2020.
Fiscal Year 2020
Cyanotech reported net sales of $31,899,000 for fiscal 2020 compared to $30,202,000 in fiscal 2019. Gross profit was $12,700,000, with gross profit margin of 39.8%, compared to gross profit of $10,466,000 and gross profit margin of 34.7%. Operating income was $1,053,000 compared to operating loss of ($2,997,000). Net income was $387,000 or $0.06 per diluted share, compared 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., said:
“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 pleased with the results. We demonstrated achievement on multiple levels from the prior 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 significant accounts payable reduction, balancing inventory levels and building cash reserves.”
“The COVID-19 pandemic has caused volatility in global markets. Our Company has been declared 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 strategic initiatives will depend on future developments, including the duration and spread of the pandemic and related government restrictions, all of which are uncertain.”
Providing further detail about the fiscal results, Cyanotech’s Chief Financial Officer, Brian Orlopp, added,
“Net sales increased 5.6% to $31,899,000 in fiscal 2020 as compared with fiscal 2019, driven by a 68.0% increase in astaxanthin and spirulina bulk sales and an increase in contract extraction sales, partially offset by a 3.2% decrease in packaged sales from the prior year. The bulk sales increase was primarily the result of product availability from the prior year. Contract extraction revenue more than doubled from the prior year.”
“Over the past twelve months, we have made significant progress in changing our astaxanthin aquaculture practices to a more seasonal dependent operating cycle approach due to the natural tendency for improved pond yields during the warmer summer months. While the seasonality of this processing change may affect quarterly cost of goods sold and gross margins, it does not specifically affect sales.”
“Our operating expenses decreased by $1.8 million, or 13.5%, compared to fiscal year 2019, primarily due to strategic cost cutting initiatives. These included decreases in general and administrative costs of $0.4 million, or 7.6%, sales and marketing costs of $1.1 million, or 15.6%, and research and development costs of $0.3 million, or 34.1%.”
“Ending cash balance increased by $1.6 million and accounts payable were reduced by $2.8 million from prior year end. In addition, all three of our loan and debt covenants with the bank were in compliance as of the end of the fiscal year.”
73-4460 Queen Kaahumanu Highway, #102 ~ Kailua-Kona, Hawaii 96740
(808) 326-1353 fax (808) 329-3597 ~ www.cyanotech.com
Fourth Quarter Fiscal 2020
Cyanotech reported net sales of $8,634,000 for the fourth quarter of fiscal year 2020 compared to $6,059,000 in the fourth quarter of fiscal 2019. Gross profit was $3,084,000, with gross profit margin of 35.7%, compared 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 compared 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, compared to net loss of ($1,473,000), or ($0.25) per diluted share in the fourth quarter of fiscal 2019.
Please review the Company’s Form 10-K for the period ended March 31, 2020 for more detailed information.
— Cyanotech will host a Skype broadcast at 8:00 PM EDT on Wednesday, June 24, 2020 to respond to questions about its operating results and other topics of interest. Interested parties are asked to submit questions to questions@cyanotech.com before 12 p.m. EDT on Wednesday, June 24, 2020. The Company will respond only to relevant questions relating to the Company’s fourth quarter and fiscal 2020 financial performance and will not be accepting any questions or comments during the broadcast.
To join the broadcast, please browse http://cyanotech.com/meet approximately five minutes prior to the start time.
About Cyanotech — Cyanotech Corporation, a world leader in microalgae technology for over 30 years, produces BioAstin® Hawaiian Astaxanthin® and Hawaiian Spirulina Pacifica®. These all natural, dietary ingredients and supplements leverage our experience and reputation for quality, building nutritional brands which promote health and well-being. The Company’s mission is to fulfill the promise of whole health through Hawaiian microalgae. Cyanotech’s BioAstin® offers superior antioxidant activity which supports skin, eye and joint health, as well as recovery from exercise*. Cyanotech's Spirulina products offer nutrition that supports cardiovascular health and immunity.* All Cyanotech products are produced from microalgae grown at our 96-acre facility in Kona, Hawaii using patented and proprietary technology and are Generally Recognized as Safe (“GRAS”) for use in food products. Cyanotech sells its products direct to consumers at retail locations in the United States and online at www.nutrex-hawaii.com and also distributes to dietary supplement, nutraceutical and cosmeceutical manufacturers and marketers. The Company is regulated by the Food and Drug Administration (“FDA”). Visit www.cyanotech.com for more information.
*These statements have not been evaluated by the FDA. This product is not intended to diagnose, treat, cure or prevent any disease.
“Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995 Besides statements of present fact and historical fact, this press release may contain forward-looking statements. Forward-looking statements relate to the future and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution against relying on forward-looking statements. Important factors that could change actual, future results include: changes in sales levels to our largest customers, weather patterns in Hawaii, production problems, risks associated with new products, foreign exchange fluctuations, and availability of financing, as well as national and global political, economic, business, competitive, market and regulatory conditions. Other factors are more fully detailed in the Company’s annual Form 10-K filings with the Securities and Exchange Commission.
Financial Tables Follow: The following tables do not contain footnotes or other information contained in the Company’s Form 10-K for the fiscal year ended March 31, 2020, which can be found on the Cyanotech website (www.cyanotech.com) under Investors>Investor Filings upon filing. As such the following Financial Tables are provided only as a guide and other factors are more fully detailed in the Company’s annual Form 10-K filings with the Securities and Exchange Commission.
73-4460 Queen Kaahumanu Highway, #102 ~ Kailua-Kona, Hawaii 96740
(808) 326-1353 fax (808) 329-3597 ~ www.cyanotech.com
CYANOTECH CORPORATION
CONSOLIDATED BALANCE SHEETS
|
2019 |
||||||||
|
(in thousands, except |
||||||||
|
ASSETS |
||||||||
|
Current assets: |
||||||||
|
Cash |
$ | 2,417 | $ | 840 | ||||
|
Accounts receivable, net of allowance for doubtful accounts of $13 in 2020 and $27 in 2019 |
2,154 | 1,982 | ||||||
|
Inventories, net |
9,653 | 11,274 | ||||||
|
Prepaid expenses and other current assets |
504 | 496 | ||||||
|
Total current assets |
14,728 | 14,592 | ||||||
|
Equipment and leasehold improvements, net |
13,042 | 14,752 | ||||||
|
Operating lease right-of-use assets, net |
3,834 | — | ||||||
|
Other assets |
183 | 282 | ||||||
|
Total assets |
$ | 31,787 | $ | 29,626 | ||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
|
Current liabilities: |
||||||||
|
Accounts payable |
$ | 2,137 | $ | 4,922 | ||||
|
Accrued expenses |
849 | 992 | ||||||
|
Customer deposits |
327 | 626 | ||||||
|
Operating lease obligations, current portion |
319 | — | ||||||
|
Short-term contract obligation |
38 | 285 | ||||||
|
Line of credit |
2,000 | 2,000 | ||||||
|
Current maturities of long-term debt |
689 | 663 | ||||||
|
Total current liabilities |
6,359 | 9,488 | ||||||
|
Long-term debt, less current maturities |
6,009 | 5,172 | ||||||
|
Long-term operating lease obligations |
3,519 | — | ||||||
|
Other long-term liabilities |
54 | 57 | ||||||
|
Total liabilities |
15,941 | 14,717 | ||||||
|
Commitments and contingencies |
||||||||
|
Stockholders’ equity: |
||||||||
|
Preferred stock of $0.01 par value, authorized 10,000,000 shares; no shares issued and outstanding |
— | — | ||||||
|
Common stock of $0.02 par value, authorized 50,000,000 shares; issued and outstanding 6,011,885 shares at March 31, 2020 and 5,879,710 shares at March 31, 2019 |
120 | 117 | ||||||
|
Additional paid-in capital |
32,994 | 32,447 | ||||||
|
Accumulated deficit |
(17,268 |
) |
(17,655 |
) |
||||
|
Total stockholders’ equity |
15,846 | 14,909 | ||||||
|
Total liabilities and stockholders’ equity |
$ | 31,787 | $ | 29,626 | ||||
73-4460 Queen Kaahumanu Highway, #102 ~ Kailua-Kona, Hawaii 96740
(808) 326-1353 fax (808) 329-3597 ~ www.cyanotech.com
CYANOTECH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended March 31,
73-4460 Queen Kaahumanu Highway, #102 ~ Kailua-Kona, Hawaii 96740
(808) 326-1353 fax (808) 329-3597 ~ www.cyanotech.com
| This ‘10-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 6/24/20 | ||||
| Filed on: | 6/23/20 | |||
| For Period end: | 3/31/20 | 4 | ||
| 3/31/19 | 10-K | |||
| List all Filings | ||||