Finished products help Cyanotech’s ‘solid performance’

- Last updated on GMT

Related tags: Net income, Revenue, Retailing

Hawaii-based Cyanotech has announced a slight drop in net income in the second quarter of fiscal 2011, compared with the second quarter of fiscal 2010, but the company continues to post a ‘solid performance’.

Net income for Q2 fiscal 2011 was $526,000, compared to $599,000, for Q2 fiscal 2010. In terms of ingredients, the company reported that Spirulina sales accounted for 49 percent of total revenues and natural astaxanthin sales for 51 percent. International sales were 41 percent of total sales compared to 37 percent.

“We are pleased with Cyanotech’s solid performance in the second quarter of fiscal 2011, and we saw key positive trends reflecting our new sales and marketing initiatives,”​ said David Rosenthal, Interim President and CEO.

“International sales of bulk products were down slightly in the second quarter, which we believe resulted from the timing of orders by major customers. At the same time, our U.S. mainland sales of Nutrex Hawaii-branded consumer products, in which we are focusing on retail outlets, grew 15 percent from the first quarter of fiscal 2011 to the second quarter,”​ he added.

“A portion of this success can be attributed to our new program instituted during the second quarter where we are actively educating domestic retailers on the benefits of Cyanotech’s products,”​ added Rosenthal.

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