Cyanotech Corp. (CYAN, Financial) filed Quarterly Report for the period ended 2009-06-30.
CYANOTECH CORP. develops and commercializes natural products from microalgae. Co. is currently producing microalgae products for the nutritional supplement and immunological diagnostics markets and is also developing microalgae-based products for the aquaculture feed/pigments biopesticide and food coloring markets. Microalgae are a diverse group of over 30000 species of microscopic plants which have a wide range of physiological and biochemical characteristics and naturally contain high levels of nutrients. Cyanotech Corp. has a market cap of $13.1 million; its shares were traded at around $2.5 with a P/E ratio of 11.3 and P/S ratio of 0.9.
Cash and cash equivalents remained consistent with levels at March 31, 2009 decreasing only $24,000 or 2%. Cash provided by operating activities of $487,000 increased $295,000 over the same quarter last fiscal year. The increase is due to the increase in net income of $142,000, plus the increase of non-cash expenses of $83,000 and the net improvement of changes in current assets and liabilities of $70,000 over the same quarter of last fiscal year.
As of June 30, 2009, the Companys net accounts receivable increased $507,000 to $2,292,000 from $1,785,000 as of March 31, 2009. The increase in accounts receivable is primarily the result of the timing of sales for the quarter. Management believes that its accounts receivable are collectible, net of the allowance for doubtful accounts of $14,000 at June 30, 2009.
Cash flows used in investing activities reflect capital expenditures which totaled $358,000 during the first three months of fiscal 2010 compared to just $45,000 one year ago. Cash flows used in financing activities are attributable to debt payments during that period which were $152,000 and $138,000 for the first quarters of fiscal 2010 and 2009, respectively.
At June 30, 2009, the Companys working capital was $4,037,000, an increase of $145,000 compared to $3,892,000 at March 31, 2009. Cash and cash equivalents at June 30, 2009 totaled $953,000, a decrease of $24,000 from $977,000 at March 31, 2009.
The Company has two Term Loan Agreements (Term Loans) with a lender. These provided up to $4.6 million in combined credit facilities which are secured by substantially all the assets of the Company. The outstanding combined balance under the Term Loans as of June 30, 2009 is approximately $1,351,000. The Term Loans have maturity dates of May 1, 2010 as to $435,000 and March 1, 2015 as to $916,000 and are payable in equal monthly principal payments plus interest totaling approximately $55,000.
Read the The complete Report
CYANOTECH CORP. develops and commercializes natural products from microalgae. Co. is currently producing microalgae products for the nutritional supplement and immunological diagnostics markets and is also developing microalgae-based products for the aquaculture feed/pigments biopesticide and food coloring markets. Microalgae are a diverse group of over 30000 species of microscopic plants which have a wide range of physiological and biochemical characteristics and naturally contain high levels of nutrients. Cyanotech Corp. has a market cap of $13.1 million; its shares were traded at around $2.5 with a P/E ratio of 11.3 and P/S ratio of 0.9.
Highlight of Business Operations:
In Summary, the Company had net income of $413,000 or $0.08 per diluted share, for the three months ended June 30, 2009 compared to a net income of $271,000, or $0.05 per diluted share for the three months ended June 30, 2008.Cash and cash equivalents remained consistent with levels at March 31, 2009 decreasing only $24,000 or 2%. Cash provided by operating activities of $487,000 increased $295,000 over the same quarter last fiscal year. The increase is due to the increase in net income of $142,000, plus the increase of non-cash expenses of $83,000 and the net improvement of changes in current assets and liabilities of $70,000 over the same quarter of last fiscal year.
As of June 30, 2009, the Companys net accounts receivable increased $507,000 to $2,292,000 from $1,785,000 as of March 31, 2009. The increase in accounts receivable is primarily the result of the timing of sales for the quarter. Management believes that its accounts receivable are collectible, net of the allowance for doubtful accounts of $14,000 at June 30, 2009.
Cash flows used in investing activities reflect capital expenditures which totaled $358,000 during the first three months of fiscal 2010 compared to just $45,000 one year ago. Cash flows used in financing activities are attributable to debt payments during that period which were $152,000 and $138,000 for the first quarters of fiscal 2010 and 2009, respectively.
At June 30, 2009, the Companys working capital was $4,037,000, an increase of $145,000 compared to $3,892,000 at March 31, 2009. Cash and cash equivalents at June 30, 2009 totaled $953,000, a decrease of $24,000 from $977,000 at March 31, 2009.
The Company has two Term Loan Agreements (Term Loans) with a lender. These provided up to $4.6 million in combined credit facilities which are secured by substantially all the assets of the Company. The outstanding combined balance under the Term Loans as of June 30, 2009 is approximately $1,351,000. The Term Loans have maturity dates of May 1, 2010 as to $435,000 and March 1, 2015 as to $916,000 and are payable in equal monthly principal payments plus interest totaling approximately $55,000.
Read the The complete Report
