Cyanotech Corp. (CYAN, Financial) filed Quarterly Report for the period ended 2009-12-31.
Cyanotech Corp. has a market cap of $19.1 million; its shares were traded at around $3.64 with a P/E ratio of 11 and P/S ratio of 1.3.
Cash and cash equivalents decreased $186,000 or 19% to $791,000 at December 31, 2009, from $977,000 at March 31, 2009. Cash provided by operating activities of $1,035,000 increased $1,096,000 over the same nine month period of last fiscal year. The increase is due to the increase in net income of $669,000 and an increase of non-cash expenses of $100,000 offset by a $327,000 reduction in net cash usage due to changes in current assets and liabilities over the same nine month period of last fiscal year.
As of December 31, 2009, the Companys net accounts receivable increased $601,000 to $2,386,000 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 $10,000 at December 31, 2009.
Cash flows used in investing activities reflect capital expenditures which totaled $759,000 during the first nine months of fiscal 2010 compared to just $331,000 one year ago. Cash flows used in financing activities are attributable exclusively to debt repayments of $462,000 and $422,000 for the first nine months of fiscal 2010 and 2009, respectively.
At December 31, 2009, the Companys working capital was $5,171,000, an increase of $1,279,000 compared to $3,892,000 at March 31, 2009. Cash and cash equivalents at December 31, 2009 totaled $791,000 a decrease of $186,000 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 December 31, 2009 is approximately $1,045,000. The Term Loans have maturity dates of May 1, 2010 as to $200,000 and March 1, 2015 as to $845,000 and are payable in equal monthly principal payments plus interest totaling approximately $55,000.
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Cyanotech Corp. has a market cap of $19.1 million; its shares were traded at around $3.64 with a P/E ratio of 11 and P/S ratio of 1.3.
Highlight of Business Operations:
Operating expenses for the nine months ended December 31, 2009 were $3,539,000, an increase of $344,000 or 11% from the comparable prior year period. Sales and marketing expense increased by $141,000 or 17% as a result of reinstituting marketing programs to expand consumer awareness. General and administrative expense increased $170,000 or 8% due to increased compensation expenses offset by reductions in contractual services related to public company reporting. Research and development expense increased $33,000 or 21% from the comparable prior period, due to initiation of a product use research study being conducted at a California university. While it is our goal to contain discretionary operating spending, it may become necessary for the Company to selectively increase spending in some or all of these areas to remain competitive and to comply with regulatory requirements.Cash and cash equivalents decreased $186,000 or 19% to $791,000 at December 31, 2009, from $977,000 at March 31, 2009. Cash provided by operating activities of $1,035,000 increased $1,096,000 over the same nine month period of last fiscal year. The increase is due to the increase in net income of $669,000 and an increase of non-cash expenses of $100,000 offset by a $327,000 reduction in net cash usage due to changes in current assets and liabilities over the same nine month period of last fiscal year.
As of December 31, 2009, the Companys net accounts receivable increased $601,000 to $2,386,000 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 $10,000 at December 31, 2009.
Cash flows used in investing activities reflect capital expenditures which totaled $759,000 during the first nine months of fiscal 2010 compared to just $331,000 one year ago. Cash flows used in financing activities are attributable exclusively to debt repayments of $462,000 and $422,000 for the first nine months of fiscal 2010 and 2009, respectively.
At December 31, 2009, the Companys working capital was $5,171,000, an increase of $1,279,000 compared to $3,892,000 at March 31, 2009. Cash and cash equivalents at December 31, 2009 totaled $791,000 a decrease of $186,000 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 December 31, 2009 is approximately $1,045,000. The Term Loans have maturity dates of May 1, 2010 as to $200,000 and March 1, 2015 as to $845,000 and are payable in equal monthly principal payments plus interest totaling approximately $55,000.
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