Cyanotech has reported increase in revenues by 9% to $4m, for the first quarter of 2010, compared to revenues of $3.7m for the first quarter of 2009. Gross profit was $1.7m with gross profit margin of 43%, in the current quarter, compared to a gross profit of $1.3m and gross profit margin of 35% reported for the same quarter in 2009.
The net income of the company was $413,000, or $0.08 per diluted share, as compared to $271,000, or $0.05 per diluted share for the first quarter of fiscal 2009.
Andrew Jacobson, president and CEO of Cyanotech, said: “We are thrilled with Cyanotech’s performance this quarter, achieving the highest quarterly revenues in our history. Sales were driven by the continued development of our BioAstin Natural Astaxanthin franchise and a strong performance by our Hawaiian Spirulina Pacifica brand. These results were made possible by the teamwork and commitment exhibited by every employee.
“We are excited about fiscal 2010 and will continue to focus on sound business fundamentals. In addition, we will introduce a number of innovative products that will feature Hawaiian Spirulina Pacifica and BioAstin,” he added.