Shares of Cyanotech Corp. (NASDAQ: CYAN) are surging in today’s trade as the company announced financial results for the first quarter of fiscal year 2018, ended June 30, 2017.
For the first quarter of fiscal 2018 compared to the first quarter of fiscal 2017, net sales were $8,809,000 compared to $7,322,000, an increase of 20.3%. Gross profit was $3,603,000, with gross profit margin of 40.9%, compared to gross profit of $2,821,000 and gross profit margin of 38.5%. Operating income was $620,000 compared to operating loss of ($610,000). Net income was $501,000 or $0.09 per diluted share, compared to net loss of ($691,000) or ($0.12) per diluted share.
The improving financial picture is the result of the company continuing to focus on marketing their Nutrex Hawaii branded products at retail, as well as improved production practices and reductions in their cost structure.
Cyanotech Corporation is a leader in microalgae technology, producinf BioAstin® Hawaiian Astaxanthin® and Hawaiian Spirulina Pacifica®.
As mentioned off the top, shares are surging on the improved financials with the company’s stock up a very impressive 25.75% in mid-afternoon trading at $4.395. Prior to today’s rally, shares had been sliding for most of 2017, perhaps providing a catalyst for further upside potential in the days and weeks to come.
