Bulk Sales, Finished Products Narrow Cyanotechs Net Losses

KAILUA KONA, HawaiiCyanotech Corp. (NASDAQ:CYAN) reported Oct. 30 that for its second quarter (2Q04), ended Sept. 30, sales increased thanks to a good showing in the Japanese market.

Sales climbed to $2.8 million compared to 2Q03s $2.0 million, and gross margin rang in at 30.3 percent of sales from 28.1 percent. Operating expenses were cut to $829,000 from $1.0 million, and net loss improved to $10,000, or nothing earned per share, from 2Q03s $540,000, or $.03 lost per share.

The increase in sales was due to increased bulk purchases of the companys natural astaxanthin products, NatuRose and BioAstin, in addition to higher sales for packaged consumer products. Also, the companys Japanese subsidiary had a 91-percent hike in sales over 2Q03s numbers.

Our increased sales for the quarter, combined with our management of costs, demonstrate Cyanotechs continuing focus on achieving profitability, said Gerald Cysewski, Ph.D., chairman, president and chief executive officer.

He also noted the companys Quality Management System had been granted registration under the new ISO 9001:2000 standard.

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