Cyanotech Bolstered by Astaxanthin Sales

KONA, HawaiiCyanotech Corp. (NASDAQ:CYAN) reported results for its first quarter of fiscal 2008 (1Q08), highlighting revenues and gross margin improvements. Net sales inched up to $2.58 million from $2.44 million sold a year ago, while gross profit grew by 29 percent. Despite the gains, net loss held steady at $0.07 per share, or $0.38 million. Although revenues were only slightly higher in the first quarter compared to the same period last year, the product mix shows positive changes related to our goals, said Gerald R. Cysewski, Ph.D., chairman, president and CEO, adding sales of spirulina were flat while sales of astaxanthin were up 14 percent. More encouraging was the 79-percent increase in sales of our branded BioAstin Natural Astaxanthin products. Another indicator of favorable change was the shift in international sales from 54 percent in 1Q07 to 41 percent in 1Q08, reflecting the movement in sales between animal nutrition products and human nutrition products. He noted these results track with the companys plan to focus on human nutrition products and higher-margin branded products, particularly BioAstin.

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