2013 Q1 Form 10-K Financial Statement

#000110465913051049 Filed on June 24, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1 2012
Revenue $6.897M $5.986M $24.63M
YoY Change 15.22% 14.67% 46.38%
Cost Of Revenue $4.140M $3.930M $14.86M
YoY Change 5.34% 14.91% 41.68%
Gross Profit $2.707M $2.053M $9.774M
YoY Change 31.86% 14.06% 54.14%
Gross Profit Margin 39.25% 34.3% 39.68%
Selling, General & Admin $2.030M $1.670M $6.494M
YoY Change 21.56% 12.08% 35.07%
% of Gross Profit 74.99% 81.34% 66.44%
Research & Development $80.00K $80.00K $320.0K
YoY Change 0.0% 60.0% 13.48%
% of Gross Profit 2.96% 3.9% 3.27%
Depreciation & Amortization $230.0K $190.0K $695.0K
YoY Change 21.05% -5.0% 12.64%
% of Gross Profit 8.5% 9.25% 7.11%
Operating Expenses $2.100M $1.760M $6.871M
YoY Change 19.32% 13.55% 34.41%
Operating Profit $607.0K $293.0K $2.903M
YoY Change 107.17% 17.2% 136.21%
Interest Expense -$20.00K -$20.00K -$55.00K
YoY Change 0.0% 0.0% -21.43%
% of Operating Profit -3.29% -6.83% -1.89%
Other Income/Expense, Net $10.00K -$50.00K
YoY Change -24.24%
Pretax Income $510.0K $300.0K $2.853M
YoY Change 70.0% 36.36% 145.31%
Income Tax -$2.080M -$860.0K -$779.0K
% Of Pretax Income -407.84% -286.67% -27.3%
Net Earnings $2.590M $1.160M $3.630M
YoY Change 123.28% 45.0% 109.83%
Net Earnings / Revenue 37.55% 19.38% 14.74%
Basic Earnings Per Share $0.48 $0.21 $0.67
Diluted Earnings Per Share $0.47 $0.20 $0.66
COMMON SHARES
Basic Shares Outstanding 5.464M shares 5.435M shares 5.414M shares
Diluted Shares Outstanding 5.534M shares

Balance Sheet

Concept 2013 Q1 2012 Q1 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.360M $5.060M $5.060M
YoY Change -13.83% 145.63% 145.63%
Cash & Equivalents $4.364M $5.061M $5.060M
Short-Term Investments
Other Short-Term Assets $370.0K $440.0K $440.0K
YoY Change -15.91% 193.33% 193.33%
Inventory $3.688M $3.548M $3.550M
Prepaid Expenses
Receivables $3.766M $2.373M $2.370M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.19M $11.42M $11.42M
YoY Change 6.76% 34.64% 34.67%
LONG-TERM ASSETS
Property, Plant & Equipment $11.83M $5.834M $5.830M
YoY Change 102.71% 28.02% 27.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $772.0K $478.0K $1.790M
YoY Change 61.51% 66.55% 118.29%
Total Long-Term Assets $16.40M $7.619M $7.620M
YoY Change 115.2% 41.64% 41.64%
TOTAL ASSETS
Total Short-Term Assets $12.19M $11.42M $11.42M
Total Long-Term Assets $16.40M $7.619M $7.620M
Total Assets $28.59M $19.04M $19.04M
YoY Change 50.16% 37.36% 37.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.852M $1.726M $1.730M
YoY Change 7.3% 63.76% 64.76%
Accrued Expenses $872.0K $1.352M $1.350M
YoY Change -35.5% 64.28% 64.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $128.0K $234.0K $230.0K
YoY Change -45.3% 14.71% 15.0%
Total Short-Term Liabilities $2.885M $3.361M $3.360M
YoY Change -14.16% 53.05% 52.73%
LONG-TERM LIABILITIES
Long-Term Debt $5.454M $400.0K $400.0K
YoY Change 1263.5% -27.67% -27.27%
Other Long-Term Liabilities $20.00K $10.00K $10.00K
YoY Change 100.0%
Total Long-Term Liabilities $5.454M $400.0K $410.0K
YoY Change 1263.5% -27.67% -25.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.885M $3.361M $3.360M
Total Long-Term Liabilities $5.454M $400.0K $410.0K
Total Liabilities $8.360M $3.773M $3.770M
YoY Change 121.57% 37.25% 37.09%
SHAREHOLDERS EQUITY
Retained Earnings -$9.030M -$13.19M
YoY Change -31.56% -21.46%
Common Stock $29.19M $28.43M
YoY Change 2.65% 1.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.16M $15.24M $15.27M
YoY Change
Total Liabilities & Shareholders Equity $28.59M $19.04M $19.04M
YoY Change 50.16% 37.36% 37.37%

Cashflow Statement

Concept 2013 Q1 2012 Q1 2012
OPERATING ACTIVITIES
Net Income $2.590M $1.160M $3.630M
YoY Change 123.28% 45.0% 109.83%
Depreciation, Depletion And Amortization $230.0K $190.0K $695.0K
YoY Change 21.05% -5.0% 12.64%
Cash From Operating Activities $1.210M $1.500M $5.080M
YoY Change -19.33% 0.0% 190.29%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K -$590.0K -$2.030M
YoY Change 1.69% 436.36% 298.04%
Acquisitions
YoY Change
Other Investing Activities -$3.080M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.680M -$590.0K -$2.030M
YoY Change 523.73% 436.36% 680.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.00K
YoY Change 11.11%
Debt Paid & Issued, Net $218.0K
YoY Change -20.73%
Cash From Financing Activities 3.230M -40.00K -50.00K
YoY Change -8175.0% -20.0% -79.17%
NET CHANGE
Cash From Operating Activities 1.210M 1.500M 5.080M
Cash From Investing Activities -3.680M -590.0K -2.030M
Cash From Financing Activities 3.230M -40.00K -50.00K
Net Change In Cash 760.0K 870.0K 3.000M
YoY Change -12.64% -35.07% 140.0%
FREE CASH FLOW
Cash From Operating Activities $1.210M $1.500M $5.080M
Capital Expenditures -$600.0K -$590.0K -$2.030M
Free Cash Flow $1.810M $2.090M $7.110M
YoY Change -13.4% 29.81% 214.6%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
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97000 USD
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78000 USD
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322000 USD
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CYANOTECH CORP
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47000 USD
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StockholdersEquity
9120000 USD
CY2011Q1 us-gaap Stockholders Equity
StockholdersEquity
11111000 USD
CY2013 cyan Stock Issued During Period Value Director Stock Grants
StockIssuedDuringPeriodValueDirectorStockGrants
74000 USD
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
23000 USD
CY2013 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
656000 USD
CY2012 cyan Stock Issued During Period Value Director Stock Grants
StockIssuedDuringPeriodValueDirectorStockGrants
30000 USD
CY2013 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Concentration of credit risk</font></b></p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company maintains its cash accounts with banks located in Hawaii. The total cash balances are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to $250,000 per bank. The Company had cash balances on deposit with&#160; Hawaiian banks at March&#160;31, 2013 that exceeded the balance insured by the FDIC by $3,110,000 in one bank and $4,201,000 in the other.&#160; No customers accounted for 10% of accounts receivable at March&#160;31, 2013 and 2012.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">&#160;</font></p> </div>
CY2013Q1 cyan Cash Uninsured Amount One
CashUninsuredAmountOne
3110000 USD
CY2013Q1 cyan Cash Uninsured Amount Two
CashUninsuredAmountTwo
4201000 USD
CY2012 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0 USD
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
696000 shares
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
918000 shares
CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9000 shares

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