$CYAN
CYANOTECH CORP

2015 Q2 Form 10-Q Financial Statement

#000143774915015221 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $7.594M $7.624M
YoY Change -0.39% 19.03%
Cost Of Revenue $4.670M $4.565M
YoY Change 2.3% 19.28%
Gross Profit $2.924M $3.059M
YoY Change -4.41% 18.66%
Gross Profit Margin 38.5% 40.12%
Selling, General & Admin $2.942M $3.980M
YoY Change -26.08% 55.47%
% of Gross Profit 100.62% 130.11%
Research & Development $177.0K $120.0K
YoY Change 47.5% 4.35%
% of Gross Profit 6.05% 3.92%
Depreciation & Amortization $313.0K $303.0K
YoY Change 3.3% 26.25%
% of Gross Profit 10.7% 9.91%
Operating Expenses $3.119M $4.090M
YoY Change -23.74% 52.61%
Operating Profit -$195.0K -$1.048M
YoY Change -81.39% 927.45%
Interest Expense -$24.00K -$30.00K
YoY Change -20.0% -16.67%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$219.0K -$1.070M
YoY Change -79.53% -886.76%
Income Tax -$114.0K -$692.0K
% Of Pretax Income
Net Earnings -$105.0K -$381.0K
YoY Change -72.44% -1370.0%
Net Earnings / Revenue -1.38% -5.0%
Basic Earnings Per Share -$0.02 -$0.07
Diluted Earnings Per Share -$0.02 -$0.07
COMMON SHARES
Basic Shares Outstanding 5.565M 5.488M
Diluted Shares Outstanding 5.565M 5.488M

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.500M $3.390M
YoY Change -55.75% 9.35%
Cash & Equivalents $1.502M $3.393M
Short-Term Investments
Other Short-Term Assets $720.0K $620.0K
YoY Change 16.13% -18.42%
Inventory $5.839M $4.820M
Prepaid Expenses
Receivables $3.548M $3.060M
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.61M $11.89M
YoY Change -2.4% -0.7%
LONG-TERM ASSETS
Property, Plant & Equipment $15.53M $12.42M
YoY Change 25.06% 21.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $929.0K $5.870M
YoY Change -84.17% 623.8%
Total Long-Term Assets $19.96M $18.29M
YoY Change 9.13% 7.28%
TOTAL ASSETS
Total Short-Term Assets $11.61M $11.89M
Total Long-Term Assets $19.96M $18.29M
Total Assets $31.56M $30.18M
YoY Change 4.59% 3.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.090M $3.280M
YoY Change -5.79% 48.48%
Accrued Expenses $1.055M $780.0K
YoY Change 35.26% 3.86%
Deferred Revenue
YoY Change
Short-Term Debt $500.0K $0.00
YoY Change
Long-Term Debt Due $230.0K $210.0K
YoY Change 9.52% 31.25%
Total Short-Term Liabilities $4.961M $4.340M
YoY Change 14.31% 38.0%
LONG-TERM LIABILITIES
Long-Term Debt $5.050M $5.210M
YoY Change -3.07% -3.84%
Other Long-Term Liabilities $10.00K $10.00K
YoY Change 0.0% -50.0%
Total Long-Term Liabilities $5.060M $5.220M
YoY Change -3.07% -3.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.961M $4.340M
Total Long-Term Liabilities $5.060M $5.220M
Total Liabilities $10.02M $9.550M
YoY Change 4.94% 11.25%
SHAREHOLDERS EQUITY
Retained Earnings -$9.579M
YoY Change
Common Stock $111.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.54M $20.63M
YoY Change
Total Liabilities & Shareholders Equity $31.56M $30.18M
YoY Change 4.59% 3.99%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$105.0K -$381.0K
YoY Change -72.44% -1370.0%
Depreciation, Depletion And Amortization $313.0K $303.0K
YoY Change 3.3% 26.25%
Cash From Operating Activities -$230.0K -$220.0K
YoY Change 4.55% -24.14%
INVESTING ACTIVITIES
Capital Expenditures -$1.090M -$900.0K
YoY Change 21.11% -44.1%
Acquisitions
YoY Change
Other Investing Activities $160.0K $250.0K
YoY Change -36.0% -60.94%
Cash From Investing Activities -$930.0K -$650.0K
YoY Change 43.08% -32.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $57.00K $51.00K
YoY Change 11.76% 537.5%
Cash From Financing Activities 440.0K -50.00K
YoY Change -980.0%
NET CHANGE
Cash From Operating Activities -230.0K -220.0K
Cash From Investing Activities -930.0K -650.0K
Cash From Financing Activities 440.0K -50.00K
Net Change In Cash -720.0K -920.0K
YoY Change -21.74% -26.98%
FREE CASH FLOW
Cash From Operating Activities -$230.0K -$220.0K
Capital Expenditures -$1.090M -$900.0K
Free Cash Flow $860.0K $680.0K
YoY Change 26.47% -48.48%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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InventoryAbnormalProductionCosts
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CY2014Q2 cyan Inventory Abnormal Production Costs
InventoryAbnormalProductionCosts
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CY2015Q2 cyan Long Term Debt And Capital Lease Obligations Current And Noncurrent
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CY2015Q1 cyan Long Term Debt And Capital Lease Obligations Current And Noncurrent
LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent
5343000
CY2012Q3 cyan Long Term Purchase Commitment Estimated Delivery Period
LongTermPurchaseCommitmentEstimatedDeliveryPeriod
P1Y60D
CY2015Q2 cyan Longterm Purchase Commitment Amount Classified In Construction In Progress
LongtermPurchaseCommitmentAmountClassifiedInConstructionInProgress
2899000
CY2015Q2 cyan Longterm Purchase Commitment Amount Payable
LongtermPurchaseCommitmentAmountPayable
323000
CY2015Q2 cyan Non Inventoriable Fixed Costs
NonInventoriableFixedCosts
44000
CY2014Q2 cyan Non Inventoriable Fixed Costs
NonInventoriableFixedCosts
17000
CY2015Q2 cyan Number Of Shareholder Approved Sharebased Compensation Plans
NumberOfShareholderApprovedSharebasedCompensationPlans
3
CY2015Q2 cyan Provision For Inventory Reserve
ProvisionForInventoryReserve
CY2014Q2 cyan Provision For Inventory Reserve
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CY2015Q2 cyan Shareased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.0451
CY2015Q2 cyan Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Vesting Period
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CY2015Q1 us-gaap Accrued Liabilities Current
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CY2015Q1 us-gaap Additional Paid In Capital
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CY2015Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2014Q2 us-gaap Increase Decrease In Other Current Assets
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CY2014Q2 us-gaap Increase Decrease In Restricted Cash
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us-gaap Interest Income Expense Nonoperating Net
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CY2015Q2 us-gaap Inventory Valuation Reserves
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317000
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500000
CY2014Q2 us-gaap Proceeds From Notes Payable
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20296000
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15533000
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14754000
CY2015Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
57000
CY2014Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
51000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
177000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
116000
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
328000
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
486000
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-9579000
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-9474000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
7594000
us-gaap Sales Revenue Net
SalesRevenueNet
7624000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1732000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1234000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
163000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
192000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
4.72
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.64
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0174
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2425000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
733757
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
818800
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.73
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1500
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6221909
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7721341
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1433216
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1431716
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.08
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.08
CY2015Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.84
CY2015Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
818800
CY2015Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
1431716
CY2015Q2 us-gaap Share Price
SharePrice
9.47
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y266D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4703645
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y292D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
614416
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
612916
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
1500
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
4.04
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.25
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.25
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y146D
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y73D
CY2015Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
3.73
CY2015Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
4.08
CY2015Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P6Y73D
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
21542000
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
21483000
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5565000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5488000
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5488000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5565000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5488000
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5488000

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