$CYAN
CYANOTECH CORP

2016 Q2 Form 10-Q Financial Statement

#000143774916037433 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $7.322M $7.594M
YoY Change -3.58% -0.39%
Cost Of Revenue $4.501M $4.670M
YoY Change -3.62% 2.3%
Gross Profit $2.821M $2.924M
YoY Change -3.52% -4.41%
Gross Profit Margin 38.53% 38.5%
Selling, General & Admin $3.265M $2.942M
YoY Change 10.98% -26.08%
% of Gross Profit 115.74% 100.62%
Research & Development $166.0K $177.0K
YoY Change -6.21% 47.5%
% of Gross Profit 5.88% 6.05%
Depreciation & Amortization $493.0K $313.0K
YoY Change 57.51% 3.3%
% of Gross Profit 17.48% 10.7%
Operating Expenses $3.431M $3.119M
YoY Change 10.0% -23.74%
Operating Profit -$610.0K -$195.0K
YoY Change 212.82% -81.39%
Interest Expense -$132.0K -$24.00K
YoY Change 450.0% -20.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$742.0K -$219.0K
YoY Change 238.81% -79.53%
Income Tax -$51.00K -$114.0K
% Of Pretax Income
Net Earnings -$691.0K -$105.0K
YoY Change 558.1% -72.44%
Net Earnings / Revenue -9.44% -1.38%
Basic Earnings Per Share -$0.12 -$0.02
Diluted Earnings Per Share -$0.12 -$0.02
COMMON SHARES
Basic Shares Outstanding 5.633M 5.565M
Diluted Shares Outstanding 5.633M 5.565M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.550M $1.500M
YoY Change 3.33% -55.75%
Cash & Equivalents $1.554M $1.502M
Short-Term Investments
Other Short-Term Assets $670.0K $720.0K
YoY Change -6.94% 16.13%
Inventory $8.388M $5.839M
Prepaid Expenses
Receivables $2.246M $3.548M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.87M $11.61M
YoY Change 10.87% -2.4%
LONG-TERM ASSETS
Property, Plant & Equipment $17.46M $15.53M
YoY Change 12.39% 25.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $929.0K
YoY Change -56.94% -84.17%
Total Long-Term Assets $17.86M $19.96M
YoY Change -10.53% 9.13%
TOTAL ASSETS
Total Short-Term Assets $12.87M $11.61M
Total Long-Term Assets $17.86M $19.96M
Total Assets $30.72M $31.56M
YoY Change -2.66% 4.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.991M $3.090M
YoY Change 29.16% -5.79%
Accrued Expenses $1.660M $1.055M
YoY Change 57.35% 35.26%
Deferred Revenue
YoY Change
Short-Term Debt $600.0K $500.0K
YoY Change 20.0%
Long-Term Debt Due $580.0K $230.0K
YoY Change 152.17% 9.52%
Total Short-Term Liabilities $6.895M $4.961M
YoY Change 38.98% 14.31%
LONG-TERM LIABILITIES
Long-Term Debt $6.650M $5.050M
YoY Change 31.68% -3.07%
Other Long-Term Liabilities $30.00K $10.00K
YoY Change 200.0% 0.0%
Total Long-Term Liabilities $6.680M $5.060M
YoY Change 32.02% -3.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.895M $4.961M
Total Long-Term Liabilities $6.680M $5.060M
Total Liabilities $13.66M $10.02M
YoY Change 36.26% 4.94%
SHAREHOLDERS EQUITY
Retained Earnings -$14.56M -$9.579M
YoY Change 52.0%
Common Stock $113.0K $111.0K
YoY Change 1.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.07M $21.54M
YoY Change
Total Liabilities & Shareholders Equity $30.72M $31.56M
YoY Change -2.66% 4.59%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$691.0K -$105.0K
YoY Change 558.1% -72.44%
Depreciation, Depletion And Amortization $493.0K $313.0K
YoY Change 57.51% 3.3%
Cash From Operating Activities $170.0K -$230.0K
YoY Change -173.91% 4.55%
INVESTING ACTIVITIES
Capital Expenditures -$170.0K -$1.090M
YoY Change -84.4% 21.11%
Acquisitions
YoY Change
Other Investing Activities $0.00 $160.0K
YoY Change -100.0% -36.0%
Cash From Investing Activities -$170.0K -$930.0K
YoY Change -81.72% 43.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $124.0K $57.00K
YoY Change 117.54% 11.76%
Cash From Financing Activities 310.0K 440.0K
YoY Change -29.55% -980.0%
NET CHANGE
Cash From Operating Activities 170.0K -230.0K
Cash From Investing Activities -170.0K -930.0K
Cash From Financing Activities 310.0K 440.0K
Net Change In Cash 310.0K -720.0K
YoY Change -143.06% -21.74%
FREE CASH FLOW
Cash From Operating Activities $170.0K -$230.0K
Capital Expenditures -$170.0K -$1.090M
Free Cash Flow $340.0K $860.0K
YoY Change -60.47% 26.47%

Facts In Submission

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10000000
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
604000
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
502000
CY2016Q2 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
600000
CY2015Q2 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
500000
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31581000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31191000
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17458000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17796000
CY2016Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
17000
CY2015Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
CY2016Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
124000
CY2015Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
57000
CY2015Q3 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
500000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
166000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
177000
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14560000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-13869000
CY2016Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
140000
CY2016Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
140000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
7322000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
7594000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1555000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1732000
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
4500
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
3.44
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.75
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.85
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y255D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y146D
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
78000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
163000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
5.91
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
0.5
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0022
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
350000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
314241
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
519750
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.31
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
4500
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
566323
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
630743
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
685000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
680500
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.65
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.64
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.01
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2016Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
519750
CY2016Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
680500
CY2016Q2 us-gaap Share Price
SharePrice
5.14
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P1Y
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
582503
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y73D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
171250
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
160750
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
6000
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.18
CY2016Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
4.31
CY2016Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
4.64
CY2016Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y146D
CY2016Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
17068000
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
17828000
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5633000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5565000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5633
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5565
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5633000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5565000

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