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Cyanotech fiscal Q2 profit falls YOY

Cyanotech Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 came to $55,630, a decrease of 49.1% from $109,380 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 0.7% from 1.4% in the year-earlier period.

Total revenue rose 7.2% year over year to $8.5 million from $7.9 million, and total operating expenses rose 8.1% from the prior-year period to $8.4 million from $7.7 million.

Reported net income fell 75.3% year over year to $14,000, or 0 cents per share, from $56,680, or 1 cents per share.