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Cyanotech swings to profit in fiscal Q4

Cyanotech Corp. said its normalized net income for the fiscal fourth quarter ended March 31 was 1 cents per share, compared with a loss of 12 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $56,250, compared with a loss of $681,880 in the year-earlier period.

The normalized profit margin rose to 1.9% from negative 10.4% in the year-earlier period.

Total revenue grew 35.3% on an annual basis to $8.8 million from $6.5 million, and total operating expenses increased 14.9% on an annual basis to $8.7 million from $7.6 million.

Reported net income totaled a loss of $81,040, or a loss of 2 cents per share, compared to a loss of $607,920, or a loss of 11 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled $203,130, an increase from $15,000 in the prior year.

Full-year total revenue increased 20.0% year over year to $33.8 million from $28.2 million, and total operating expenses rose 19.1% year over year to $33.4 million from $28.0 million.

The company said reported net income came to a loss of $24,000, or a loss of 0 cents per share, in the full year, compared with a loss of $420,000, or a loss of 8 cents per share, the prior year.