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Cyanotech fiscal Q3 profit falls YOY

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Cyanotech fiscal Q3 profit falls YOY

Cyanotech Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 2 cents per share, a decline of 85.9% from 16 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 $129,380, a decline of 86.3% from $946,250 in the year-earlier period.

The normalized profit margin dropped to 1.9% from 9.8% in the year-earlier period.

Total revenue declined 22.3% year over year to $7.5 million from $9.7 million, and total operating expenses decreased 11.2% year over year to $7.2 million from $8.2 million.

Reported net income totaled a loss of $223,760, or a loss of 4 cents per share, compared to income of $462,320, or 8 cents per share, in the year-earlier period.