CYAN - Earnings call transcript Q1 2019

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Mawae Morton

Aloha from Kona, Hawaii. Thank you all for joining us today on the earnings call regarding Cyanotech Corporation's first quarter results for fiscal year 2019. I am Mawae Morton, Chief Executive Officer for Cyanotech Corporation and Nutrex Hawaii. I'd like to start with our corporate mission statement, which is fulfilling the promise of whole health through Hawaiian microalgae. With that, I will now introduce Chief Financial Officer, Jole Deal, who will make a Safe Harbor statement and review our financial results for the quarter. we Jole to shares call, we few the after received the conclude will a respond questions To financial results.

Jole Deal

Mawae. you, Thank

Let either or as otherwise. discussion our result of We any by future include a to start events, information, obligation statements statements. undertake do today forward-looking update new forward-looking not me may saying

Our may from materially forward-looking differ actual these what statements. results is described in

are the listed may to in publicly that cause Some factors differ of documents. our filed results

kilo pure spread XX spirulina XX.X% was of delays were astaxanthin. margin spirulina per the XX% XX-Q decrease in of accounted total products recent the and QX XX% the of we and and decrease revenues due decrease quarter information, the revenue decline you a reason for orders that the bulk the This million, encourage of $X.X international the of due this review our after the pond in for revenue XX% XXXX. and QX a the quarter. sales the were which filings decrease was to primary our was additional Securities to units. The products. to decrease XX% costs re-inoculation, XX-K For Exchange time, is The over fiscal was point remainder to of fiscal of packaged result sales with for I'll results XX% Total At Nutrex Commission. quarter. to made QX decrease for Gross go for cost of margin with Hawaii through of decrease our compared a This up for higher for of XXXX. a production of sales compared supply decline production the was decreased

per spirulina costs will inventory of that amortized kilo higher include of of fiscal at into XXXX. quarter QX Additionally, be the $XXX,XXX end the

in QX a $X.XX share million, share $XXX,XXX, of compared of $X.X income a we a net the fiscal for earnings result, loss a to $X.XX per reported XXXX net As loss per quarter of outcome.

Mawae Morton

you, Thank Jole.

I in up like ponds talk re-inoculation questions, I ponds production, of would to what our laid to the how spirulina responded. about Before have and respond to the our recent particular

those fiscal in environmental county as reductions result the four fiscal high result restrictions. than quarter factors volume longer saving of In unusually year response strategies a response water In of The to re-inoculation decline was April than production re-inoculation, The XXXX, of mid-May. in and spirulina experienced of adopted XX% significant including XXXX, disruptions water we a experienced production we temperatures undertook normal XXXX. that fiscal So, to financial in due four events, we XXXX to rainfall, four lower quarter co-division adjustments quarter took further in XXXX, was was spirulina completed sunlight. which in of cumulative below such ponds. our previous complete

During of as was fiscal result, time, XXXX production was one XXXX. quarter volume fiscal quarter our this there a production lower than no of XX% spirulina. one And

We the of reduced growing is volume two in normal customers our to hard year. way the volume our well strong, higher production and of patience as report to that needs. both loyal appreciate working yielding this brought for fill we inventory of up was sales our levels quarter to for results more of remained meet reflect that the really and are low in impact spirulina Our as of demand. yielded we Demand in sales. the costs the I'm spirulina their end the the and culture production last quarters, of production happy the that for this pent-up

years and R&D levels discuss The of with question to last Our around be year, next you single producer? last spending actively compared relating R&D. this $XXX,XXX discuss we past product we can't with level today to human of year pursuing questions. Can we first a this for for we products year as some few consistent that spend. the questions the exciting market relates funding Can concludes general get specific expect we we want our on R&D. or you final and the products, and been for So, to that also that has Hawaiian for sorry? being are; the While year received that you broadcast Aloha. and discuss everyone This out thank new supplements. focus have, microalgae opportunities joining and fit are new questions submitting to to

Cyanotech (CYAN) 14 Aug 182019 Q1 Earnings call transcript