Cyanotech Corp (CYAN) 2023 Q4 法說會逐字稿

Aloha from Kona, Hawaii. Thank you all for joining us today. I am Matt Custer, President and Chief Executive Officer of Cyanotech. Joining me on the call today is Felicia Ladin, our Chief Financial Officer. I am pleased to report Cyanotech's fourth quarter and fiscal year 2023 earnings result. I will turn the call over to Felicia to provide our forward-looking statement.

來自夏威夷科納的阿羅哈。感謝大家今天加入我們。我是馬特·卡斯特，Cyanotech 總裁兼首席執行官。今天和我一起參加電話會議的是我們的首席財務官 Felicia Ladin。我很高興地報告 Cyanotech 第四季度和 2023 財年的盈利結果。我將把電話轉給費利西亞，以提供我們的前瞻性聲明。

Thanks, Matt. Our discussion today may include forward-looking statements. We do not undertake any obligation to update forward-looking statements either as a result of new information, future events, or otherwise.

謝謝，馬特。我們今天的討論可能包括前瞻性陳述。我們不承擔因新信息、未來事件或其他原因而更新前瞻性陳述的義務。

Our actual results may differ materially from what is described in these forward-looking statements. Some of the factors that may cause results to differ are listed in our publicly filed documents. For additional information, we encourage you to review our 10-K fiscal year 2023 report filed with the SEC. I will turn it back to, Matt. Matt?

我們的實際結果可能與這些前瞻性陳述中描述的內容存在重大差異。我們公開提交的文件中列出了一些可能導致結果不同的因素。如需了解更多信息，我們鼓勵您查看我們向 SEC 提交的 2023 財年 10-K 報告。我會把它轉回給馬特。馬特？

Thank you, Felicia. Fiscal year 2023 was a challenging year as a result of the number of macroeconomic events and timing of sales. Consumers shifted their spend from goods to experience and services, lower sales in the bulk business due in part to inventory adjustments after the global supply chain issues eased and lower sales in the e-commerce business that were driven by a difference in strategy implemented by our third-party distributor.

謝謝你，費利西亞。由於宏觀經濟事件的數量和銷售時機的影響，2023 財年是充滿挑戰的一年。消費者的支出從商品轉向體驗和服務，大宗業務的銷售額下降，部分原因是全球供應鏈問題緩解後的庫存調整，以及電商業務的銷售額下降，這是由於我們實施的策略差異所致。第三方經銷商。

Our manufacturing operations produced consistent and high-quality algae, however, the cost per kilo for spirulina in particular was a drag on gross margin as we reduced production volume to align with demand resulting in a higher cost per kilo.

我們的製造業務生產出一致且高質量的藻類，但是，螺旋藻的每公斤成本尤其拖累了毛利率，因為我們減少了產量以滿足需求，導致每公斤成本更高。

In the fourth quarter of fiscal year 2023, the company generated cash flow of $583,000 from operations as a result of the cash saving initiatives that we implemented in the second quarter, including slowing production and reducing headcount.

由於我們在第二季度實施了包括放慢生產和減少員工人數在內的現金節約舉措，2023 財年第四季度，該公司從運營中產生了 583,000 美元的現金流。

Despite the disappointing sales figures, I am hopeful for the future. We are well positioned to meet customer needs in a growing market for naturally derived high value nutritional products. Now I would like to turn over the call to Felicia to discuss the financials. Felicia, please.

儘管銷售數字令人失望，但我對未來充滿希望。我們處於有利位置，可以滿足不斷增長的天然高價值營養產品市場中的客戶需求。現在我想把電話轉給費利西亞討論財務問題。費利西亞，請。

In the fourth quarter this fiscal year, net sales were $5.4 million as compared to $8.1 million last year, a decrease of $2.7 million or 33.7%. Total sales for the fiscal year were $23.2 million as compared to $36 million last year, a decline of $12.8 million or 35.6%. The declines where most pronounced in the bulk sales with a decline of 57% based on the items Matt discussed.

本財年第四季度，淨銷售額為 540 萬美元，比去年的 810 萬美元減少 270 萬美元，即 33.7%。本財年的總銷售額為 2,320 萬美元，與去年的 3,600 萬美元相比，下降了 1,280 萬美元，即 35.6%。根據 Matt 討論的項目，批量銷售下降最為明顯，下降了 57%。

Gross profit for the fourth quarter of fiscal 2023 was $1.4 million with a gross profit margin of 25.7%, compared to a gross profit of $2.9 million and gross profit margin of 35.6% in the fourth quarter of fiscal 2022. Total gross profit for the fiscal year was $7.3 million with a gross profit margin of 31.3%, as compared to $13.6 million with a gross profit margin of 37.7%, last year. The 6.4 percentage point decline was previously discussed.

2023 財年第四季度的毛利潤為 140 萬美元，毛利率為 25.7%，而 2022 財年第四季度的毛利潤為 290 萬美元，毛利率為 35.6%。今年的銷售額為 730 萬美元，毛利率為 31.3%，而去年為 1,360 萬美元，毛利率為 37.7%。之前討論過 6.4 個百分點的下降。

Fourth quarter operating loss was $1.3 million compared to operating income of $364,000 in the fourth quarter of fiscal year 2022. For the full year, operating loss was $2.9 million compared to operating income of $2.6 million in the prior fiscal year.

第四季度營業虧損為 130 萬美元，而 2022 財年第四季度營業收入為 364,000 美元。全年營業虧損為 290 萬美元，而上一財年營業收入為 260 萬美元。

Net loss for the fourth quarter was $1.4 million, or $0.23 loss per share, compared to a net income of $277,000, or $0.04 earnings per share in the prior year. Net loss for the full year was $3.4 million or $0.55 loss per share, compared to net income of $2.2 million or $0.35 per share in the prior year.

第四季度淨虧損為 140 萬美元，即每股虧損 0.23 美元，而上一年的淨收入為 277,000 美元，即每股收益 0.04 美元。全年淨虧損為 340 萬美元，即每股虧損 0.55 美元，而上一年的淨利潤為 220 萬美元，即每股虧損 0.35 美元。

The company ended the current fiscal year with cash of $974,000 and working capital of $5.3 million as compared to $2.6 million and $11.4 million, respectively, as of March 31, 2022. I will hand the call back to Matt for concluding comments. Matt?

截至本財年，該公司的現金為 974,000 美元，營運資金為 530 萬美元，而截至 2022 年 3 月 31 日，現金和營運資金分別為 260 萬美元和 1,140 萬美元。我會將電話轉回馬特以徵求結論意見。馬特？

We have not had any questions. Thank you for attending the call. Please stay safe and healthy. Aloha.

我們沒有任何疑問。感謝您參加電話會議。請保持安全和健康。阿羅哈。