Cyanotech Corp (CYAN) 2024 Q1 法說會逐字稿

Aloha from Kona, Hawaii. Thank you all for joining us today to report Cyanotech’s first quarter fiscal year 2024 earnings results. 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 will turn the call over to Felicia to provide our forward-looking statement.

來自夏威夷科納的阿羅哈。感謝大家今天與我們一起報告 Cyanotech 2024 財年第一季的獲利結果。我是馬特·卡斯特，Cyanotech 總裁兼執行長。今天和我一起參加電話會議的是我們的財務長 Felicia Ladin。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. 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-Q and fiscal year 2023 10-K report filed with the Securities and Exchange.

謝謝馬特。我們今天的討論可能包括前瞻性陳述。我們不承擔因新資訊、未來事件或其他原因而更新前瞻性聲明的任何義務。我們的實際結果可能與這些前瞻性陳述中所描述的內容有重大差異。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，我們建議您查看我們向美國證券交易委員會提交的 10-Q 報告和 2023 財年 10-K 報告。

I will turn it back to Matt for comments on the quarter. Matt?

我會將其轉回馬特以徵求對該季度的評論。馬特？

This quarter, we continue to see the impact of consumers shifting their spend from goods to experiences and services and reallocation of spending related to the high cost of living. Due to these shifting consumer trends, we have added a new position to the company, Chief Strategic and Commercial Officer, to oversee and drive market strategy and revenue opportunities.

本季度，我們繼續看到消費者將支出從商品轉向體驗和服務以及與高生活成本相關的支出重新分配的影響。由於消費者趨勢的變化，我們為公司增加了一個新職位：首席策略和商務官，以監督和推動市場策略和收入機會。

Ms. Collette Kakuk has been appointed to the position effective August 1, 2023. Collette is an accomplished creative and inspired business leader. She is deeply connected to the mindset of the discriminating consumer who researches and curates only the best healthy products for the family. She readily understands the distinguishing features of our products. On the production side, we are performing efficiently and continue to manage production volumes in line with sales demand to control our costs.

Collette Kakuk 女士已獲任命，自 2023 年 8 月 1 日起生效。科萊特是一位富有創造力和靈感的商業領袖。她與挑剔的消費者的心態有著密切的聯繫，他們只為家庭研究和策劃最好的健康產品。她很容易理解我們產品的顯著特徵。在生產方面，我們表現高效，並繼續根據銷售需求管理產量，以控製成本。

On June 30, 2023, the company and Skyworks Family Foundation, Incorporated, continued -- or controlled by the Chairman of the Board, executed a letter of intent to amend the existing credit facility to increase the monies the company can borrow from $1 million to $2 million pending approval by First Foundation Bank, our principal lender, and USDA, as well as completion of an agreement. The bank and USDA approved this transaction.

2023 年 6 月 30 日，公司和由董事會主席控制的 Skyworks Family Foundation, Incorporated 簽署了一份意向書，修改現有信貸安排，將公司可藉入的資金從 100 萬美元增加到 100 萬美元。200 萬美元有待我們的主要貸方第一基金會銀行和美國農業部的批准以及協議的完成。該銀行和美國農業部批准了此項交易。

As I look forward, I'm optimistic about the company's future as we continue to build brand awareness for our naturally derived high-value nutritional products. Turning over to Felicia to discuss the financial results. Felicia?

展望未來，我對公司的未來感到樂觀，因為我們將繼續為我們的天然高價值營養產品建立品牌知名度。交給費利西亞討論財務結果。費利西亞？

Thank you, Matt, and good evening, everyone. Key financial results for the first quarter. Total net sales for the first quarter of fiscal 2024 were $5.1 million compared to $6.7 million for the first quarter of fiscal 2023. Total sales revenue decreased by $1.3 million or 23% from the prior year due to the reasons outlined by Matt. Gross profit for the first quarter of fiscal 2024 was $1.5 million, with a gross profit margin of 29.8%, compared to gross profit of $2.3 million, and a gross profit margin of 34.5% in the first quarter of fiscal 2023, a 4.7 percentage point decrease due to higher costs related to lower production volumes.

謝謝你，馬特，大家晚上好。第一季的主要財務業績。2024 財年第一季的淨銷售額總額為 510 萬美元，而 2023 財年第一季的淨銷售額為 670 萬美元。由於 Matt 概述的原因，總銷售收入比前一年減少了 130 萬美元，即 23%。2024財年第一季毛利為150萬美元，毛利率為29.8%，相較於2023財年第一季毛利230萬美元，毛利率為34.5%，提升了4.7個百分點因產量減少導致成本增加，因此減少。

Operating loss for the first quarter was $1.2 million compared to operating loss of $425,000 in the first quarter of fiscal 2023, an increased loss of $784,000. Net loss for the current quarter was $1.4 million or $0.22 per diluted share compared to a loss of $472,000 or $0.08 per diluted share in the prior year.

第一季營運虧損為 120 萬美元，與 2023 財年第一季營運虧損 42.5 萬美元相比，虧損增加了 78.4 萬美元。本季淨虧損為 140 萬美元，即稀釋後每股虧損 0.22 美元，而前一年的淨虧損為 47.2 萬美元，即稀釋後每股虧損 0.08 美元。

The company had cash of $648,000 and working capital of $4.4 million compared to $974,00 and $5.4 million, respectively, as of March 31, 2023. So I'll hand the call back to Matt for concluding comments. Matt?

截至 2023 年 3 月 31 日，該公司擁有現金 648,000 美元和營運資金 440 萬美元，而分別為 974,000 美元和 540 萬美元。因此，我會將電話轉回給馬特以徵求結論意見。馬特？

We've had no questions. Thank you for attending the call. Aloha.

我們沒有任何疑問。感謝您參加電話會議。阿囉哈。