Cyanotech Slips To Loss In Q1 - Quick Facts

(RTTNews) - Cyanotech Corp. (CYAN) reported that its net loss for the first quarter of fiscal year 2015 was $413 thousand or $0.08 per share, compared to net income of $30 thousand or $0.01 per share in the year ago quarter.

Operating expenses for the quarter included $1.5 million in legal costs related to ongoing litigation, compared to $0.3 million in the same period last year. Litigation expenses in the first quarter were exceptionally high due to extension of discovery and depositions, development of economic and medical expert reports and the oral hearing with the Patent Board on its Inter Partes Review.

Excluding legal costs, pretax earnings for the quarter were $0.3 million compared to $0.4 million for the same period last year, and basic earnings per share were $0.06 per share compared to $0.08 per share for the same period last year.

Quarterly net sales were $7.44 million, an increase of 7.7% from last year's $6.91 million.