Cyanotech Corp

Aloha from Kona, Hawaii. Thank you all for joining us today. We are honored to report Cyanotech's physical year 2019 earning results. I am Jerry Sesoski, Chief Executive Officer for Cyanotech and Nutrex. At this stage, I would like to introduce our Chief Financial Officer, Brian Orlop, who will make a safe harbor statement and review our financial results for the year. We will respond to questions after Brian shares the year-end financial results.

Thank you, Jerry. Let me start by saying 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 10Q and 10K filings with the Security and Exchange Commission.

Thank you, Brian. Before Brian discusses the financial details, I would like to point out that fiscal 2019 was a very trying year for Cyanotech. Unforeseen environmental factors that took place in the fourth quarter of fiscal 2018 carried forward and affected our production of spirulina in fiscal 2019, resulting in a costly re-inoculation process to correct nutrient levels and stabilize our ponds. These events resulted in a full year of lower spiraling availability, high production costs, low sales revenue, and correspondingly higher operating losses, which culminated in the comparative financial reporting to follow.