Cyanotech Corp

Aloha from Kona, Hawaii. Thank you all for joining us today to report Cyanotech's fourth quarter and full year 2021 earnings result. I am Jerry Sosowski, Chief Executive Officer of Cyanotech. Joining me on the call today is Felicia Layden, our Chief Financial Officer. I will turn the call over to Felicia to provide our forward-looking statement.

Thanks, Jerry. 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-K for the fiscal year 2021 filed with the Securities and Exchange Commission. I will turn it back to Jerry for comments on the quarter. Jerry?

For fiscal year 2021, we deleveraged the balance sheet by $1.7 million, generated cash flow from operations of $2.4 million, and invested in capital for the business. Our cash balance improved by $1.4 million from $2.4 million in FY2020 to $3.8 million in FY2021. During the fourth quarter, we launched new labels for both our BioAston Hawaiian Astaxanthin and Hawaiian Spirulina products. The new labels were well received in the marketplace. The company's fourth quarter net sales of $9.4 million increased $804,000, or 9%, over fiscal year 2020. The product mix changed with higher bulk and contract services sales of $1.4 million, offset by lower sales of Nutrex products of $549,000. Our gross margin for fourth quarter was lower than the same quarter prior year due to the mix. Bulk sales have a lower gross margin. In addition to the current quarter was also impacted by higher current year production costs for spirulina per kilo driven by lower production. Turning over to Felicia to discuss the financial results. Felicia?