Cyanotech Corp

Aloha from Kona, Hawaii. Thank you for joining us today. I am Matt Custer, President and 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, 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 2022 10-K report filed with the Securities and Exchange Commission. I will turn it back to Matt for comments on the quarter. Matt?

Sales in the third quarter of 5,891,000 improved by 712,000, or 14%, compared to second quarter sales of 5,179,000, as we saw modest improvement in consumer movement on both finished goods and bulk sales. However, both of our online finished goods sales and our international bulk sales are still not performing to historical levels. On the international bulk sales, as the global supply chain issues eased, customers made adjustments to their inventory levels that impacted our sales. The inventory levels have improved but are still a headwind. We are focused on taking steps and making changes to improve these sales channels. The cash-saving initiatives that we implemented in the second quarter, including slowing production and reducing headcount, were not fully realized until late in the third quarter due to material lead times and payment terms. However, our working capital remains strong due to higher inventories that have long expiration dates. Now I'd like to turn the call over to Felicia to discuss the third quarter. Felicia, please.