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Cyanotech sees profit trend despite loss in fourth quarter

By Star-Advertiser staff

LAST UPDATED: 2:12 a.m. HST, Jun 25, 2010

Kona-based microalgae producer Cyanotech Corp. posted a modest loss in its fiscal fourth quarter but saw its profit jump 22 percent for the entire fiscal year as sales of its bulk and higher-margin branded products rose.

Cyanotech swung to a $226,000 loss, or 4 cents a share, in the quarter ended March 31 from a profit of $194,000, or 4 cents a share, for the same period a year earlier.

For all of fiscal 2010, net income rose to $1.4 million, or 26 cents a share, from $1.1 million, or 22 cents a share, in fiscal year 2009, the company reported.

Revenue for the most recent quarter rose to $3.8 million, an 11 percent increase over $3.4 million a year earlier. For the entire fiscal year, revenue rose to $15.7 million, a 13 percent increase over nearly $14 million in the prior fiscal year.

"Cyanotech continued solid performance increases in fiscal 2010, with steady production supporting increased demand for our products across the board," said David Rosenthal, interim president and chief executive officer.

"Sales of bulk, private-label and our own branded packaged products for both Spirulina and natural Astaxanthin all increased. This balance speaks well for our continuing prospects going forward."

The company also said it still is continuing to search for a chief executive officer to replace Andrew Jacobson, who was removed by the board of directors in February. Rosenthal has been acting as the interim president and CEO.

Cyanotech's shares closed down 5 cents, or 2.4 percent, to $2.05 yesterday on the Nasdaq.

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