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Cyanotech's net income continues steady growth for third year

The company says that fourth-quarter results were influenced by nonrecurring items

By Star-Advertiser staff

POSTED:
LAST UPDATED: 02:27 p.m. HST, Aug 05, 2011

courtesy cyanotechCyanotech is in the National Energy Laboratory of Hawaii Authority facility at Keahole Point in Kona.

Kailua-Kona-based Cyanotech Corp. reported a net profit of $795,000, or 14 cents per share, in the quarter ended March 31, versus a net loss of $230,000, or 4 cents per share, in the same period a year ago.

Cyanotech produces health products from microalgae grown at a 90-acre facility in Kona. Its products are BioAstin and Hawaiian Spirulina. It reported 67 employees last year and net sales of $16.8 million in the fiscal year ending March 31.

Brent Bailey, president and CEO, said in a news release, "Cyanotech's business is healthy and vital. Our fourth quarter results were robust, but also were influenced by several factors, which are generally nonrecurring."

Net sales were increased by about $800,000 due to sales of short-dated and nonconforming products that the company doesn't expect will be repeated.

Net income was increased by $552,000 due to a noncash tax benefit, the company said.

The company's net income has been steadily growing in the past three fiscal years. Net income in the year to March 31 was $1.73 million. That followed $1.39 million in fiscal 2010 and $1.14 million in fiscal 2009.






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