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Cyanotech reports modest decline in profit

By Star-Advertiser Staff

LAST UPDATED: 10:35 a.m. HST, Nov 10, 2010

Cyanotech Corp.’s profit edged lower in the latest quarter due to a modest decline in international bulk sales of its nutritional microalgae products, the company reported today.

The Kona-based firm reported net income of $526,000, or 10 cents a share, in the second quarter of fiscal 2011, down from $599,000, or 11 cents a share in the same period a year earlier.

Despite the slight decline, Cyanotech officials said the earnings report confirmed the company is on solid footing.
“We saw key positive trends reflecting our new sales and marketing initiatives,” said David Rosenthal, interim president and chief executive officer.

“International sales of bulk products were down slightly in the second quarter, which we believe resulted from the timing of orders by major customers,” Rosenthal said in a news release.

“At the same time, our U.S. mainland sales of Nutrex Hawaii-branded consumer products, in which we are focusing on retail outlets, grew 15 percent from the first quarter of fiscal 2011 to the second quarter.

Overall revenue declined to $3.8 million in the July-to-September quarter from $3.9 million the same quarter a year earlier.

Cyanotech on Monday named a permanent CEO to replace Rosenthal. Brent Bailey, who has held senior positions at a leading nutritional supplement supplier, a management consulting firm and several food and beverage companies, will become CEO effective Jan. 11.

Shares of Cyanotech were up 6 cents, or 2.5 percent, in late trading on the Nasdaq market.

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