POSTED: 1:14 p.m. HST, Jun 23, 2011
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 that ended 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 non-recurring."
The non-recurring items included about $800,000 in sales of short-dated and non-conforming products. Net income was increased by $552,000 due to a non-cash 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.