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Cyanotech shares up on strong earnings report

By Star-Advertiser Staff

LAST UPDATED: 2:23 p.m. HST, Aug 11, 2011

Kona-based Cyanotech Corp. said today record sales of microalgae products helped boost its net income by 22 percent in the quarter ending June 30 compared with the same three-month period a year earlier.

The company’s shares jumped 8 percent to close at $3.95 on the news.

The company reported net income of $486,000, or 9 cents a share in the latest quarter, up from $399,000, or 7 cents a share for the same quarter a year earlier.

The earnings came on record sales of $5.95 million in the April-to-June quarter compared with sales of $2.09 million a year earlier.

Cyanotech makes high-value nutrition and health products from microalgae. Sales of both of Cyanotech's core products, Spirulina Pacifica and BioAstin Natural Astaxanthin, grew during the quarter, the company reported.

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