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Cyanotech shares up on solid earnings report

By Star-Advertiser Staff

LAST UPDATED: 1:10 p.m. HST, Aug 10, 2012

Kona-based Cyanotech Corp. reported a slight increase in net income for the April-to-June quarter as an increase in sales of its microalgae products offset a rise in operating expenses.

Cyanotech earned $493,000 in its first fiscal quarter, up from $486,000 quarter a year earlier.
The earnings came on sales of $6.51 million in the latest quarter compared with sales of $5.95 million a year earlier.

Cyanotech makes high-value nutrition and health products from microalgae. Its products are branded under the names Spirulina Pacifica and BioAstin Natural Astaxanthin.

Shares of Cyanotech were up 54 cents, or 8.8 percent at $5.61 in late trading on the Nasdaq Capital Market.

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