POSTED: 10:37 a.m. HST, Jun 24, 2010
Cyanotech swung to a $226, 000 loss in the quarter ending March 31 from a profit of $194,000 for the same period a year earlier.
For all of fiscal 2010 net income rose to $1.39 million, or 26 cents per share from $ $1.14 million, or 22 cents per share in fiscal year 2009, the company reported.
“Cyanotech continued solid performance increases in fiscal 2010, with steady production supporting increased demand for our products across the board,” said David Rosenthal, interim president and chief executive officer.
“Sales of bulk, private label and our own branded packaged products for both Spirulina and natural Astaxanthin all increased. This balance speaks well for our continuing prospects going forward.”
Cyanotech’s shares were down 8 cents, or 3.57 percent, in late trading on the Nasdaq stock market.