Hawaii island microalgae producer Cyanotech Corp. more than quadrupled its fiscal second-quarter profit in large part through a $900,000 reduction in legal fees.
The company, which produces nutritional supplements from microalgae it grows in ponds, reported a $475,000 profit for the three months ended Sept. 30 compared with $99,000 in the same period last year.
Revenue declined to $8.1 million in the recent quarter from $9.9 million a year earlier. The company said the decrease was partly due to producing less spirulina for bulk product sales under county water restrictions that were lifted at the end of the quarter, and partly to shifting strategies for packaged product sales.
Cyanotech had been entangled in two lawsuits last year with a former CEO and a shareholder, but those cases against the company were resolved this year.
Alaska Air donates $100K to Hawaii nonprofits
The Alaska Airlines Foundation is awarding $100,000 in grants to nonprofit organizations in Hawaii as part of a special donation to celebrate its 10th anniversary of service to the islands (see story, B5). The funds will support 10 programs working to better the lives of youth in the local community and provide education and workforce development programs across the state.
The foundation provided $10,000 grants to 10 organizations during a community reception Monday night at The Royal Hawaiian in Waikiki. The recipients were AccesSurf, Aloha United Way, Big Brothers Big Sisters Hawaii, Boys and Girls Club of Hawaii, Friends of Hawaii Robotics, Hawaii Youth Symphony, Islander Scholars, Kapiolani Health Foundation, Kupu and Make-a-Wish Hawaii.
ON THE MOVE
District 49 Toastmasters had its Fall Conference on Saturday, which included a speech contest. The winners are as follows:
>> Joy Turbeville, who represented Kamehameha Toastmasters Club, won first place in the Evaluation Speech Contest.
>> David Tasaka, who represented Abe Lee Toastmasters Club, won first place in the Humorous Speech Contest.
