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Hawaii island microalgae products producer Cyanotech Corp. boosted revenue and profit during the three months ended June 30.
The company said in a financial report released Wednesday that it earned $520,000 in the period representing its fiscal first quarter, up from a $138,000 profit in the same period last year.
Revenue rose 22% to $9 million in the recent quarter from $7.4 million a year earlier.
Gerald Cysewski, CEO of the company that makes nutritional products from microalgae, said the results were a good start for Cyanotech’s fiscal year and that climatic conditions for producing microalgae were generally stable.
Shares of Cyanotech stock trading on the Nasdaq Capital Market closed up 12 cents Wednesday at $3.02 after the company released its earnings report. Over the last 52 weeks, shares have closed between $2.28 on Aug. 31 and $4.14 on March 29.
FIRST-QUARTER NET
$520,000
YEAR-EARLIER NET
$138,000
