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Local nutritional supplement maker Cyanotech Corp. dramatically boosted its most recent quarterly profit by increasing sales and decreasing expenses.
The Hawaii island-based company that produces products from microalgae grown in ponds reported earning $970,000 in its fiscal second quarter covering the three months ended Sept. 30, up from a $155,000 profit in the same period last year.
Cyanotech sales rose 10% to $9.4 million from $8.6 million in the year-over-year period.
The revenue gain helped generate the higher profit, as did a drop in expenses that included sales and marketing along with research and development.
Company CEO Gerald Cysewski said in a statement that weather conditions during the recent quarter allowed better production compared with past trends. He also said the company has not been immune from global supply-chain disruptions but has been able to minimize such impacts.
Shares of Cyanotech stock trading on the Nasdaq Capital Market closed at $3.26 Wednesday shortly after the release of its earnings report. On Friday, Cyanotech shares closed at $3.33. Over the last 52 weeks, shares have closed between $2.54 on Nov. 19 and $4.14 on March 29.
