Reported by Star-Bulletin staff & wire
Wednesday, January 15, 1997
Reported by Star-Bulletin staff & wire
Wednesday, January 15, 1997
Shares of Cyanotech Corp. soared 21 percent today, a day before the biotechnology concern is scheduled to report results for its fiscal third quarter. Cyanotech shares soar
before earnings reportVan Kasper & Co. analyst David Pyrce said he doesn't anticipate any surprises in the earnings report. He expects the company to report revenue of $3.25 million and net income of 8 cents a share for the period ended Dec. 31. The per-share forecast matches the consensus of analysts surveyed by First Call Inc., which tracks analysts' earnings estimates.
The Kailua-Kona-based company reported revenue of $2.3 million and earnings of 5 cents a share during the same period last year.
Cyanotech stock rose as high as $8.125 before settling back to close at $7.875, up $1.375 on the Nasdaq market. More than 375,000 shares changed hands, compared with average daily volume of 33,247 shares.
Pyrce said he wasn't aware of any other development that might account for the day's stock activity. Company officials weren't immediately available for comment.
Pyrce said the latest results should reflect the impact of a 50-percent increase in the Cyanotech's microalgae production capacity, which was instituted at the end of the second quarter.
GTE Corp. has unveiled a long-distance, flat-rate calling plan that costs 14 cents a minute anywhere in the United States at any time of the day or night. GTE’s new calling plan
costs 14 cents a minuteGTE, the parent company of Hawaiian Tel, has been providing long distance service to Hawaii customers since May.
Called "One Easy Rate," GTE's new plan has no enrollment charge or monthly fee, the company said. GTE said the plan will benefit those who do most of their long-distance calls during the day, when rates are highest, and those who like the simplicity of a flat rate.
Though several companies have cheaper off-peak calling rates, GTE said its rate compares favorably with flat rate plans offered by the big three. AT&T Corp. charges 15 cents per minute for its "One Rate" plan, MCI Communications Corp. 14.5 cents for its "True Rate," and Sprint Corp. 15 cents for its "Sense Day" plan.
Last month, GTE introduced a flat rate for business customers.
CUPERTINO, Calif. - Apple Computer Inc. today reported a loss of $120 million for the latest quarter, reflecting slow sales of its Performa desktop computers. Apple reports loss of $120 million
Apple said the loss, which equaled 96 cents a share, compared with a loss of $69 million or 56 cents a share in the year-ago period. Sales for its first fiscal quarter ended on Dec. 27 fell to $2.13 billion from $3.15 billion.
Wall Street had expected Apple to report a loss of 75 cents a share, according to a recent survey of 19 analysts by First Call, which tracks earnings estimates.
The results, which Apple forecast less than two weeks ago, nevertheless represented a setback for Apple Chairman Gilbert Amelio, who had set a goal of stanching Apple's losses in 1996.
