STAR-BULLETIN FILE
Gerald Cysewski, chair-man, president and CEO of Cyanotech, at the com-pany's laboratory in Kona.
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Cyanotech net losses widen for fiscal year
Cyanotech Corp., plagued during its fiscal year with delayed filings due to an internal accounting probe, disclosed yesterday that its losses for the year ended March 31 widened to at least $2.9 million with revenue of about $9.7 million, down nearly 13 percent from the previous fiscal year.
The Kona-based producer of nutritional products from microalgae revealed the information as it told the U.S. Securities and Exchange Commission it needed more time to compile data for its year-end report, which otherwise would have been due yesterday.
The extension gives the company an extra 15 calendar days, but if needed the company could obtain another.
Besides being backed up in its filing process, the company also said it has faced delays in obtaining additional qualified accounting resources, including a senior cost accounting manager.
Cyanotech, which had a net loss of $391,000 in fiscal 2006 on revenue of $11.1 million, said in the filing yesterday that the increased loss for fiscal 2007 was due to higher production costs, other costs related to the restatement of its amended fiscal 2006 year-end filing, and decreased net sales, partly as a result of lower-than-planned production output.
The company produces Spirulina, a whole microalgae rich in many nutrients; BioAstin, a natural source of astaxanthin that has shown to be a potent antioxidant, as well as having anti-inflammatory properties; and NatuRose, a source of natural astaxanthin for use in animal feeds.