Cyanotech narrows profit loss in quarter
Cyanotech Corp. said yesterday that it narrowed its net loss in the second quarter by shifting focus to its human nutrition products.
The Kona-based producer of nutritional products posted a net loss of for the quarter ending Sept. 30 of $344,000, or 7 cents a diluted share, compared to a net loss of $572,000, or 11 cents a diluted share, a year earlier.
Revenue rose 5.2 percent to $2.6 million from $2.4 million a year earlier. Results were released after the market closed.
Cyanotech launched two formulations in the quarter, as part of its efforts to improve its product mix with more human nutrition products and higher-margin branded products.
CardioAstin helps support a healthy cardiovascular system, and JointAstin uses vegetable-based glucosamine to strengthen and support joints and tendons.
Sales of Spirulina, a nutrient-rich microalgae, rich fell 2 percent to $1.4 million.
Sales of NatuRose, an astaxanthin used in animal feeds, decreased by 35 percent from the year earlier on a lack of demand in the Japanese aquaculture market and a decreasing emphasis on the product line. Sales of all natural astaxanthin products jumped 18 percent to $1.2 million from $1 million.