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Cyanotech has impressive turnaround for the year


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POSTED: Thursday, June 25, 2009

Cyanotech Corp.'s net income rose 7.2 percent in its fiscal fourth quarter but revenue was virtually flat as lower temperatures and reduced sunlight during the winter months contributed to seasonally reduced productivity.

               

     

 

IN THE MONEY

        Fourth-quarter net

        $194,000
       

Year-earlier net
        $181,000

       

 

       

The Kona-based producer of human nutritional products from microalgae posted earnings yesterday of $194,000, or 4 cents a share, compared with $181,000, or 3 cents a share, a year earlier. Revenue edged up 0.2 percent to $3.42 million from $3.41 million.

Cyanotech had an impressive turnaround for the year, though, as it swung to a net profit of $1.1 million, or 22 cents a share, from a year-earlier loss of $1.1 million, or 22 cents a share. Revenue rose 22.8 percent to $14 million from $11.4 million.

“;In fiscal 2009, we focused on stabilizing Cyanotech by driving sound business fundamentals throughout the organization, thereby creating a strong foundation for the future,”; said Andrew Jacobson, company president and chief executive.

Jacobson said new cultivation strategies, combined with stringent production metrics, increased Spirulina productivity by 52 percent during the year and astaxanthin productivity by 18 percent. He said the company will introduce a number of innovative products during the current fiscal year that will feature its Hawaiian Spirulina Pacifica and BioAstin Natural Astaxanthin products.