Quantcast
StarBulletin.com

Business Briefs


By

POSTED: Friday, August 14, 2009

Cyanotech sees its net income rise

Cyanotech Corp. said it recorded a 52 percent increase in net income in its first quarter on record-setting revenues.

The company said yesterday that it had net income of $413,000, or 8 cents a share, for the quarter ending June 30, versus $271,000, or 5 cents a share, for the same period last year. The Kailua-Kona-based maker of microalgae-based nutrition and health products said its first-quarter revenues were a record $4.02 million, up 9 percent from $3.7 million a year earlier.

“;Sales were driven by the continued development of our BioAstin Natural Astaxanthin franchise and a strong performance of our Hawaiian Spirulina Pacifica brand,”; said Andrew H. Jacobson, the company's president and chief executive.

The company's Nasdaq-traded stock rise 55 cents, or 28 percent, to close at $2.50 a share yesterday.

Island sugar to take production dip

Hawaii's sugar production is forecast to drop to 1.46 million tons this year, about 2 percent lower than 1.49 million tons in 2008.

Data released from the U.S. Department of Agriculture by state yesterday showed that Hawaii is expected to harvest 21,700 acres of sugar cane in 2009, down from 22,800 acres in 2008. Nationwide, production of sugar is forecast at 29.1 million tons, up 5 percent from last year.

Hawaiian's food gets third-place nod

Readers of Travel + Leisure magazine have rated Hawaiian Airlines the third-best domestic airline for food, behind No. 1 Virgin America and second-ranked Midwest Airlines.

Hawaiian's first-class menu has been designed by James Beard Award-nominated chef and restaurateur Beverly Gannon for several years.

The magazine's coverage of carriers' in-flight dining programs, food options at airports around the world and what other celebrity chefs design for airlines can be read online at http://www.travelandleisure.com/worldsbest/2009.

Nordstrom's profit falls 27 percent

NEW YORK >> Luxury retailer Nordstrom Inc. said yesterday its second-quarter profit fell 27 percent but met analysts' expectations as the company tightly managed its inventory and lowered its prices in an effort to offset slumping sales.

Nordstrom executives said results came in better than planned and raised the company's full-year outlook. Second-quarter profit fell to $105 million, or 48 cents per share, from $143 million, or 65 cents per share in the same period last year. That matched analysts' expectations.

Revenue fell 6 percent to $2.14 billion from $2.29 billion last year. Analysts also predicted revenue of $2.14 billion.

ML Macadamia loses $291,000

ML Macadamia Orchards LP had a second-quarter net loss of $291,000, or 4 cents a share, on revenues of $1 million, compared with a net loss of $398,000 on $1.6 million in revenues a year earlier, company officials said Wednesday.

The second quarter marks the end of the harvest season and usually accounts for less than 4 percent of the total year's harvest, according to the Hilo-based company.

ML Macadamia's over-the-counter stock traded at $2.10 yesterday.

On the move

The University of Hawaii-West Oahu recognized two staff and faculty members for their contributions:

» Terri Ota, academic support specialist, won the school's chancellor award for her performance in fostering excellence in higher education. She has more than 20 years of experience and demonstrates an in-depth understanding of university processes and commitment to excellence.

» Franklin Kudo, assistant professor of accounting, won the UH Board of Regents excellence in teaching award. He demonstrates genuine enthusiasm and dedication and draws from his years of experience working as a business and accounting professional as well as uses real-world examples to inspire and educate his students, university officials said.