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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, July 25, 2000

Cyanotech narrows quarterly losses

Cyanotech Corp. said today it reduced its net loss to $22,000 in the three months through June 30, the first quarter its fiscal year. In last year's first quarter, Cyanotech had a loss of $527,000. Net sales were up 35.6 percent at $2.17 million in the latest quarter from $1.6 million in year-earlier period.

The Kona-based producer of nutritional and medicinal supplements from pond-grown microalgae, said it had a first-quarter profit of $46,000 from operations, compared to an operating loss of $479,000 in the 1999 quarter.

The company said it reduced some of its operating expenses, boosted export sales, filed for new-product patents and began clinical tests that could lead to additional future sales.

Blue Diamond picks local distributor

Blue Diamond Growers, the California-based nut processor and packager that acquired MacFarms of Hawaii in April, has appointed Kona-headquartered MacFarms as its exclusive distributor in Hawaii.

MacFarms will be the island wholesaler for the Blue Diamond snack and nut line, including packaged almonds; an almond-based cracker line, Nut-Thins; and a new nondairy, lactose-free milk made from almonds called Almond Breeze.

Lucent to acquire switch maker

MURRAY HILL, N.J. -- Lucent Technologies Inc., the world's largest maker of phone equipment, agreed to buy the rest of network switch maker Spring Tide Networks for $1.3 billion in stock.

The company will exchange about 26.8 million shares and options for Maynard, Mass.-based Spring Tide. Lucent already owns about 4 percent of the closely held company, whose products let customers set up private networks and run multimedia services over public phone lines.

McDonald's: Poor profits an 'anomaly'

CHICAGO -- McDonald's Corp. reported a "disappointing" profit gain of 2 percent today, blaming foreign currency declines, unusually hot weather in Europe and even the European soccer championships for its worst quarterly showing since 1997. The world's largest restaurant company called the quarter an anomaly and said the outlook for the rest of the year is much brighter. The report still matched Wall Street's low expectations for the quarter. McDonald's stock, which had been hovering near a 52-week low, rose $1.06 to close at $31.31 a share today on the New York Stock Exchange.