Advertisement - Click to support our sponsors.
Cyanotech Corp. said today it reduced its fiscal second-quarter net loss to $40,000 from a loss of $609,000 in the equivalent period year as sales increased 57 percent. Cyanotech nearly
breaks evenStar-Bulletin staff
The per-share loss for the quarter ending Sept. 30 was too small to count and it compared with a loss of 5 cents a share for the same period last year. There were 15.6 million shares outstanding at Sept. 30, 14 percent more than 13.7 million a year earlier.
The Kona-based company, which produces nutritional and medicinal products from microalgae, said it made an operating profit of $79,000 in the latest period vs. an operating loss of $559,000 in the 1999 quarter.
Sales for the three months through Sept. 30 grew to $2.36 million, from $1.5 million in the 1999 quarter.
Gerald R. Cysewski, chairman, president and chief executive officer, said that in addition to higher sales, the company improved its gross profit margins and reduced operating costs.
The company is having discussions with several major distributors who are interested in Cyanotech's natural astaxanthin product, BioAstin, a human diet supplement that has health-improving antioxidant properties, Cysewski said.
Cyanotech's Nasdaq-traded shares closed down 25 cents to $1.50 today on Wall Street.