Cyanotech Corp. narrowed its loss in the fiscal 2003 third quarter to $180,000 as sales jumped 23 percent. Cyanotech sees
jump in salesBy Dave Segal
dsegal@starbulletin.com
The Kona company, which makes nutritional products from microalgae, said today it had an earnings-per-share loss of 1 cent a share during the quarter compared with a loss of $937,000, or minus 5 cents a share, in the year-ago period.
Cyanotech, which has had 22 consecutive quarters of losses since its last profitable three-month period ending June 1997, said sales increased to $2.4 million from $1.9 million a year earlier as demand grew for its three main products -- Spirulina, BioAstin and NatuRose.
Spirulina and BioAstin are nutritional supplements. NatuRose is a feed supplement used in the aquaculture industry.
The company's gross margin, or the percentage of sales left after subtracting production costs, increased to 29 percent from 3 percent a year earlier.
Cyanotech's earnings announcement came two days after Chief Financial Officer Ron Scott resigned for personal reasons. Scott, whose resignation is effective Feb. 28, said that "if current sales trends continue we will be profitable very soon."
Cyanotech Corp.