Posted at 9:45 a.m., Thursday, October 25, 2001

Microalgae firm's losses mount

Advertiser Staff

Cyanotech Corp., a Big Island-based producer of microalgae products, said today its net loss grew more than 10 fold in the latest quarter because of a drop in sales to its largest customer, Spirulina International.

Cyanotech reported a net loss of $509,000 in the three months to Sept. 30, up from a loss of $40,000 in the same period a year earlier. Net sales were $1.95 million, down from $2.36 million a year earlier.

Sales to Spirulina dropped to 8 percent of total sales from 41 percent a year ago, the company said.