Posted at 11:16 a.m., Wednesday, May 15, 2002
Losses mount for Big Island biotech firm
Advertiser Staff
Cyanotech Corp., the Big Island maker of BioAstin, said today its net loss grew by 6.88 percent to $730,000 in the three months ended March 31, compared to a loss of $683,000 in the same period a year ago.The company, which makes health products from microalgae, said the loss was the result of weather-related production decreases and increased costs for marketing, research and development.
Cyanotech said net sales in the quarter were $2.05 million, up from $1.75 million a year ago. The company said gross profit margins, excluding depreciation expense, were 32 percent compared to 39 percent in the fourth quarter of fiscal 2001.
