BUSINESS BRIEFS
Bank meeting will proceed

Advertiser Staff and News Services

A City Bank shareholder has lost her bid to stop the bank's Wednesday shareholders' meeting to consider whether a takeover bid by Central Pacific Bank should proceed.

A state court ruled Friday that Barbara Clarridge did not show irreparable harm would result if the meeting is held as scheduled.

Central Pacific also failed to get a court order earlier this month stopping the meeting, which it said is being held too soon for shareholders to fully study its takeover proposal.

Cyanotech loses $270,000

Cyanotech Corp. reported a net loss of $270,000 for the quarter ending in March, citing non-cash write-offs for a discontinued ad campaign and a warehouse project.

The company had a net loss of $730,000 for the comparable period a year ago.

Cyanotech said it tallied $2.2 million in sales for the quarter, which is the fourth for its fiscal year. The sales represented an 18 percent increase over the comparable period for fiscal 2002.

Net sales for the 2003 fiscal year ending in March totaled $8.9 million or an increase of 9 percent over the previous fiscal year.