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The Honolulu Advertiser
Posted on: Friday, February 12, 2010

BUSINESS BRIEFS
Cyanotech reports $605,000 profit

Advertiser Staff and News Services

Hawaii news photo - The Honolulu Advertiser

Cyanotech here, its 90-acre algae production facility in Kona reported a rise in profit during the fourth quarter.

Courtesy of Cyanotech Corp.

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Cyanotech Corp., a Kona-based producer of nutritional microalgae products, said its net income rose to $605,000 or 11 cents a share for the final quarter of 2009, up from $514,000 or 10 cents a share during the same period a year earlier.

Revenue for the quarter rose 12 percent to $3.98 million from the year-earlier quarter.

"The third quarter featured several company milestones including the launch of Hawaiian Spirulina Pacifica Multivitamins and the discovery of Vitamin K2 in Hawaiian Spirulina Pacifica," said Andrew Jacobson, president and chief executive officer.

"Despite economic challenges, our focus on business fundamentals remains robust," Jacobson said.

Cyanotech shares fell 45 cents to close at $3.19.

ISLAND INSURANCE STATES POLICY ON RECALLS

Island Insurance Co. said it is assuring its policyholders that the recent automobile industry recalls will not affect their insurance rates.

The company said it also has told policyholders that if they are involved in an accident as a result of a recalled part, their automobile's liability or collision coverage will cover damages.

"Automobile recalls are not considered a factor in our ratemaking process as we would not consider our customer to be at fault." said John Schapperle, Island Insurance president and chief operating officer.

STATE AIDS HOTELS ON ENERGY EFFICIENCIES

The state said it is providing technical assistance to hotels statewide to enhance energy efficiency as part of the Hawai'i Clean Energy Initiative.

The Department of Business, Economic Development and Tourism's Energy Office is soliciting request for proposals from businesses to provide them with the technical support they need to meet Energy Star standards.

"We encourage hotels statewide to partner with the state in receiving technical assistance that can help them become more energy efficient," said Gov. Linda Lingle.