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The Honolulu Advertiser
Updated at 3:48 p.m., Thursday, August 14, 2008

Cyanotech posts second consecutive quarterly profit

Advertiser Staff

Cyanotech Corp. reported a profit for a second consecutive quarter as it boosted sales of Spirulina and astaxanthin products.

The Kailua, Kona-based company had net income of $271,000, or 5 cents a share, in the three months ended June 30, according to a filing at the U.S. Securities and Exchange Commission.

That compared to a net loss of $382,000 or 7 cents a share in the same quarter a year earlier.

The company that makes nutrition and health products from microalgae had reported losses for seven straight quarters before swinging to a profit in a quarter earlier this year. The company has taken steps to refocus its product line, cut its workforce and hire a new chief executive in the past year.

Cyanotech reported sales during the most recent quarter had increased 43 percent to $3.7 million.