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.