Cyanotech reports loss for fiscal Q1

Hawaii-based Cyanotech Corp. reported a net loss of $413,000, or 8 cents per diluted share, for the first quarter of the company’s fiscal year, compared to a profit of $30,000, or 1 cent per diluted share, for the same period last year.

Cyanotech (Nasdaq: CYAN), a maker… of micro-algae nutrition and health products based in Kailua-Kona, reported sales of $7.4 million for the quarter, compared to sales of $6.9 million for the same quarter last year.

President and CEO Brent Bailey blamed the company’s quarterly loss on legal costs related to ongoing litigation and increased costs for astaxanthin because of poor production during the company’s fourth quarter, which resulted in an operating loss of $1.1 million for the quarter.

Bailey said the company’s Nutrex product was packaged in warehouse club sizes and sold on the Costco website. The company’s BioAstin, which has been sold in Hawaii Costco stores for years, will be sold at 15 Costco warehouse sites in San Diego as part of a test.

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Algae Asia News

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