Cyanotech Corp., a company that produces microalgae on Hawaii island, boosted sales 20 percent in its fiscal third quarter to earn a $1.1 million profit.
The company said its income for the three-month period ended Dec. 31 compared with a $349,000 loss in the same period the year before.
Sales totaled $9.2 million in the recent quarter, up from $7.6 million a year earlier.
Shares of Cyanotech stock closed Tuesday at $5.25 before the earnings announcement. Shares closed Wednesday at $5.35, representing a 52-week high, but then retreated to $5.24 Thursday.
Long-term mortgage rates up for fifth week
WASHINGTON >> Long-term U.S. mortgage rates climbed for the fifth straight week amid investors’ growing concern about inflation.
Mortgage giant Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages shot up to 4.32 percent this week, up from 4.22 percent last week and the highest since December 2016. A year ago it stood at 4.17 percent.
The rate on 15-year, fixed-rate loans rose to 3.77 percent from 3.68 percent last week and the highest since May 2011. It was 3.39 percent a year ago.
A strong U.S. economy is raising fears that inflation may be on the rise; investors are demanding higher interest rates. The yield on 10-year Treasury notes, which influences mortgage rates, has risen the past week to 2.88 percent from 2.78 percent.
Twitter earns profit for first time
NEW YORK >> Twitter made money for the first time in its nearly 12-year history, a milestone that satisfied investors in the short term but might not resolve the company’s broader problems anytime soon.
The company is still struggling to get people to sign up. Twitter said it had an average of 330 million monthly active users in the final three months of last year, unchanged from the previous quarter and below Wall Street’s estimate of 333 million.
Its net income was $91 million while revenue grew 2 percent to $732 million in the fourth quarter from the year-earlier period.
ON THE MOVE
Porter McGuire Kiakona & Chow has announced that Caitlin N. Axe is the law firm’s new associate attorney. Axe joined the firm’s growing association practice, including collections, covenant violations as well as litigation, while serving clients on the neighbor islands and Oahu.
The World Surf League has announced that Jodi Wilmott was promoted to vice president of events, Asia Pacific. Wilmott will continue to retain the general manager role for the Hawaii/Tahiti Nui region.
American Savings Bank has promoted Ann Teranishi to executive vice president of operations from senior vice president, director of operations. She started at ASB in 2007 and served as a senior vice president, director of regulatory compliance. In 2011 Teranishi had the responsibility of heading the consumer credit management team and was later tasked to lead the customer experience department.
