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A company making nutritional products from microalgae on Hawaii island expanded its fiscal year profit during the coronavirus pandemic with the help of federal aid.
Cyanotech Corp. reported on Tuesday that it earned $920,000 during the 12 months ended March 31, up 138% from a $387,000 profit in the same period a year earlier.
The company said the increase was due to a $1.4 million forgiven federal Paycheck Protection Program loan.
Sales for Cyanotech in the recent fiscal year rose 1% to $32.3 million from $31.9 million a year earlier, though gross profit and operating income decreased because of higher costs.
Shares of Cyanotech stock trading on the Nasdaq Capital Market closed Tuesday at $2.78, down 1 cent after the company released its earnings report. On Wednesday, the stock closed at $2.84. Over the last 52 weeks, shares have closed between $4.14 on March 29 and $2.18 on July 23.
FISCAL 2021 NET
$920,000
YEAR-EARLIER NET
$387,000
