Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
Hawaii island microalgae products producer Cyanotech Corp. posted a lower profit but higher revenue in its fiscal third quarter.
Cyanotech’s net income fell 53.3% to $386,000, or 6 cents a share, from $827,000, or 13 cents a share, in the year-earlier quarter, which included the forgiveness of a loan under the Paycheck Protection Program in the amount of just under $1.4 million.
Sales rose 35.4% to $9.5 million in the quarter that ended Dec. 31 from just under $7 million in the year-earlier period.
“In the third quarter, we were able to produce consistent results even as we contend with the same range of supply chain constraints facing most production and manufacturing businesses,” Cyanotech CEO Gerald Cysewski said Thursday in a statement. “Demand remains strong as we are benefiting from increased interest in naturally derived high value nutritional products for human health and well-being.”
THIRD-QUARTER NET
$386,000
YEAR-EARLIER NET
$827,000