Hawaii island microalgae products producer Cyanotech Corp. swung to a fiscal fourth-quarter profit and appointed a new CEO after Gerald Cysewski, 73, stepped down from his position, effective June 16, after a profitable year.

“After 39 years with Cyanotech, I have stepped down from my position at Cyanotech as Chief Executive Officer and as a member of the Board of Directors … to have more personal time in my latter years,” Cysewski, who co-founded the company in 1983, said recently. “My time at Cyanotech has been both challenging and very rewarding. I will assume the position of CEO Emeritus and remain as Chief Scientific Officer. I will be available for consultation on business strategy on an as needed basis. I want to sincerely thank shareholders and employees for their support throughout the years.”

Matthew Custer, 39, who has been president of the company since May 2021, was appointed to also serve as CEO. He will receive a total pay package of $260,784, which includes base pay of $180,327.

For the fiscal year, Cyanotech reported recently that its net income more than doubled to $2.2 million, or 35 cents a share, compared with $920,000, or 15 cents a share, in 2021. Net sales rose 11.2% to $36 million from $32.3 million.

Cysewski said the full-year improvement in net sales, with an improved gross profit, was a result of the lower cost of spirulina due to “higher production volumes and astaxantin as a result of production efficiencies.” He also said Cyanotech generated $2.4 million in cash from operations, deleveraged its balance sheet by $1.7 million and invested over $1 million in capital expenditures.

The company’s fiscal fourth-quarter net income was $277,000, or 4 cents a share, for the quarter that ended March 31. That compares with a loss of $200,000, or 3 cents a share, in the year-earlier quarter.

Net sales fell 13.9% to $8.1 million from $9.4 million in the year-earlier quarter.