Cyanotech Announces Jump in Earnings
Cyanotech, a Kona-based company specializing in microalgae products, reported significant increases in sales and earnings over the past fiscal year.
The company’s report released Thursday said net income for the fiscal year ending March 31 was $3.6 million compared to $1.7 million the year before. Revenues rose from $16.8 million to $24.6 million, which the company said was a record high.
Cyanotech President Brent Bailey said net sales increased $7.8 million, or 46.4% over the prior year. Bailey said the jump was driven by a increased demand for astaxanthin products, which made up 65% of the company’s sales. Spirulina sales made up the rest of the company’s sales.
International markets made up 33% of the company’s business, the report said.
Cyanotech grows its micro-algae on 90 acres at the Natural Energy Laboratory of Hawaii Authority at Keahole Point north of Kailua-Kona where it has been the authority’s anchor tenant for over 25 years.
The company distributes to nutritional supplement, nutraceutical and cosmeceutical manufacturers and marketers in 54 countries.