Cyanotech Corporation announced its fiscal fourth quarter financial results last week and showed strong sales increases. Revenues increased 47% to $3.4 million for its fiscal fourth quarter. Cyanotech’s total sales for fiscal 2008 rose 17% to $11.4 million.
Cyanotech’s CEO, Andrew Jacobson, noted some of the challenges faced in 2007 including rising supply costs, and labor cutbacks, “The past fiscal year has been challenging for Cyanotech. The Company endured increasing costs and experienced production shortfalls. In response, unprofitable business was discontinued, the workforce trimmed, and decisive steps were taken toward moving the company in a positive direction.”
Cyanotech, based in Hawaii, is best known for its microalgae technology and its BioAstin Natural Astaxanthin and Hawaiian Spirulina Pacifica ingredients.