Hawaii island microalgae products producer Cyanotech Corp. reported Wednesday that it swung to a $472,000 loss in its fiscal first quarter as sales plunged 25.1%. Read more

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Hawaii island microalgae products producer Cyanotech Corp. reported Wednesday that it swung to a $472,000 loss in its fiscal first quarter as sales plunged 25.1%.

Matthew Custer, who took on the position of CEO on June 16 in addition to his previous role of president, said the disappointing results in the quarter were driven primarily by the $2.2 million decrease in sales and a higher cost per kilo of astaxanthin.

“Lower sales in the quarter related to timing of shipments to a Nutrex customer as we transitioned to their selling platform in the prior year, as well as a decrease in bulk spirulina sales,” Custer said in a statement. “The increase in cost for astaxanthin was driven by lower production in the first quarter due to staff shortages. Production levels normalized late in the first quarter.”

Cyanotech had a loss of 8 cents per share compared with a gain of $520,000 a year ago, or an increase of 8 cents a share. Sales declined to $6.7 million from just under $9 million.

Cyanotech’s stock fell 50 cents to $2.80 after the earnings were announced.

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