BUSINESS BRIEFS
Cyanotech turns profit in quarter
Advertiser Staff and News Services
Cyanotech Corp. swung to a fiscal fourth-quarter profit as sales of its nutrition and health products made from microalgae climbed.
The company reported net income of $181,000, or 3 cents a share, for the three-month period ending March 31. A year earlier it had reported a loss of $5.32 million, $1.02 a share, as it recorded a multimillion-dollar impairment charge.
The company based in Kailua, Kona, has been trying to staunch annual losses by editing its product line, letting workers go and hiring a new chief executive. The company lost $1.14 million in its 2008 fiscal year, which came on the heels of a $7.43 million loss a year earlier.
"The past fiscal year has been challenging for Cyanotech," said Andrew Jacobson, who recently replaced Gerald Cysewski as CEO and president. "The company endured increasing costs and experienced production shortfalls."
Cyanotech's revenue in the quarter rose to $3.41 million, 47 percent higher than a year earlier, as it refined marketing of products made from microalgae grown at its 90-acre facility. The company said working capital at the end of the quarter was $3.1 million, about $270,000 less than a year earlier.
CAESARS CLEANERS HAS NEW OWNER
California-based U.S. Dry Cleaning Corp. said it has completed its acquisition of Honolulu-based Caesars Cleaners.
Theresa Paulette Winn, one of the former owners of Caesars Cleaners, will remain with the company as its brand manager, according to a news release from U.S. Dry Cleaning.
U.S. Dry Cleaning first announced last fall that it was pursuing the acquisition of Caesars. The deal follows U.S. Dry Cleaning merging with Honolulu-based Young's Laundry and Dry Cleaning in 2005.
"We are delighted to expand our presence in the Hawai'i market while furthering our number-one position in the Honolulu marketplace," said Michael Drace, U.S. Dry Cleaning's president.
HAWAI'I SALES BOOST AMERON RESULTS
Ameron International Corp. said modestly higher sales by its Hawai'i operations helped the company boost its net income to $16.3 million in the second quarter from $15.8 million in the same quarter a year earlier.
The Pasadena, Calif.-based company said sales in the quarter ending June 1 totaled $159.8 million, compared with $156.8 mil-lion a year earlier. The Hawaii Division had slightly higher sales due to increased aggregates sales, primarily for road and highway construction, Ameron said in a news release.
"Overall, the housing and residential-related construction sectors in Hawaii are lower, while other construction markets remain steady," according to the release.
AZUL A FOUR DIAMOND RESTAURANT
The Azul restaurant at the JW Marriott Ihilani Resort & Spa at Ko Olina has received the 2009 AAA Four Diamond award.
"Once again we are honored that Azul has been selected to receive this esteemed accolade," said Dan Banchiu, general manager of the Ihilani.
The AAA rating system ranks restaurants on a scale from one to five, with the Five Diamond rating being the highest.
Four Diamond establishments "are geared to individuals in search of a distinctive fine-dining experience," according to the AAA Web site.
"Often orchestrated by an executive chef and an accomplished staff, menus reflect a high degree of creativity and complexity, using imaginative presentations to enhance high quality, market-fresh ingredients," according to the site.
