Shares of Kona-based microalgae producer Cyanotech Corp. soared today after it reported a sharp increase in net income.

The company said it earned $599,000, or 11 cents a share in the latest quarter, up 267 percent from $163,000, or 3 cents a share for the same period a year earlier.
The earnings came on revenue of $3.925 million, up 20 percent from $3.274 million a year earlier.
Sales of both of Cyanotech�s core products, Spirulina Pacifica and BioAstin Natural Astaxanthin, grew during the quarter, the company said.
�These results affirm the company�s strategy of focusing on and building sound business fundamentals throughout the organization,� said Andrew H. Jacobson, president and chief executive officer.
�Improved production levels increased inventory, allowing better customer service. Continued cost containment delivered margin growth,� he said.
The company�s stock rose 46 cents a share, or 20 percent, to close at $2.74 today on the Nasdaq Stock Market.