Cyanotech makes changes and narrows fiscal loss
HONOLULU — Hawaii island-based microalgae producer Cyanotech Corp. achieved a $1.2 million improvement in its fiscal first-quarter finances after correcting production problems and boosting sales, but still suffered a loss.
The company reported Tuesday losing $133,000 in the three months ended June 30. That compared with a $1.3 million loss in the same quarter last year.
Cyanotech, which makes nutritional supplements from microalgae, said sales in the recent quarter rose to $8.1 million from $7.2 million a year earlier.
The revenue gain was largely due to sales of its spirulina product soaring 76%. Spirulina sales last year were depressed because of production issues that the company said were corrected late last year.
“We are pleased that our algae production stabilized and returned to more normal levels in the first quarter, as well as overall sales,” Gerald Cysewski, company CEO, said in a statement.
Cyanotech noted that sales for another product called astaxanthin declined 11% in relation to one major customer, and that a $600,000 increase in operating expenses for the recent quarter included a $500,000 severance payment to a former executive.
Shares of Cyanotech stock closed up 6 cents at $2.56 Wednesday. The 52-week range for the stock was between $4.05 on March 1 and $2.43 on Aug. 2.
First-quarter loss
$133,000
Year-earlier loss
$1.3 million
Oslund named NHCH employee of quarter
WAIMEA — Jeannette Oslund, a registered nurse in the Surgical Services department, has been named NHCH employee of the quarter.
Oslund was recognized for her excellence in patient care, as well for being caring, considerate, and compassionate to all patients and colleagues.
“Jeannette is a true team player and goes above and beyond not only for our patients but for her co-workers as well,” said NHCH president Cindy Kamikawa. “She has an amazing positive attitude and never hesitates to take on extra tasks.”
Oslund was recognized at a hospital ceremony along with fellow nominees Yvette Gonzalez, Joylinda Hooper, and Connie Kuge.
HMSA reports
second quarter growth
The Hawaii Medical Service Association (HMSA) reported a 1.6% net gain in the second quarter of the year in its filing with the state Insurance Division. The gain gives HMSA continued financial stability and resources to improve the lives of its members and the health of Hawaii, it said in a news release Friday.
“This filing shows that we’re close to breaking even and, as a nonprofit company, that’s essential to our financial sustainability,” said Gina L. Marting, HMSA senior vice president and chief financial officer. “This ensures that our members can continue to receive care from Hawaii’s top-ranked doctors and hospitals and that we have the resources to support our members at every stage of their lives.”
Of HMSA’s $890.1 million in premium revenue for the second quarter, 90.6%, or $806.7 million, was spent on health care services for members and $83 million for administrative expenses. HMSA reported an investment gain of $6.8 million.
Headquartered on Oahu with centers and offices statewide to serve our members, HMSA is an independent licensee of the Blue Cross Blue Shield Association.
Hopf joins Kona
Windermere team
Windermere C and H Properties announced John Hopf has joined the Kailua-Kona office on Walua Road.
Originally from Wisconsin, Hopf obtained his BA from Winona State University and MBA from St. Cloud State University. He found his way to Hawaii in 2009 and is a licensed Hawaii Realtor since 2013. As an avid traveler with experience managing a portfolio of properties, Hopf offers valuable global and local insight to buyers and sellers.
He and his wife live in Kona where they have a crew of rescue animals and are expecting their first child.
Info: 329-2601
From local and wire sources
