KAILUA KONA, Hawaii--(BUSINESS WIRE)--Cyanotech Corporation (Nasdaq:CYAN) has filed its Form 10-K/A report with the Securities and Exchange Commission for fiscal year 2006, restating significant portions of the Company’s previously filed Form 10-K report. The restatement was initiated due to an accounting matter related to the Company’s historical treatment of certain inventory related costs. The restatement process resulted in increased net income for some fiscal years and decreased net income for other fiscal years. For the last three fiscal years ended March 31, 2004, 2005, and 2006, restated net income decreased by $81,000, increased by $115,000, and decreased by $123,000, respectively. A restatement of net income occurred in the fourth quarter of fiscal year 2006 with net income of $199,000 changing to a loss of $43,000.
