KAILUA KONA, Hawaii--(BUSINESS WIRE)--Cyanotech Corporation (Nasdaq:CYAND) announced today that it has determined to restate certain of its previously issued financial statements. The restatement will include amounts correcting the Company’s results for historical treatment of certain inventory related costs. Additionally, the Company has identified certain minor out-of-period items relating to recording Hawaii state tax credits and accruing interest, which will also be recorded in the appropriate periods in the restated consolidated financial statements. Further, the Company will also reclassify certain certificates of deposit from cash to investments in conjunction with the restatement.
