A day before it was to have announced its latest quarterly results, Cyanotech Corp. delayed the release to review the way it reported some of its previous costs.

The Big Island company, which produces microalgae-based nutritional products, said in a news release yesterday that the review will delay to Aug. 21 the release of its first-quarter results for its 2007 fiscal year.

Cyanotech was supposed to release its first-quarter results today.

Cyanotech shares, which trade on the Nasdaq market, were unchanged yesterday at 62 cents.

Moana DeLeon, assistant to Cyanotech Chief Financial Officer William Maris, said the company would not comment beyond what it said in its news release.

In the release, Cyanotech said it discovered a problem in the way it treated its past inventory-related costs. The company said the problem arose during a final review of its quarterly results.

The delay comes as Cyanotech is facing the prospect of being delisted from the Nasdaq market for trading under $1.

In May, the company said its stock must close at $1 a share or more for a minimum of 10 consecutive business days by Nov. 27 or it will be dropped from the Nasdaq Small Cap market to the OTC Bulletin Board.

Companies trading through the OTC Bulletin Board are usually ignored by institutional shareholders and other large investors.

Founded in 1983, Cyanotech produces a number of microalgae-based nutritional and health products.

The company employs 62 people, and its principal facilities and corporate headquarters are in a 90-acre area on the Big Island, within the Natural Energy Laboratory of Hawai'i Authority at Keahole Point in Kailua.

Reach Rick Daysog at rdaysog@honoluluadvertiser.com.