Olson Industries Shows Profit of $870,000

Sherman Oaks-based Olson Industries reported net income of $870,000, or 81 cents a share, for the fourth quarter ended Dec. 31, a reversal from a loss of $164,000, or 15 cents a share, in the same quarter the year before. Sales were flat at $30.5 million.

Company officials attributed the stronger fourth quarter to higher egg prices and stronger demand for the company’s plastic packaging products, half of which are sold to egg packagers.

For the year, Olson lost $2.0 million, or $1.86 a share, largely because of a $2.9-million charge against earnings stemming from the sale of part of its egg business to Dean Olson, formerly a major shareholder. The charge against earnings also took into account the closing of Mill Creek Foods, a processed-food company that was losing money.

The restructuring of the company for the subsequent sale of some egg operations to Dean Olson and lower egg prices reduced sales for the year by 19% to $115.6 million, said Jonathan Berge, the company’s executive vice president.

Olson Industries is a holding company with subsidiaries in the plastics packaging and egg businesses. Figures for 1984 were restated to account for discontinued operations, the company said.