Olson Industries Rebounds, Lists $1.7-Million Quarter

A slimmer Olson Industries continued its recovery in the first quarter with record net income of $1.7 million, or $2.63 a share, up from a loss of $37,000, or 3 cents a share, for the corresponding period last year. Sales were down 7%, to $26.9 million.

Olson Industries’ stock soared on the news, closing Monday at $27.50, up from $14 before the earnings report was released Thursday.

The Sherman Oaks-based company was one of the nation’s biggest distributors of eggs until last November, when the two Olson brothers who founded the business more than 50 years ago split it up to end a long-running dispute. The deal stripped Olson Industries of egg farms and processing plants that had accounted for about 35% of its revenue.

“We’re pleased sales are down as little as they are,” said Jonathan M. Berge, executive vice president.

In a prepared statement, John W. Buffington, chairman and president, said the company made money from its plastic packaging and egg operations, as well as from a 50% partnership in a food service business that distributes processed eggs.