Olson Industries Posts First-Quarter Profit
Olson Industries Inc., continuing a financial rebound, reported a first-quarter profit of $595,658 compared with a year-earlier loss of $663,025.
Olson’s only operating unit is Dolco Packaging, a maker of plastic packaging products now reorganizing under Chapter 11 of the federal bankruptcy laws. In the past two quarters, the Sherman Oaks-based company has reported profits after suffering heavy losses earlier.
The profit in the latest quarter, which ended March 31, came despite a slight drop in sales, to $18.9 million from $19.1 million. Olson attributed the earnings to a 16% decline in its average price for resin, the key raw material used in its packaging products.