OroAmerica’s Net Income Triples in 4th Quarter

OroAmerica Inc. saw its net income more than triple in its fourth quarter on a 14% increase in sales.

For the quarter that ended Jan. 30, OroAmerica posted net income of $3.5 million, up from net income of $926,000 in the same period a year earlier, while sales in the latest quarter rose to $53.1 million, up from $46.8 million.

For its full fiscal year, OroAmerica saw its net income triple to $6.7 million, up from $2.2 million. But sales in its latest fiscal year fell 10% to $159.7 million, down from $177.1 million a year earlier.

The Burbank-based jewelry company attributed its sales drop primarily to an 18% drop in the average selling price of gold. The company’s improved profits were also due partly to $4.7 million in income from the settlement of a lawsuit with two former jewelry suppliers.