Overhill Farms Moves to ProfitTuesday, December 18, 2012
Overhill Farms Inc. moved to a profit in the fourth quarter on solid revenue growth, particularly for its Boston Market-licensed brand of frozen foods.
The Vernon maker of branded and private-label frozen foods for retail, airline and institutional customers on Tuesday reported net income $322,000 (2 cents a share) for the quarter ended Sept. 30, compared with a net loss of $1.4 million (-9 cents) in the same period a year earlier. Revenue rose 4.5 percent to $46.3 million.
Overhill Farms licenses the Boston Market brand from the restaurant chain for its own line of retail products. The Kroger supermarket chain is set to start carrying the products in February.
“We are pleased to report substantial increases in both revenue and net income despite an economic climate that continues to be challenging for us and for our customers,” said Chief Executive James Rudis. He added that a large institutional customer also boosted sales.
Shares closed up 7 cents, or 1.6 percent, to $4.50 on the New York Stock Exchange.