Olson Posts $415,000 Loss in Plastics Business

Olson Industries reported a $415,000 loss from continuing operations in the first quarter ended March 31, compared to a profit of $372,000, or 55 cents a share, in the same quarter last year. Sales increased 11% to $17.5 million.

Last year, the Sherman Oaks-based company divested its egg production business to concentrate on its plastic-container manufacturing business.

But in relying on the plastics business, the company has had a hard time passing along price increases to its customers. In a statement, the company said the this year’s second quarter will be difficult because of a drop in egg carton demand. Olson, whose stock hit a 52-week low last week, is in the process of restructuring its debt.