Olson Industries Reports Larger Loss in 1st Quarter
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Olson Industries, a struggling maker of plastic packaging products, said its first-quarter loss widened to $663,000 from a $415,000 loss a year earlier.
The Sherman Oaks company said the latest loss in the quarter that ended March 31 came despite a 9% increase in sales, to $19.1 million from $17.5 million.
Olson has been hurt in recent quarters by rising prices for resin, a raw material for many of the company’s packaging goods.
On Monday, Olson said its Dolco Packaging Corp. subsidiary, which makes plastic packages used by fast-food chains and other firms, filed in Los Angeles for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code. The company said Dolco lost $220,000 on sales of $18.8 million in the first quarter of 1989.
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