Overhill Farms Reports Record Revenue

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Overhill Farms Inc. reported a slight gain in profit Thursday on record quarterly sales, one day after it announced a venture fund was considering acquiring the frozen food maker.


The Vernon-based company reported net income for the fiscal first quarter ended Dec. 30 of $1.6 million (10 cents per share), up 1.4 percent from $1.56 million (10 cents) in the same period a year earlier.


Overhill, which makes prepared airline meals and is a supplier to Jenny Craig weight-loss centers, said sales hit a record $56.8 million, up 40 percent from last year’s total. The company attributed the increase to a 22 percent boost in its airline business mainly due to increased passenger travel.


The earnings come a day after the company said that Citicorp Venture Capital expressed interest in acquiring the company for $4.40 a share. The offer, which values the company at $69 million, was a 74 percent premium on Tuesday’s closing price of $2.52. Shares soared 50 percent yesterday.


Shares in Overhill gained another 15.3 percent to $4.20 in Thursday afternoon trading on the American Stock Exchange.

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