All American Gourmet Co. said net income for its fiscal year ended Jan. 26 was $4.8 million, more than nine times the $514,000 reported for the prior year. Sales for the year totaled $91.3 million, compared to $39.4 million a year earlier.
The Orange-based food processor attributed the gains to "aggressive marketing" of its "Budget Gourmet" brand of frozen entrees.
The company said the net income included a tax credit of $643,000. year-earlier results included a tax credit of $76,000.
For the fourth quarter, All American reported net income of $946,000 compared to $1.3 million for the year earlier, a decline the company said was due to advertising expenditures, increased interest expense and start-up costs at its Atlanta plant. Fourth-quarter sales were $27.3 million, up 70% from sales of $16 million the prior year.
The Atlanta plant began operation in September and the company said it expects a plant under construction in Clearfield, Utah, to be ready for start-up later this year. The Utah plant will be the company's third. All American's principal plant is in Pittsburgh, Pa.