On January 25, 2007 Overhill Farms, Inc. (AMEX: OFI) jumped from $1.40 to $4.40 a share. By February 2, it was up another 45 cents, to $4.85. Last Monday, the stock landed just a few cents shy of $6, nearly doubling its price in less than two weeks.
Overhill Farms makes frozen food products for companies like Jenny Craig, American Airlines, Safeway and Pinnacle Foods Corporation. The company also specializes in weight loss foods, low-carbohydrate meals and soy and vegetarian products.
And this tiny,USD $86 million company is growing in a big way.
It was a company announcement on January 25 that got the ball rolling. Overhill’s stock shot up more than 30% that day after the company inked a new deal with a new food label that would be worth more than $40 million in sales its first year.
A few days later, Overhill Farms reported more than $1.5 million in net income for the first quarter — a company record. This is also a 156% jump from last year’s income of $607,000.
Now that’s impressive growth.