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ERLY Industries Inc.: The Los Angeles food processing firm said first-quarter net income rose 820% to $1.2 million, while revenue dipped 8% to $108 million. The firm attributed the gain to
an increase in juice and rice shipments. It noted that results were particularly encouraging in light of the fact that shipments to Iraq were 27% of its total rice shipments, compared to 48%
a year ago. In March, it anticipated that, because of the uncertainty of future government funding for rice sales to Iraq, it would diversify sales to other export markets. “We continue to
be confident that if rice shipments to Iraq are prohibited, we will be able to replace that market with other export markets,” the firm said.
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