Monterey Gourmet Foods has posted a 27% increase in first quarter net sales to US$22.5m. The maker of chilled gourmet pasta said it anticipates operating profit in excess of $400,000 for the quarter, up from $102,000 in the same period of the previous year.

"Our profit improvement is now back on track following the fourth quarter loss, which resulted mostly from exceptional non-recurring costs," CEO Jim Williams said in the company's statement released today (20 April).

The full first quarter results will be released on 11 May.