 |
 |
||||||
[November 2000]
Oneida Ltd. Reports Third Quarter Results
Oneida Ltd. has announced a 13% increase in sales for the third fiscal quarter ended October 28, 2000. Sales rose to $152 million, compared to $135 million in the year ago period, and included results from the recently acquired Delco International Ltd.; Sakura Inc.; and Viners of Sheffield Limited.
Third quarter earnings from operations (before restructuring and unusual charges) were $0.52 per share, compared to $0.60 per share in the 1999 third quarter. For the first nine months of 2000, sales increased to $374 million, up from $365 million for the same period a year ago. Nine-month operating earnings (before restructuring and unusual charges) were $1.17 per share versus $1.46 for the first nine months of 1999.
As previously announced, Oneida recorded an after-tax restructuring/unusual charge of $4.4 million or $.27 per share in the third quarter. This initiative was prompted by Oneida's ongoing efforts to streamline functions and reduce operating costs, including acquisition-related redundancies involving Delco, Sakura and Viners. As part of this process, the company plans to reduce worldwide employment levels by 8-10% by the end of 2001. The employment adjustment will reflect the consolidation of sales, marketing, logistics and administrative functions, along with the realignment of product lines, warehouses and "make versus buy" decisions.
Oneida Ltd. is a leading manufacturer of stainless steel and silverplated flatware for both the consumer and foodservice industries, and a leading supplier of dinnerware to those industries as well. Oneida also is a leading supplier of a variety of crystal, glassware and metal serveware for the tabletop market.
ENDS