Ceramic Industry News

Oneida Reports Second Quarter Results, Announces Flatware Closure

September 15, 2004
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Oneida Ltd. has announced financial results for the second quarter and six months ended July 31, 2004, and also announced that it has decided to cease operation of its flatware factory in Sherrill, N.Y., by the first quarter of the 2005 calendar year. Oneida reported a second quarter net loss of $48.3 million, which included non-recurring charges of approximately $45.5 million, of which an approximately $34 million charge was attributable to the factory closing. For the first six months of the fiscal year ending January 2005, Oneida's net income totaled $6.1 million, equal to $ 0.36 per share, on sales of $212.6 million. The first quarter results included the net effect of eliminating the company's post-retirement medical liabilities and freezing the defined benefit pension plans. For the year-ago first half, Oneida reported a net loss of $7.1 million, equal to a loss of $ 0.43 per share, on sales of $212.8 million.

Oneida is closing its Sherrill flatware factory because of unsustainably high operating costs that have heavily contributed to substantial losses within the company. Oneida will continue to market the affected products by using independent suppliers.

The company's website is located at http://www.oneida.com

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