Oneida Reports Fourth Quarter Fiscal Year Results
April 25, 2005
Oneida Ltd. recently announced its financial results for the fourth quarter and fiscal year ended January 29, 2005. Revenues for the fourth quarter were $102.7 million, compared to revenues of $122.1 million in the fourth quarter of the previous fiscal year that ended January 2004. The quarterly decline in revenues from the prior year is primarily due to the August 2004 sale of Encore Promotions, Inc., the closure of 17 unprofitable Oneida Home Stores during the year, the impact attributed to the company's August 2004 financial restructuring and general economic conditions. For the fiscal year ended January 2005, Oneida's revenues totaled $417.5 million, compared to revenues of $454.5 million for the same period a year ago. The majority of the year-over-year revenue decline is due to the sale of Encore Promotions, Inc. and closure of unprofitable Oneida Home Stores during the year ended January 29, 2005. The company reported a fiscal year-end net loss of $51.1 million, or $1.68 per share, which included the aforementioned fourth quarter charges and certain one-time expenses relating to inventory write-downs, non-cash impairment losses on depreciable and intangible assets, estimated environmental cleanup costs, manufacturing cost inefficiencies attributed to the Sherrill, N.Y., plant closure, and restructuring-related professional service expenses. This compared to a net loss of $99.2 million, or $5.98 per share, for the fiscal year ended January 2004.
Oneida's website is located at http://www.oneida.com.