Oneida Reports Improved Operating Income For 2nd Quarter
September 12, 2005
Oneida Ltd. recently announced operating and financial results for the second quarter period ended July 30, 2005. Operating income for the second quarter was $1.2 million, compared to an operating loss of $44.2 million during the corresponding period last year. Revenues for the second quarter were $79.3 million, compared to $101.3 million in the second quarter of the previous fiscal year. The decline in revenues is partially attributed to the August 2004 sale of Encore Promotions, Inc.; the closure of 22 unprofitable Oneida Home Stores during the previous 12 months; the company's decision to discontinue certain marginally profitable product lines, including the distribution of common glassware products; and the impact of several large customers opting to dual source a portion of their tabletop product requirements. Net loss for the second quarter ended July 30, 2005, was $6.8 million, equal to $0.15 per share, compared to a year-ago net loss of $48.3 million, or $2.88 per share.
Additional details are available at www.oneida.com.