Ceramic Industry News

Oneida Reports Improved Operating Income For 2nd Quarter

September 12, 2005
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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.

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