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ONEIDA LTD. REPORTS SECOND QUARTER AND FIRST HALF EARNINGS GAIN

 ONEIDA, N.Y., Aug. 25 /PRNewswire/ -- Oneida Ltd. (NYSE: OCQ) today announced improved earnings for the second quarter of 1993, reporting net income of $1,488,000 equal to 14 cents per share on sales of $106,977,000 for the three months ended July 31, 1993. This compares to net income of $1,343,000 equal to 13 cents per share on sales of $116,079,000 for the same period a year ago.
 Oneida showed further earnings improvement for the first six months of its fiscal year, posting net income of $3,870,000 equal to 37 cents per share on sales of $220,810,000. A year ago, Oneida's first-half net income before one-time accounting charges was $2,754,000 equal to 27 cents per share on sales of $231,055,000. However, the one-time, non- cash charges, totaling $37 million equal to $3.70 per share, created a net loss in the first half last year of $34.2 million equal to $3.43 per share loss. The special charges resulted from mandated changes in accounting for post-employment benefits and retirees' health care benefit costs.
 Oneida Ltd. Chairman William D. Matthews said the company's improved first-half earnings stemmed from more efficient operations and continued reductions in costs. He noted interest expenses were significantly less, reflecting an 18 percent decline in debt from the end of the second quarter a year ago. Debt was lowered primarily because of reduced inventory levels that have improved Oneida's cash flow.
 ONEIDA LTD.
 AND CONSOLIDATED SUBSIDIARIES
 SUMMARIZED FINANCIAL INFORMATION
 FOR THE THREE MONTHS ENDED
 July 31, July 25,
 (In thousands except per share amounts) 1993 1992
 Net Sales $106,977 $116,079
 Gross Margin 29,585 30,531
 Selling, General & Administrative Expenses 24,968 25,655
 Income from Operations 4,745 5,011
 Interest Expense 1,922 2,653
 Income Before Income Taxes and Cumulative
 Effect of Accounting Changes 2,523 2,199
 Cumulative Effect of Accounting Changes,
 Net of Income Taxes of $(21,373) --- ---
 Provision (Credit) for Income Taxes 1,035 856
 Net Income (Loss) 1,488 1,343
 Earnings Per Share of Common Stock:
 Before Cumulative Effect of Accounting
 Changes .14 .13
 Net Income (Loss) .14 .13
 Weighted Average Number of Common Shares
 Outstanding 10,306 10,011
 FOR THE SIX MONTHS ENDED
 July 31, July 25,
 (In thousands except per share amounts) 1993 1992
 Net Sales $220,810 $231,055
 Gross Margin 59,676 61,652
 Selling, General & Administrative Expenses 49,129 51,599
 Income from Operations 10,857 10,354
 Interest Expense 4,035 5,354
 Income Before Income Taxes and Cumulative
 Effect of Accounting Changes 6,560 4,510
 Cumulative Effect of Accounting Changes,
 Net of Income Taxes of $(21,373) --- (36,964)
 Provision (Credit) for Income Taxes 2,690 1,756
 Net Income (Loss) 3,870 (34,210)
 Earnings Per Share of Common Stock:
 Before Cumulative Effect of Accounting
 Changes .37 .27
 Net Income (Loss) .37 (3.43)
 Weighted Average Number of Common Shares
 Outstanding 10,275 9,999
 Note: This summary is based on unaudited figures.
 -0- 8/25/93
 /CONTACT: David A. Gymburch, corporate public relations, Oneida Ltd., 315-361-3271/
 (OCQ)


CO: Oneida Ltd. ST: New York IN: HOU SU: ERN

AR -- CL003 -- 5778 08/25/93 11:02 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
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