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ONEIDA LTD. ANNOUNCES INCREASED EARNINGS FOR FISCAL 1991

 ONEIDA LTD. ANNOUNCES INCREASED EARNINGS FOR FISCAL 1991
 ONEIDA, N.Y., Feb. 26 /PRNewswire/ -- Oneida Ltd. (NYSE: OCQ) today announced a 12 percent earnings increase for fiscal 1991, reporting net income of $8,924,000 equal to 90 cents per share on record sales of $446,602,000 for the fiscal year ended Jan. 25, 1992. A year ago, the company's 1990 net income totaled $7,814,000 equal to 80 cents per share on sales of $428,403,000.
 Oneida also reported improved 1991 fourth quarter results, posting net income of $1,831,000 equal to 18 cents per share on sales of $114,127,000. This compares favorably to a year ago, when the company's fourth quarter net income was $322,000 equal to 3 cents per share on sales of $98,486,000.
 Oneida Ltd. Chairman, William D. Matthews said the improved year-end results were due to the company's far stronger showing in the second half of its fiscal year. Particularly significant was the third and fourth quarter improvement of the company's Camden Wire subsidiary. Camden is approaching its more accustomed levels of performance, helped by greater operating efficiencies and larger market shares in the fields served by its wire and cable products.
 Oneida's larger business segment for tableware products continued its solid performance, as reflected by the substantial backlog of consumer tableware orders that still exists at the Oneida Silversmiths Division, Matthews said. Foodservice tableware sales, while affected by the overall slowdown in the hotel and restaurant industry, still increased for the second half of the fiscal year.
 Addressing Oneida's expectations for fiscal 1992, Matthews said he is optimistic that the financial results will be even better than in fiscal 1991. The next several quarters are expected to show ongoing improvement over comparable 1991 quarters. He said the company should continue to benefit from its advantages as a major domestic manufacturer and market leader in flatware and non-insulated copper wire products.
 ONEIDA LTD.
 AND CONSOLIDATED SUBSIDIARIES
 SUMMARIZED FINANCIAL INFORMATION
 FOR THE THREE MONTHS ENDED
 Jan. 25, Jan. 26,
 (In thousands except per share amounts) 1992 1991
 Net Sales $114,127 $ 98,486
 Gross Margin 31,263 26,418
 Selling, General & Administrative Expenses 25,779 23,045
 Income from Operations 5,586 3,508
 Interest Expense 2,410 2,867
 Income Before Income Taxes 3,069 515
 Provision for Income Taxes 1,238 193
 Net Income 1,831 322
 Earnings Per Share of Common Stock .18 .03
 Weighted Average Number of Common Shares
 Outstanding 9,894 9,492
 FOR THE TWELVE MONTHS ENDED
 Jan. 25, Jan. 26,
 (In thousands except per share amounts) 1992 1991
 Net Sales $446,602 $428,403
 Gross Margin 122,566 117,093
 Selling, General & Administrative Expenses 97,751 93,570
 Income from Operations 25,286 24,015
 Interest Expense 10,452 11,173
 Income Before Income Taxes 14,510 12,502
 Provision for Income Taxes 5,586 4,688
 Net Income 8,924 7,814
 Earnings Per Share of Common Stock .90 .80
 Weighted Average Number of Common Shares
 Outstanding 9,767 9,607
 This summary is based on unaudited figures.
 -0- 2/26/92
 /CONTACT: David A. Gymburch of Oneida Ltd., 315-361-3271/
 (OCQ) CO: Oneida Ltd. ST: New York IN: HOU SU: ERN


CG -- CL006 -- 2723 02/26/92 10:35 EST
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Publication:PR Newswire
Date:Feb 26, 1992
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