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ONEIDA LTD. REPORTS FISCAL 1992 RESULTS

 ONEIDA, N.Y., Feb. 24 /PRNewswire/ -- Because of a previously announced one-time accounting change, Oneida Ltd. (NYSE: OCQ) today reported a fiscal 1992 loss of $33,252,000, equal to $3.32 per share, on record sales of $479,442,000 for the fiscal year ended Jan. 30, 1993. If not for the accounting change and other special charges, Oneida's year-end net income would have been $7,800,000, equal to 76 cents per share. A year ago, the company's 1991 net income totaled $8,924,000, equal to 90 cents per share on sales of $446,602,000.
 For the 1992 fourth quarter, Oneida reported a loss of $1,245,000, equal to 13 cents per share, on sales of $109,547,000. Without the special charges of $2,145,000, Oneida's fourth-quarter net income would have been $900,000, equal to 8 cents per share. For the same period a year ago, the company's net income was $1,831,000, equal to 18 cents per share, on sales of $114,127,000.
 Chairman William D. Matthews said the 1992 loss stemmed from the adoption, announced in December, of a new accounting standard for retirees' health care benefit costs. The standard, mandating that all companies account for these costs on an accrual basis, resulted in a non-cash charge which reduced net income by $35.4 million, or $3.51 per share. Adding to the 1992 loss was Oneida's adoption of a separate new accounting standard for post-employment benefits, covering inactive employees prior to retirement. The company incurred a non-cash after- tax charge of $1.5 million to comply with this accounting change. Finally, Oneida booked an additional after-tax charge of $1.5 million for the restructuring of certain unprofitable business lines, which will better position the company for the future.
 Matthews expressed optimism that Oneida's fiscal 1993 earnings will improve over the 1992 operating results. He noted the benefit of reduced costs from the restructuring program. After a $28 million reduction of debt in the second half of 1992, largely due to inventory reduction, Matthews expects the company's strong cash flow to continue in 1993.
 ONEIDA LTD.
 AND CONSOLIDATED SUBSIDIARIES
 SUMMARIZED FINANCIAL INFORMATION
 FOR THE THREE MONTHS ENDED
 Jan. 31, Jan. 25,
 (In thousands except per share amounts) 1993 1992
 Net Sales $109,547 $114,127
 Gross Margin 26,982 31,263
 Selling, General & Administrative Expenses 24,299 25,779
 Restructuring Expense 2,386 ---
 Income from Operations 388 5,586
 Interest Expense 2,435 2,410
 Income Before Income Taxes and Cumulative
 Effect of Accounting Changes (2,264) 3,069
 Cumulative Effect of Accounting Changes,
 Net of Income Taxes of $(21,373) --- ---
 Provision (Credit) for Income Taxes (1,019) 1,238
 Net Income (Loss) (1,245) 1,831
 Earnings Per Share of Common Stock:
 Before Cumulative Effect of Accounting
 Changes (.13) ---
 Net Income (Loss) (.13) .18
 Weighted Average Number of Common Shares
 Outstanding 10,155 9,894
 FOR THE TWELVE MONTHS ENDED
 Jan. 31, Jan. 25,
 (In thousands except per share amounts) 1993 1992
 Net Sales $479,442 $446,602
 Gross Margin 123,292 122,566
 Selling, General & Administrative Expenses 104,253 97,751
 Restructuring Expense 2,386 ---
 Income from Operations 17,175 25,286
 Interest Expense 10,304 10,452
 Income Before Income Taxes and Cumulative
 Effect of Accounting Changes 5,939 14,510
 Cumulative Effect of Accounting Changes,
 Net of Income Taxes of $(21,373) (36,964) ---
 Provision (Credit) for Income Taxes 2,227 5,586
 Net Income (Loss) (33,252) 8,924
 Earnings Per Share of Common Stock:
 Before Cumulative Effect of Accounting
 Changes .36 ---
 Net Income (Loss) (3.32) .90
 Weighted Average Number of Common Shares
 Outstanding 10,056 9,767
 This summary is based on unaudited figures.
 Note: Included in the quarter and year ended Jan. 31, 1993 are after-tax charges of $650 and $2,600, respectively, related to the 1992 adoption of FAS No. 106.
 -0- 2/24/93
 /CONTACT: David A. Gymburch, corporate public relations, Oneida Ltd., 315-361-3271/
 (OCQ)


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

KK -- CL005 -- 9871 02/24/93 11:30 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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