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Oneida announces second quarter 2001 results

Oneida Ltd.recently announced sales of US$ 119 million for the second fiscal quarter ended July 28, 2001, up 15% from US$ 104 million for the same period a year ago. Earnings were US$ 0.10 per share, …

Oneida Ltd.recently announced sales of US$ 119 million for the second fiscal quarter ended July 28, 2001, up 15% from US$ 104 million for the same period a year ago. Earnings were US$ 0.10 per share, compared to US$ 0.20 per share, before restructuring charges, for the 2000 second fiscal quarter. For the first six months of fiscal 2001, earnings were US$ 0.13 per share compared to US$ 0.65, before restructuring charges, for the same period last year. First-half sales of US$ 246 million were up 11%, compared to US$ 222 million for the 2000 fiscal first half. For the third consecutive quarter, Oneida posted important improvements in its balance sheet. Debt levels during the second quarter decreased by US$ 12 million, while inventories were reduced by a further US$ 10 million and were down by a total of US$ 19 million for the first six months of fiscal 2001. Oneida Ltd. is a leading manufacturer and marketer of flatware and dinnerware for both the consumer and foodservice industries worldwide. Oneida also is a leading marketer of a variety of crystal, glassware and metal serveware for those industries, and has facilities in Australia, Canada, Ireland, Italy, Mexico, and the US. Employees own about 15% of Oneida.

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