Flatware, dinnerware, crystal and metal serveware supplier Oneida Ltd., which is focusing on returning to profitability after restructuring, announced 9 July 2005 that it achieved its first quarterly …
Flatware, dinnerware, crystal and metal serveware supplier Oneida Ltd., which is focusing on returning to profitability after restructuring, announced 9 July 2005 that it achieved its first quarterly operating income in more than two years. Operating income for the 1Q ended 30 April 2005 was USD 5.5 million compared to an operating loss of USD 1.9 million during the corresponding period in 2004. The company attributed the USD 7.4 million improvement in operating income to its restructuring. It was the first quarterly operating income since January 2003. “Oneida is entering an exciting new era as the company“s transformation from a manufacturer to a marketing and distribution company with a 100% outsourced manufacturing platform is now complete,” said Terry Westbrook, president and chief executive officer. Revenues for the 1Q 2005 were USD 90.2 million, compared to USD 111.2 million in the 1Q of the previous fiscal year. The fall in revenues was partially attributed to the August 2004 sale of Encore Promotions Inc. and the closure of 22 unprofitable Oneida Home Stores during the previous year.