Banner
Falorni Tech Glass Melting Technology
Banner
Filtraglass

Oneida: profit more than tripled in fiscal fourth quarter

US-based Oneida Ltd. said fiscal fourth-quarter net income more than tripled on flatware and glassware sales and savings resulting from a restructuring.
For the quarter ended January 29, the Oneida,…

US-based Oneida Ltd. said fiscal fourth-quarter net income more than tripled on flatware and glassware sales and savings resulting from a restructuring. For the quarter ended January 29, the Oneida, New York, maker of flatware and glassware said net was US$ 11.4 million, or 69 cents a diluted share, compared with US$ 3.4 million, or 20 cents a share, a year earlier. Year-earlier results included a restructuring charge of 19 cents a share. Sales rose 3.6% to US$ 130.4 million. The company, which last year fended off an unsolicited take-over bid by Libbey Inc., a Toledo, Ohio, maker of glass tableware, said operating expenses dropped to 25.9% of sales from 27.6%. The company expects the restructuring to result in savings of US$ 20 million for fiscal 2000 compared with fiscal 1998 before the restructuring began.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news