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.