Oneida posts $12.14 million operating income for year ended Jan. 28

By Caroline Salls

Pittsburgh, May 3 - Oneida Ltd. reported $12.14 million in income for operations for the year ended Jan. 28 on $350.82 million in revenues, according to a Wednesday filing with the Securities and Exchange Commission.

The operating income is an improvement from the $84.99 million operating loss for the year ended Jan. 28, 2005. That year's revenues were $417.47 million.

According to the filing, the improvement in operating results stems from the company's efforts to reduce product costs, reduce operating costs, reduce inventory levels, restructure its debt, rationalize underperforming assets and reduce employee benefits.

The company said it also amended its credit agreement to provide less restrictive financial covenants, consented to the sale of non-core assets and authorized the release of some of the asset sale proceeds.

The net loss for the year ended Jan. 28 was $21.98 million, improved from a $51.13 million net loss the year before.

Cash on Jan. 28 was $2.76 million, compared with $2.06 million at Jan. 28, 2005.

Oneida, an Oneida, N.Y.-based maker of flatware, dinnerware, crystal and metal serving pieces, filed for bankruptcy on April 2 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 06-10489.

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