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Clarence A. Davis Elected to Oneida Ltd. Board of Directors
ONEIDA, N.Y., Aug. 10, 2005 (PRIMEZONE) -- Oneida Ltd. (OTCBB:ONEI) today announced that Clarence A. Davis, the former Chief Operating Officer of the American Institute of Certified Public Accountants, was elected to the Company's Board of Directors on August 9, 2005.
Mr. Davis was elected by the Board to fill the remainder of the term vacated by Peter J. Marshall in June 2005. Upon expiration of that term in May 2006, Mr. Davis will be eligible for election to a full three-year term. Mr. Davis' appointment brings the Board's total membership to eight. He will also serve on the Board's Audit Committee.
In early 2005 Mr. Davis retired from the position of Chief Operating Officer of the American Institute of Certified Public Accountants, a position he had held since 2000. Mr. Davis had been the Institute's Chief Financial officer from 1998 through 2000. The American Institute of Certified Public Accountants is the national, professional organization for all Certified Public Accountants, providing its members with various resources, information, and leadership. Prior to joining the American Institute of Certified Public Accountants, Mr. Davis was the principal of Clarence A. Davis Enterprises, Inc., a financial and organizational consulting firm, from 1990 through 1998, and a Senior Partner with the public accounting firm Spicer & Oppenheim, formerly known as Oppenheimer, Appel, Dixon & Co., from 1967 through 1990. Mr. Davis Served in the United States Marine Corps from 1960 through 1964, received his B.S. in Accounting from Long Island University and in 1975 became a certified public accountant.
"With his strong background in accounting and finance, Mr. Davis' expertise and perspective will enhance our Board's operations," said Christopher H. Smith, Oneida Ltd. Chairman of the Board.
Peter J. Marshall Resigns from Oneida Ltd. Board of Directors
ONEIDA, N.Y., June 13, 2005 (PRIMEZONE) -- Oneida Ltd. (OTCBB:ONEI) today announced that Peter J. Marshall resigned from the Oneida Ltd. Board of Directors on June 7, 2005 effective as of the end of business on June 9, 2005. Mr. Marshall has resigned for personal reasons.
"Mr. Marshall's leadership and expertise have been extremely valuable to the Company and we will miss his guidance and counsel," said Terry G. Westbrook, Chief Executive Officer.
Mr. Marshall was elected to the Board in 2002 and has served as Chair of the Company's Audit Committee and as a member of the company's Executive Committee. He is a Vice President and the Chief Finance Officer of Dover Technologies International, Inc.
William C. Langley, a current member of the Board and the Audit Committee, has been elected Acting Chair of the Committee. Mr. Langley is the former Executive Vice President and Chief Credit and Risk Policy Officer of the banking corporation now known as JPMorgan Chase & Co. The Board has begun a search for a new director to fill the vacancy created by Mr. Marshall's resignation.
Oneida is a leading source of flatware, dinnerware, crystal, glassware and metal serveware for both the consumer and food service industries worldwide.
Oneida Ltd. Reports Financial Results For First Quarter Ended April 30, 2005
First Quarterly Operating Income Achieved Since January 2003
ONEIDA, N.Y., June 9, 2005 (PRIMEZONE) -- Oneida Ltd. (OTCBB:ONEI) today announced operating and financial results for the first quarter ended April 30, 2005. Operating income for the first quarter was $5.5 million, or 6.1% of revenues, compared to an operating loss of $(1.9) million during the corresponding period last year. The $7.4 million improvement in operating income reflects the favorable impact of the Company's comprehensive restructuring program. Oneida's restructuring efforts are focused on returning Oneida to profitability by reducing the Company's cost structure and eliminating the substantial negative variances created by the Company's non-competitive manufacturing platform.
Revenues for the first quarter were $90.2 million, compared to $111.2 million in the first quarter of the previous fiscal year. The decline in revenues is partially attributed to the August 2004 sale of Encore Promotions, Inc., and the closure of 22 unprofitable Oneida Home Stores during the previous twelve months.
Gross margins improved from $31.0 million (27.8% of revenues) during the three month period ended May 1, 2004, to $31.7 million (35.1% of revenues) during the quarter ended April 30, 2005. The improvement during the current quarter was achieved as a result of the March 22, 2005 sale of the Sherrill, N.Y. manufacturing facility; complete outsourcing of the Company's manufacturing operations; reduction of LIFO valued inventory levels; and a $3.2 million reduction of excess and obsolete inventory write-downs. Operating income was also favorably impacted by the closure of unprofitable Oneida Home Stores; reductions in personnel, employee benefits, general & administrative expenses, and logistics costs.
Net loss for the first quarter ended April 30, 2005 was $(3.3) million, equal to $(0.07) per share, compared to year-ago net income of $54.4 million, or $3.25 per share. The prior period's net income included non-recurring items, totaling $60.7 million, attributed to the net effect of eliminating the Company's post-retirement medical liabilities, termination of the Company's long-term disability plan and freezing the Company's defined benefit pension plans. Oneida's prior year first quarter loss was $(6.3) million after factoring out the non-recurring items, which equates to a year-over-year quarterly improvement of $3.0 million during the period ended April 30, 2005.
Net cash flow provided by operating activities was $0.9 million during the first quarter ended April 30, 2005, versus net cash used by operating activities of $(16.0) million during the corresponding period last year. Liquidity under the Company's U.S. revolving credit agreement and available cash balances was $22.5 million at April 30, 2005, increased from $22.2 million and $12.2 million at January 29, 2005 and October 30, 2004, respectively.
RESTRUCTURING ACTIVITIES ARE CONTINUING
The following summarizes the major activities and milestones achieved during the first quarter ended April 30, 2005:
-- Appointed Terry G. Westbrook as Oneida's President & Chief
Executive Officer.
-- Appointed James E. Joseph as Executive Vice President of
Worldwide Sales & Marketing; and James Mylonas to the position of
Senior Vice President and General Manager of Oneida's Consumer
Division.
-- Completed the sale of the Sherrill, New York manufacturing
facility to Sherrill Manufacturing, Inc. on March 22, 2005.
-- Amended the Company's credit agreement, effective April 7, 2005,
providing less restrictive financial covenants, consenting to the
sale of certain non-core assets and authorizing the release of
certain proceeds from the assets sold.
-- Announced the planned closure of Oneida's foodservice
distribution facility located in Buffalo, NY. and consolidation
of the Company's east coast distribution operations into Oneida,
N.Y., which is expected to generate supply chain savings and
service level improvements.
"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. "We are currently focusing our efforts on executing the Company's go-to-market strategy and exploiting our competitive advantages in design, product innovation, global sourcing, customer service, and logistics," said Westbrook.
Oneida Stockholders Authorize Additional Common and Preferred Shares; Elect Directors
ONEIDA, N.Y., June 2, 2005 (PRIMEZONE) -- ONEIDA Ltd. (OTCBB:ONEI) today announced that Stockholders at Oneida Ltd.'s 124th Annual Meeting held on May 25, 2005 at the Hyatt Regency in Chicago, approved amendments to the Company's Certificate of Incorporation reducing the minimum required size of the Board of Directors from nine to five Directors, increasing to 100,000,000 the number of authorized shares of Company Common Stock, and increasing to 10,000,000 the number of authorized shares of Company Series Preferred Stock. Stockholders also elected six current members of the Company's Board of Directors to continue to serve on the Board as follows: Hugh R. Rovit and Terry G. Westbrook for one-year terms expiring in May 2006; Fred Spivak for a two-year term expiring in May 2007; and William C. Langley, Christopher H. Smith and Nick White for three-year terms expiring in May 2008. Two members of the Board of Directors, Peter J. Marshall and Gregory M. Harden will continue to serve three year terms expiring in May 2006 and May 2007 respectively.
The Board of Directors at its Organizational Meeting held following the Shareholders Meeting re-elected Terry G. Westbrook to the position of President and Chief Executive Officer. Mr. Westbrook had been serving in that position since his election on March 23, 2005. Previously, Mr. Westbrook served as the Senior Vice-President, Finance and CFO for The Quaker Oats Company and was a member of its Management Committee. He also served as a Director of The Quaker Oats Company of Canada Ltd. and had tenure with Quaker Asia/Pacific operations. In addition, Mr. Westbrook previously held the position of Senior Vice President and CFO at industry leaders General Binding Corporation and Utilicorp United. His prior experience also includes corporate and operating positions at General Mills.
Christopher H. Smith was elected Chairman of Oneida Ltd.'s Board of Directors. Since December 2004, Mr. Smith has served as lead director of the independent members of the board, Chairman of the Executive Committee and a member of the Audit, Compensation and Finance Committees.
Mr. Smith, who was originally elected to the Oneida Board in October 2004, has been Managing Principal of Alexander, Smith & Company, Inc., a merchant banking firm, since 1986. In the context of his work with Alexander, Smith and Company, Inc., Mr. Smith has held executive positions with a variety of clients, including London Fog Industries, Inc., Escada (USA) Inc., Puma USA, Inc., and New Venture Holdings LLC. Mr. Smith has also been of counsel to the law firm of Foley & Lardner from 1994 through 1999; President and Chief Executive Officer of Barnes Engineering Company, a designer and manufacturer of electro-optics for defense and commercial applications, from 1977 through 1986; General Counsel and Chief Executive Officer, of FAG Bearings Corporation from 1968 through 1997; and was an associate, counsel or partner of the law firm of Whitman & Ransom from 1966 through 1993.
Mr. Smith succeeds Peter J. Kallet who served as Chairman of the Oneida Board since 2000. In March 2005, Mr. Kallet announced his resignation as Chairman of the Company's Board of Directors effective May 25, 2005. Mr. Kallet was Chief Executive Officer of Oneida from 1998 through March 2005. At their May 24, 2005 meeting, the Oneida Board honored Mr. Kallet for his 35 years of dedicated service to the Company.
Oneida Ltd. Appoints Jim Mylonas as Senior Vice President and General Manager for the Oneida Consumer Division
ONEIDA, N.Y., May 10, 2005 (PRIMEZONE) -- Oneida Ltd. (OTCBB:ONEI) today announced the appointment of Jim Mylonas to the position of Senior Vice President and General Manager of Oneida's newly created Consumer Division. In his new role, Mr. Mylonas will be responsible for sales of Oneida flatware, crystal, glassware and metal serveware; Sakura dinnerware and the Home Store retail operations. Mr. Mylonas will report to Jim Joseph, Executive Vice President of Worldwide Sales and Marketing
"This newly created position will be the initial step of our new go-to-market strategy," stated Jim Joseph. He continued, "With the accountability for sales consolidated, we will be better positioned to leverage and coordinate the strengths of our organization and our brands in servicing the needs of our customers. Mr. Mylonas' leadership qualities, his understanding of the marketplace and his experience in product development make him the right person for this important assignment."
Mr. Mylonas has served as President of the Sakura dinnerware division for the past two years and as the division's Vice President, Sales and Product Management for the previous six years. Prior to joining Oneida, his experience included various sales and marketing positions in the home furnishings industry.
Mr. Peter Fobare, Senior Vice President and a 33-year veteran of Oneida, has announced his retirement effective as of July 31, 2005. Mr. Terry Westbrook, President and CEO of Oneida Ltd. said, "We appreciate the many contributions that Pete has made to the organization and wish him well in the years to come."
Oneida is a leading source of flatware, dinnerware, crystal, glassware and metal serveware for both the consumer and food service industries worldwide.
Forward Looking Information
With the exception of historical data, the information contained in this Form 10-Q, as well as those other documents incorporated by reference herein, may constitute forward-looking statements, within the meaning of the Federal securities laws, including but not limited to the Private Securities Litigation Reform Act of 1995. As such, the Company cautions readers that changes in certain factors could affect the Company's future results and could cause the Company's future consolidated results to differ materially from those expressed or implied herein. Such factors include, but are not limited to: changes in national or international political conditions; civil unrest, war or terrorist attacks; general economic conditions in the Company's own markets and related markets; availability or shortage of raw materials; difficulties or delays in the development, production and marketing of new products; financial stability of the Company's contract manufacturers, and their ability to produce and deliver acceptable quality product on schedule; the impact of competitive products and pricing; certain assumptions related to consumer purchasing patterns; significant increases in interest rates or the level of the Company's indebtedness; inability of the Company to maintain sufficient levels of liquidity; failure of the company of obtain needed waivers and/or amendments relative to it's finance agreements; foreign currency fluctuations; major slowdowns in the retail, travel or entertainment industries; the loss of several of the Company's key executives, major customers or suppliers; underutilization of, or negative variances at, some or all of the Company's plants and factories; the Company's failure to achieve the savings and profit goals of any planned restructuring or reorganization programs, including the failure to close the Sherrill, NY manufacturing facility on schedule and within budget; future product shortages resulting from the Company's transition to an outsourced manufacturing platform; international health epidemics such as the SARS outbreak; impact of changes in accounting standards; potential legal proceedings; changes in pension and medical benefit costs; and the amount and rate of growth of the Company's selling, general and administrative expenses.
CONTACT: Oneida Ltd.
Investor Relations Contact
Andrew G. Church, Chief Financial Officer
(315) 361-3000
Press Contact
Wilber D. Allen, Corporate Public Relations
(315) 361-3000
