FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 1994
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-5452
ONEIDA LTD.
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C>
NEW YORK 15-0405700
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.
ONEIDA, NEW YORK 13421
(Address of principal executive offices) (Zip code)
</TABLE>
315-361-3636
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal period, if
changed since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No_
Indicate the number of shares outstanding of each of the
issuer's classes of common stock as of May 28, 1994.
10,857,853
<PAGE>
ONEIDA LTD
FOR THE THREE MONTHS ENDED APRIL 30, 1994
FORM 10-Q
INDEX
PART I FINANCIAL INFORMATION:
Consolidated Statement of Operations
Consolidated Balance Sheet
Consolidated Statement of Cash Flows
Notes to Consolidated Financial Statements
Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II OTHER INFORMATION
No other information required to be filed
for this quarter
ITEM 6 (b)
There were no reports filed under 8-K for this
quarter
SIGNATURES
<PAGE>
<TABLE>
ONEIDA LTD.
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE
THREE MONTHS ENDED
(In thousands except per April 30, May 1,
share amounts) 1994 1993
<S> <C> <C>
NET SALES.......................... $111,022 $113,833
COST OF SALES...................... 81,836 83,742
--------- ---------
GROSS MARGIN....................... 29,186 30,091
OPERATING REVENUES................. 156 182
--------- ---------
29,342 30,273
OPERATING EXPENSES:
Selling and distribution......... 17,693 16,892
General and administrative....... 6,753 7,269
--------- ---------
Total.......................... 24,446 24,161
--------- ---------
INCOME FROM OPERATIONS............. 4,896 6,112
OTHER (INCOME) EXPENSE............. 394 (38)
INTEREST EXPENSE................... 1,609 2,113
--------- ---------
INCOME BEFORE TAXES................ 2,893 4,037
PROVISION FOR INCOME TAXES......... 1,186 1,655
--------- ---------
NET INCOME......................... $1,707 $2,382
========= =========
PER SHARE OF COMMON STOCK:
Net Income....................... $0.16 $0.23
Cash Dividends Declared.......... 0.12 0.12
SHARES USED IN PER SHARE DATA 10,755 10,266
<FN>
See notes consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
ONEIDA LTD.
CONSOLIDATED BALANCE SHEET
APRIL 30, 1994 AND JANUARY 29, 1994
(Thousands)
APR 30, JAN 29,
ASSETS 1994 1994
<S> <C> <C>
CURRENT ASSETS:
Cash........................................ $3,456 $3,227
Accounts receivable......................... 54,823 55,001
Less allowance for doubtful accounts
and promotional allowances................. (2,002) (2,066)
Other accounts and notes receivable......... 2,532 2,775
Inventories:
Finished goods............................. 101,414 97,469
Goods in process........................... 21,415 16,733
Raw materials and supplies................. 15,980 14,129
Other current assets........................ 9,286 9,478
--------- ---------
Total current assets..................... 206,904 196,746
--------- ---------
PROPERTY, PLANT AND EQUIPMENT-At cost:
Land........................................ 1,822 1,824
Buildings, machinery and equipment.......... 228,676 225,466
--------- ---------
Total.................................... 230,498 227,290
Less accumulated depreciation............... 119,989 116,496
--------- ---------
Property, plant & equipment-net.......... 110,509 110,794
--------- ---------
OTHER ASSETS:
Deferred income taxes....................... 6,267 6,254
Other....................................... 4,238 4,711
--------- ---------
TOTAL................................... $327,918 $318,505
========= =========
<FN>
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
ONEIDA LTD.
CONSOLIDATED BALANCE SHEET
APRIL 30, 1994 AND JANUARY 29, 1994
(Thousands)
APR 30, JAN 29,
LIABILITIES AND STOCKHOLDERS' EQUITY 1994 1994
<S> <C> <C>
CURRENT LIABILITIES:
Short-term debt............................. $20,314 $11,186
Banker's acceptances........................ 18,000 17,000
Accounts payable............................ 29,790 27,773
Accrued liabilities......................... 24,891 28,071
Current installments of long-term debt...... 958 899
--------- ---------
Total current liabilities................ 93,953 84,929
--------- ---------
LONG-TERM DEBT............................... 74,830 75,301
--------- ---------
OTHER LIABILITIES:
Accrued postretirement liability............ 61,363 60,806
Accrued pension liability................... 5,511 5,511
Other liabilities........................... 5,642 6,045
--------- ---------
Total.................................... 72,516 72,362
--------- ---------
STOCKHOLDERS' EQUITY:
6% cumulative preferred stock; $25 par
value; authorized 95,660 shares, issued
89,307 and 89,433 shares, respectively,
callable at $30 per share.................. 2,233 2,236
Common stock $1 par value; authorized
24,000,000 shares, issued 11,547,163
and 11,429,843 shares, respectively........ 11,547 11,430
Additional paid-in capital.................. 79,390 78,423
Retained earnings........................... 8,495 8,129
Equity adjustment from translation.......... (3,272) (2,461)
Less cost of common stock held in treasury;
714,809 and 720,340 shares, respectively... (9,032) (9,102)
Less unallocated ESOP shares of common
stock of 211,465 .......................... (2,742) (2,742)
--------- ---------
Stockholders' Equity..................... 86,619 85,913
--------- ---------
TOTAL................................... $327,918 $318,505
========= =========
<FN>
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
ONEIDA LTD.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED APRIL 30, 1994 AND MAY 1, 1993
(In Thousands)
FOR THE
THREE MONTHS ENDED
APR 30, MAY 1,
CASH FLOW FROM OPERATING ACTIVITIES: 1994 1993
<S> <C> <C>
Net income ................................. $1,707 $2,382
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation.............................. 3,616 3,542
Deferred taxes and other non-cash
charges and credits...................... 69 (87)
Decrease (increase) in operating assets:
Receivables.............................. 338 (3,596)
Inventories.............................. (11,016) (7,938)
Other current assets..................... 182 1,978
Other assets.............................. 230 262
(Decrease) increase in accounts payable
and accrued liabilities.................. (1,221) 2,892
--------- ---------
Net cash used in operating activities... (6,095) (565)
--------- ---------
CASH FLOW FROM INVESTING ACTIVITIES:
Net capital expenditures.................... (3,190) (2,751)
--------- ---------
Net cash used in investing activities... (3,190) (2,751)
--------- ---------
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock..... 1,033 237
Issuance of restricted stock plan shares... 118 (2)
Net proceeds under short-term debt and
banker's acceptances...................... 10,128 5,699
Payment of long-term debt.................. (412) (381)
Dividends paid............................. (1,341) (1,313)
--------- ---------
Net cash provided by financing activities 9,526 4,240
--------- ---------
EFFECTS OF EXCHANGE RATE CHANGES ON CASH..... (12) (28)
--------- ---------
NET INCREASE IN CASH......................... 229 896
CASH AT BEGINNING OF YEAR.................... 3,227 2,203
--------- ---------
CASH AT END OF PERIOD........................ $3,456 $3,099
========= =========
Supplemental Cash Flow Disclosures:
Interest paid ............................. $843 $1,433
Income taxes paid........................... 954 65
<FN>
See notes to consolidated financial statements.
</TABLE>
<PAGE>
ONEIDA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In Thousands)
1. The statements for the three months ended April 30, 1994
and May 1, 1993 are unaudited; in the opinion of the
Company such unaudited statements include all adjustments
(which comprise only normal recurring accruals) necessary
for a fair presentation of the results for such periods.
The consolidated financial statements for the year ending
January 28, 1995 are subject to adjustment at the end of
the year when they will be audited by independent
auditors. The results of operations for the three months
ended April 30, 1994 are not necessarily indicative of
the results of operations to be expected for the year
ending January 28, 1995. The consolidated financial
statements and notes thereto should be read in
conjunction with the financial statements and notes for
the years ended in January 1994 and 1993 included in the
Company's January 29, 1994 Annual Report to the
Securities and Exchange Commission on Form 10-K.
2. The provision for income taxes is based on pre-tax income
for financial statement purposes with an appropriate
deferred tax provision to give effect to changes in
temporary differences between the financial statements
and tax basis of assets and liabilities. The temporary
differences arise principally from employee and retiree
benefits and depreciation.
3. Earnings per share are based on the weighted average
number of shares of common stock outstanding. The
weighted average number of shares for earnings per share
includes the potentially dilutive effect of shares
issuable under the employee stock purchase, stock option
and dividend reinvestment plans. The shares owned by the
Company's employee stock ownership plan are treated as
outstanding for purposes of the earnings per share
calculation only to the extent they have been allocated.
4. Included in the long-term debt caption on the balance
sheet are various senior notes. The note agreements
relating thereto contain provisions which restrict
borrowings, certain business investments, acquisition of
the Company's stock and payment of cash dividends. At
April 30, 1994 the maximum amount available for payment
of dividends was $4,512.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Quarter ended April 30, 1994 compared with
the quarter ended May 1, 1993
(In Thousands)
Operations
Consolidated net sales, for the quarter ended April 30, 1994
decreased $2,811, compared to the first quarter of last year.
<TABLE>
Net Sales 1994 1993 % Change
<S> <C> <C> <C>
Tableware Division:
Consumer Products........ $ 42,471 $ 46,801 (9.3%)
Foodservice.............. 31,816 30,956 2.8%
Total Tableware........ 74,287 77,757 (4.5%)
Industrial Wire Division... 36,735 36,076 1.8%
Total.................. $111,022 $113,833 (2.5%)
</TABLE>
The tableware division experienced a $3,470 decrease in sales
in the first quarter of 1994 as compared to the same quarter
in 1993. Consumer product sales were depressed by a three
week nationwide trucking strike in April of 1994. This strike
resulted in a loss of shipments to many of the company's most
profitable customers. The industrial wire division sales
increased by $659 when compared to first quarter 1993 sales.
Camden Wire maintains a fleet of trucks and did not
experience business interruptions from the above mentioned
strike. Incoming orders for both divisions were strong in
April of this year.
Gross margin, as a percent of net sales, was 26.3% for the
first quarter of 1994, which is consistent with the same
period last year.
<TABLE>
Operating expenses 1994 1993 % Change
<S> <C> <C> <C>
Tableware Division......... $21,128 $21,123 -
Industrial Wire Division... 3,318 3,038 9.2%
Total.................. $24,446 $24,161 1.2%
</TABLE>
Operating expenses as a percent of sales increased to 22.0%
from 21.2% for the same quarter last year. Selling and
distribution costs increased by $801, while administrative
costs decreased by $516. The industrial wire division's
operating expenses were up primarily due to higher selling
and distribution costs.
Interest expense, prior to capitalized interest, was $1,659
for the quarter, a decrease from $2,192 for the same period a
year ago. The decrease is attributable to the lower average
debt level in the first quarter of 1994 as compared to the
first quarter of 1993.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Quarter ended April 30, 1994 compared with
the quarter ended May 1, 1993
(In Thousands)
Liquidity & Financial Resources
In the first quarter of the current fiscal year, the company
expended approximately $3,200 in conjunction with its long-
term capital expansion and modernization program. The company
expects to invest another $10,000 during the remainder of the
current fiscal year.
The total debt outstanding increased $9,716 or 9.3% during
the first quarter. This increase is typical for the first few
months of the year. Compared to the quarter ended May 1,
1993, total debt has decreased by $12,164 or 9.6%.
Management believes that sufficient liquidity to support the
company's future funding requirements will be provided by
cash from future operations as well as the availability of
bank lines of credit. At April 30, 1994, the Company had
unused credit lines equal to $63,000 and working capital of
$112,951.
<PAGE>
ONEIDA LTD
SECURITIES AND EXCHANGE COMMISSION - FORM 10-Q
APRIL 30, 1994
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
ONEIDA LTD
(Registrant)
Date: June 6, 1994
____________________________
Edward W. Thoma
Senior Vice President Finance
