UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 29, 1994
Commission file number 1-5452
ONEIDA LTD.
(Exact name of Registrant as specified in its charter)
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)
315-361-3636
(Registrant's telephone number, including area code)
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 November 30, 1994.
10,892,534
<PAGE>
ONEIDA LTD
FOR THE THREE MONTHS ENDED OCTOBER 29, 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 FOR THE
THREE MONTHS ENDED NINE MONTHS ENDED
(Thousands except per OCT 29, OCT 30, OCT 29, OCT 30,
share amounts) 1994 1993 1994 1993
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
NET SALES.................... $134,212 $119,816 $360,795 $340,626
COST OF SALES................ 98,649 86,203 265,310 247,337
--------- --------- --------- ---------
GROSS MARGIN................. 35,563 33,613 95,485 93,289
OPERATING REVENUES........... 115 95 397 405
--------- --------- --------- ---------
35,678 33,708 95,882 93,694
--------- --------- --------- ---------
OPERATING EXPENSES:
Selling and distribution... 18,422 17,701 54,070 52,164
General and administrative. 7,844 7,808 22,066 22,474
--------- --------- --------- ---------
Total.................... 26,266 25,509 76,136 74,638
--------- --------- --------- ---------
INCOME FROM OPERATIONS....... 9,412 8,199 19,746 19,056
OTHER EXPENSE................ 98 414 800 676
INTEREST EXPENSE............. 1,910 1,802 5,366 5,837
--------- --------- --------- ---------
INCOME BEFORE TAXES.......... 7,404 5,983 13,580 12,543
PROVISION FOR INCOME TAXES... 3,036 2,453 5,568 5,143
--------- --------- --------- ---------
NET INCOME................... $4,368 $3,530 $8,012 $7,400
========= ========= ========= =========
PER SHARE OF COMMON STOCK:
Net Income................. $0.40 $0.33 $0.74 $0.71
Cash Dividends Declared.... 0.12 0.12 0.36 0.36
SHARES USED IN PER SHARE DATA 10,871 10,483 10,744 10,347
<FN>
See notes consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
ONEIDA LTD.
CONSOLIDATED BALANCE SHEET
OCTOBER 29, 1994 AND JANUARY 29, 1994
(Thousands)
OCT 29, JAN 29,
ASSETS 1994 1994
--------- ---------
<S> <C> <C>
CURRENT ASSETS:
Cash........................................ $1,757 $3,227
Accounts receivable......................... 71,281 55,001
Less allowance for doubtful accounts
and promotional allowances................. (2,251) (2,066)
Other accounts and notes receivable......... 1,833 2,775
Inventories:
Finished goods............................. 103,708 97,469
Goods in process........................... 24,285 16,733
Raw materials and supplies................. 16,369 14,129
Other current assets........................ 10,072 9,478
--------- ---------
Total current assets..................... 227,054 196,746
--------- ---------
PROPERTY, PLANT AND EQUIPMENT-At cost:
Land........................................ 1,824 1,824
Buildings, machinery and equipment.......... 239,034 225,466
--------- ---------
Total.................................... 240,858 227,290
Less accumulated depreciation............... 127,381 116,496
--------- ---------
Property, plant & equipment-net.......... 113,477 110,794
--------- ---------
OTHER ASSETS:
Deferred income taxes....................... 6,268 6,254
Other....................................... 4,890 4,711
--------- ---------
TOTAL................................... $351,689 $318,505
========= =========
<FN>
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
ONEIDA LTD.
CONSOLIDATED BALANCE SHEET
OCTOBER 29, 1994 AND JANUARY 29, 1994
(Thousands)
OCT 29, JAN 29,
LIABILITIES AND STOCKHOLDERS' EQUITY 1994 1994
--------- ---------
<S> <C> <C>
CURRENT LIABILITIES:
Short-term debt............................. $19,341 $11,186
Banker's acceptances........................ 16,000 17,000
Accounts payable............................ 34,988 27,773
Accrued liabilities......................... 32,800 28,071
Current installments of long-term debt...... 923 899
--------- ---------
Total current liabilities................ 104,052 84,929
--------- ---------
LONG-TERM DEBT............................... 81,439 75,301
--------- ---------
OTHER LIABILITIES:
Accrued postretirement liability............ 62,702 60,806
Accrued pension liability................... 5,511 5,511
Other liabilities........................... 5,536 6,045
--------- ---------
Total.................................... 73,749 72,362
--------- ---------
STOCKHOLDERS' EQUITY:
6% cumulative preferred stock; $25 par
value; authorized 95,660 shares, issued
89,202 and 89,433 shares, respectively,
callable at $30 per share.................. 2,230 2,236
Common stock $1 par value; authorized
24,000,000 shares, issued 11,577,170
and 11,429,843 shares, respectively........ 11,577 11,430
Additional paid-in capital.................. 79,706 78,423
Retained earnings........................... 12,115 8,129
Equity adjustment from translation.......... (2,929) (2,461)
Less cost of common stock held in
treasury; 685,519 and 720,340 shares,
respectively.............................. (8,665) (9,102)
Less unallocated ESOP shares of common
stock of 119,981 and 211,465, respectively. (1,585) (2,742)
--------- ---------
Stockholders' Equity..................... 92,449 85,913
--------- ---------
TOTAL................................... $351,689 $318,505
========= =========
<FN>
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
ONEIDA LTD.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED OCTOBER 29, 1994 AND OCTOBER 30, 1993
(In Thousands)
FOR THE
NINE MONTHS ENDED
OCT 29, OCT 30,
CASH FLOW FROM OPERATING ACTIVITIES: 1994 1993
--------- ---------
<S> <C> <C>
Net income ................................. $8,012 $7,400
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation.............................. 11,091 10,491
ESOP shares allocated to participants..... 1,376 1,376
Deferred taxes and other non-cash
charges and credits...................... 1,465 (115)
Decrease (increase) in operating assets:
Receivables.............................. (15,558) (7,093)
Inventories.............................. (16,458) (8,641)
Other current assets..................... (610) 2,428
Other assets.............................. (420) 751
Increase in accounts payable.............. 7,408 2,447
Increase in accrued liabilities........... 4,854 2,741
--------- ---------
Net cash provided by operating
activities............................. 1,160 11,785
--------- ---------
CASH FLOW FROM INVESTING ACTIVITIES:
Property, plant and equipment expenditures.. (14,230) (8,727)
Disposals of property, plant and equipment.. 469 625
Other, net.................................. 176 48
--------- ---------
Net cash used in investing activities... (13,585) (8,054)
--------- ---------
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock..... 1,519 614
Issuance of restricted stock plan shares... 126 36
Retirement of preferred stock.............. (3)
Net proceeds under short-term debt and
banker's acceptances...................... 7,154 5,511
Proceeds from issuance of long-term debt... 7,000
Payment of long-term debt.................. (838) (4,970)
Dividends paid............................. (4,025) (3,945)
--------- ---------
Net cash provided (used) by financing
activities.............................. 10,933 (2,754)
--------- ---------
EFFECTS OF EXCHANGE RATE CHANGES ON CASH..... 22 (36)
--------- ---------
NET (DECREASE) INCREASE IN CASH.............. (1,470) 941
CASH AT BEGINNING OF YEAR.................... 3,227 2,203
--------- ---------
CASH AT END OF PERIOD........................ $1,757 $3,144
========= =========
Supplemental Cash Flow Disclosures:
Interest paid ............................. $4,788 $5,728
Income taxes paid........................... 4,826 2,301
<FN>
See notes to consolidated financial statements.
</TABLE>
<PAGE>
ONEIDA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Thousands)
1. The statements for the three and nine months ended
October 29, 1994 and October 30, 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 nine months ended October 29, 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 postretirement
benefits, depreciation, and other employee benefits.
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, business investments, acquisition of the
Company's stock and payment of cash dividends. At October
29, 1994 the maximum amount available for payment of
dividends was $4,982.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Quarter ended October 29, 1994 compared with
the quarter ended October 30, 1993
(Thousands)
Operations
Consolidated net sales, for the quarter ended October 29,
1994 increased $14,396, over the same quarter a year ago.
Net Sales 1994 1993 % Change
Tableware Division:
Consumer Products........ $ 59,927 $ 56,771 5.6%
Foodservice.............. 31,599 29,964 5.5%
Total Tableware........ 91,526 86,735 5.5%
Industrial Wire Division... 42,686 33,081 29.0%
Total.................. $134,212 $119,816 12.0%
All of the Company's divisions reported sales increases, as a
result of a stronger economy. Sales of industrial wire were
inflated due to rising copper costs that were passed along to
customers. After for adjusting for copper prices, sales were
still 10% higher than in the same period last year.
Gross margin, as a percent of net sales, was equal to 26.5%
for the third quarter which compares to 28.1% for the same
quarter in 1993. Adjusted for rising copper prices gross
margins for the quarter were approximately the same as in the
third quarter of 1993.
Operating Expenses 1994 1993 % Change
Tableware Division......... $23,045 $22,551 2.2%
Industrial Wire Division... 3,220 2,958 8.9%
Total.................. $26,265 $25,509 3.0%
Operating expenses increased by $756 from the same quarter
last year. Selling and distribution costs increased by 4%
while administrative costs remained constant. The increase
in selling costs is related to the higher overall sales
level.
Interest expense, prior to capitalized interest, was $2,047
for the quarter, an increase of $137 from the third quarter
of 1993. This increase is the result of higher average
interest rates in the current quarter versus the same period
last year.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Nine-month period ended October 29, 1994 compared with
the nine-month period ended October 30, 1993
(Thousands)
Operations
Consolidated net sales, for the nine months ended October 29,
1994 increased $20,169, over the same period a year ago.
Net Sales 1994 1993 % Change
Tableware Division:
Consumer Products........ $150,305 $149,387 .6%
Foodservice.............. 95,142 89,403 6.4%
Total Tableware........ 245,447 238,790 2.8%
Industrial Wire Division... 115,348 101,836 13.3%
Total.................. $360,795 $340,626 5.9%
Sales of tableware products increased by $6,657 over the same
period of 1993. Of this increase $5,739 was attributable to
sales of foodservice products. Consumer products sales had
been negatively impacted by a nationwide trucking strike in
April. Strong sales activity in the last quarter has made up
the previous deficit from prior year's sales. The increase
in industrial wire sales was principally due to higher copper
costs that were passed along to customers.
As a percent of net sales, gross margin was equal to 26.5%
for the nine months ended October 29, 1994, down from 27.4%
for the same period last year. When the aforementioned
copper price increase is isolated, comparable 1994 year to
date gross margin approximated 1993 levels.
Operating Expenses 1994 1993 % Change
Tableware Division......... $66,477 $65,621 1.3%
Industrial Wire Division... 9,658 9,017 7.1%
Total.................. $76,135 $74,638 2.0%
Operating expenses increased by $1,497 from the same period
last year. Selling and distribution costs increased by
$1,906, or 3.7% over 1993 partially as a result of the
operation of more consumer factory outlets. Administrative
expenses declined slightly over the comparable period.
For the nine months ended October 29, 1994, interest expense
(prior to capitalized interest) decreased to $5,592 from
$6,116 for the similar period in 1993. The decrease is
attributable to the lower average debt level in the first
nine months of 1994.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Nine-month period ended October 29, 1994 compared with
the nine-month period ended October 29, 1993
(Thousands)
Liquidity & Financial Resources
During the first nine months of this year, the company
expended approximately $14,230 in conjunction with its long-
term capital expansion and modernization program. The company
expects to invest another $2,500 during the remainder of the
current fiscal year.
The total debt outstanding increased $13,317 or 12.8% since
the beginning of the year. Compared to the first nine months
of 1993 total debt decreased by $3,786 or 3.1%.
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 October 29, 1994, the Company had
unused credit lines equal to $51,500 and working capital of
$123,002.
<PAGE>
ONEIDA LTD
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 10-Q
October 29, 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: December 12, 1994
____________________________
Edward W. Thoma
Senior Vice President Finance
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> Jan-28-1995
<PERIOD-START> Jan-30-1994
<PERIOD-END> Oct-29-1994
<PERIOD-TYPE> 9-MOS
<CASH> 1,757
<SECURITIES> 0
<RECEIVABLES> 71,281
<ALLOWANCES> 2,251
<INVENTORY> 144,362
<CURRENT-ASSETS> 227,054
<PP&E> 240,858
<DEPRECIATION> 127,381
<TOTAL-ASSETS> 351,689
<CURRENT-LIABILITIES> 104,052
<BONDS> 81,439
0
2,230
<COMMON> 11,577
<OTHER-SE> 78,642
<TOTAL-LIABILITY-AND-EQUITY> 351,689
<SALES> 360,795
<TOTAL-REVENUES> 361,192
<CGS> 265,310
<TOTAL-COSTS> 265,310
<OTHER-EXPENSES> 76,136
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,366
<INCOME-PRETAX> 13,580
<INCOME-TAX> 5,568
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,012
<EPS-PRIMARY> .40
<EPS-DILUTED> .40
</TABLE>
