Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Up 57.14%
Most stocks that people trade will never, ever post a profit; some will never post material sales. ONEI is now like an option at these prices; it will either be worthless or you will have a big profit if something crazy happens and shareholders aren't wiped out. Its a real gamble and only risk money should be used. But, I find it odd how hard it was to buy on Friday and the money flow finally went positive on the daily chart on that dump.
Eagle
Im aware of all thos stocks and their trading. But Can you explain the phenomenon of why they are trading high volume still? I think its shorts basically covering their shorts and thats about it. UALAQ went from 1.00 down to 1 cent and is now dead. New stock issued under UAUA. ONEI too risky.
If their plan goes through as anticipated then yes, the ONEI common stock will be cancelled in the end. However, there is still plenty of time between now and then for something to change. Also, SOLUQ has already filed their reorganization plan, in which their common stock will be worthless, and the stock still trades at $.28 per share. UALAQ was long considered dead yet traded for $1+ plus per share until right before it came out of BK. OWENQ is supposed to be toast, but its still trading for $1+; was trading for $3+ a couple of months ago. FGHLQ ended up being cancelled but had a huge right of like 1000% right before it did so, and CWONQ had one run of like 1000% and another of like 500% in the few days before it was cancelled. Sure, this thing is a long shot for equity holders to receive any distribution, but it isn't over yet, and until after the point the company comes OUT of BK(they haven't even filed yet), the stock will still trade. So, to me, its worth some risk capital. Nothing more should be used on it, IMO.
NO THIS ONE IS DEAD.
its over....stay away. Whether 1 share or 1000 shares your shares will be worthless. GLTA.
Nope, I only had 11100 shares though. I added to that today with another 50k shares. I believe that there is a strong argument to fight these dirty banks. They were the marjority shareholders, but also the majority creditors, so any action that they took, they would be covered. They control the board of directors, and consequently management. Besides the millions of conflict of interests problems, they also didn't deal in good faith. There was no warning of liquidity problems or a potential bankruptcy filing, and the company said this in its recent 10-Q filing:
"The revised financial covenants extend through the fiscal year ending January 2007. The Company was in compliance with its covenants for each of the first three quarters of the fiscal year ending January 2006.
The Company believes that cash from operating activities and available borrowings under the revolving credit agreement, and other short term lines of credit, will be sufficient to fund its operating requirements and capital expenditures over the next twelve months.
The Company is continuing to explore its alternatives in order to strengthen its balance sheet and enhance its long-term liquidity, including analyzing the Company's ability to further restructure its long-term debt and liabilities. The Company has engaged Credit Suisse First Boston to assist with the analysis."
Nowhere do they warn shareholders of the potential ass-raping they gave us. And how convenient that the company they asked to assist with their analysis has so generously agreed to provide up to $170 million dollars of financing for the company; another conflict of interest. The company just sold out employees and shareholders for the benefit of the banks. They are trying to get rid of the pension liability while screwing us. I only have a few grand at stake here, but I am sick and tired of companies selling out shareholders and will do whatever I can to make it as difficult as possible for them to succeed. I hope I'm not alone.
Anyone who is a shareholder, contact Mr. Paul Davner, ASAP. He is the Managing General Partner of Jordan Capital. They are a shareholder and he is trying to put up a fight for the minority shareholders by getting a shareholder's committee formed and get a little bit of the equity in the new company. No matter how many or few shares you own, you help simply just by getting in touch with him as there's a power in numbers. The more of a fight we can put up, the more difficult it will be for Oneida to complete the restructering swiftly, which is what they want to do, with as little resistance as possible. If the shareholder's committee can prove they have understated the value of the company's assets and its potential then we can receive a piece of the pie. There's nothing to lose. Here is his contact information:
Mr. Paul Davner:
email: pdavner@jorcap.com
phone number: 914-472-8212
And, of course, as usual the banks have their say. Hope you got out yesterday.
Mike
Well they screwed the little guys:
Oneida Announces Comprehensive Prenegotiated Recapitalization
3/9/2006 6:00:18 PM
Tranche B Lenders Agree to Convert 100% of Their Debt to Equity; Oneida Obtains Commitment For $170 Million in Long-Term Financing; Operations Continue as Usual
ONEIDA, N.Y., Mar 9, 2006 (PRIMEZONE via COMTEX) -- Oneida Ltd. ( ONEI ), a global leader in flatware, dinnerware and crystal for both the consumer and foodservice markets, today announced that it has reached an agreement with its lenders on a recapitalization plan that would reduce the company's debt by approximately $100 million and open the way for investment, innovation and growth.
Terry G. Westbrook, President and CEO of Oneida, said: "I am pleased that we have been able to reach agreement on a comprehensive recapitalization plan that substantially reduces debt and increases our liquidity. This has been one of our principal goals since we completed the transformation of Oneida's business. We've successfully moved from a manufacturing-based business model to one built on sourcing, distribution and marketing. As a result, our cash flow, operating profit and margins have seen steady improvement, but we are still burdened by an unmanageable debt load."
"The recapitalization now underway is intended to improve our capital structure, which in turn will facilitate our continued progress and growth," Westbrook continued. "Oneida is one of the most widely recognized brands in the marketplace, and we are eager to build on its strength."
"I am particularly gratified that we can undertake this process in a manner that minimizes any impact on our employees, customers, suppliers and business partners, who are so critical to our success," Westbrook added.
The recapitalization plan marks a further milestone in Oneida's progress since a new Board of Directors and management team were assembled 16 months ago. Under their leadership, the company has achieved several significant accomplishments, including:
-- Appointment of a new Chief Executive Officer, Executive Vice
President of Worldwide Sales and Marketing and Chief Financial
Officer, as well as the appointment of experienced executives to
key leadership positions in sales, marketing, finance and
information technology;
-- Reductions in operating, product and administrative costs;
-- Creation of a global procurement team to manage Oneida's
extensive network of contract manufacturers in Asia;
-- Operational integration of the company's various product lines in
order to leverage Oneida's strengths in brand, design and global
procurement;
-- Opening a west coast distribution center to improve supply-chain
efficiency and customer service; and
-- Development of a strategic marketing plan to drive growth in the
company's consumer and food service franchises.
Recapitalization Plan Receives Lender Support
Financial institutions representing 100% of the company's outstanding Tranche B debt and 94% of the company's outstanding Tranche A debt have agreed to the recapitalization plan and entered into a Plan Support Agreement. Pursuant to the terms of the Agreement, the company intends to file a voluntary petition for a prenegotiated reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filing is expected to take place on or about March 20, 2006.
A "prenegotiated" Chapter 11 petition means that a company will have finalized its plan of reorganization prior to filing with the court and received the requisite support for confirmation. This process is designed to be faster and more efficient than a traditional Chapter 11 filing. The Chapter 11 proceeding for Oneida should have no impact on its business operations, and Oneida expects to exit Chapter 11 approximately 90 days after commencement of its case.
Upon confirmation of the plan, all of the common stock of the company would be issued to the holders of Oneida's Tranche B debt. The company's $115 million Tranche A term loan would be refinanced with a long-term revolving credit and term loan facility from Credit Suisse. All of Oneida's existing common and preferred stock will be cancelled and receive no recovery. Accordingly, the company believes that Oneida's currently outstanding preferred and common stock has no value.
"Oneida's legacy debt burden left us no choice but to take this step. We regret the impact this action will have on our shareholders," Westbrook noted.
Vendor Payments and Customer Service
Oneida will continue operations without interruption during the recapitalization process. The company's working capital and liquidity positions remain strong and are expected to remain so during the brief reorganization process. The recapitalization plan only addresses the company's capital structure and certain legacy liabilities; therefore, it should have no material impact on its relationships with customers, suppliers, business partners or employees. During the pendency of the proceeding, the company will continue to pay suppliers for the delivery of goods and services on current terms, employee pay and benefits will continue as usual, and new product development and customer support will not be affected.
Only Oneida Ltd. and certain of its U.S. affiliates will be the subject of the Chapter 11 filing. It is expected that the company's non-U.S. affiliates will not be included in the Chapter 11 filing or be the subject of a foreign insolvency proceeding, and Oneida expects that the operations of its non-U.S. businesses will not be affected in any material way by virtue of Oneida's Chapter 11 filing.
Interim and Long-Term Financing in Place
In order to fund its day-to-day business operations during the pendency of the Chapter 11 proceeding, the company has obtained commitments from a lending syndicate led by JP Morgan Chase Bank, N.A. to provide up to $40 million of revolving credit financing. This financing, which will add to the company's current liquidity, is subject to certain closing conditions and to bankruptcy court approval.
In addition, upon confirmation of the recapitalization plan, a lending group led by Credit Suisse has agreed to provide up to $170 million of long-term financing, which will be composed of an $80 million asset-based 5-year revolving credit facility and a $90 million, 6-year term loan. The exit financing also is subject to certain closing conditions, including bankruptcy court approval.
About Oneida
Incorporated in 1880, Oneida Ltd. is one of the world's largest sourcing and distribution companies for stainless steel and silverplated flatware for both the consumer and foodservice industries. It is also the largest supplier of dinnerware to the foodservice industry in North America. Additional information about Oneida can be found at www.oneida.com.
Note on Forward-Looking Statements
This press release includes forward-looking information and statements. These statements are based on current expectations, estimates and projections. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates," "targets," "plans" or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release. For further information regarding risks and uncertainties associated with Oneida's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Oneida's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.
This news release was distributed by PrimeZone, www.primezone.com
SOURCE: Oneida Ltd.
Gavin Anderson & Company
Richard Mahony
212-515-1960
(C) 2006 PRIMEZONE, All rights reserved.
Beale, I was also attempted to push the Buy button today @ 0.2, but I have some sad memories with too good to be true deals. Remember K-Mart (another old company)? I got in just several days before the BK, and of course the banks made them as part of the BK reorganization plans to cancel all common shares (they only kept the preffered shares in the new entity, that went back into the $20's). I still have some 360K shares of ARCHQ in my portfolio (for some 3 years now), another "good deal" I thought shortly before BK. It also went back into $30's, but w/o my common shares. At least those SOB's should have also remove for free my worthless shares, so I could deduct the loss.
Anyone knows how you can I dispose these worthless shares? The Company has never answer to my many written requests, and my provider (Ameritrade) adviced me to try selling them, which will cost me too much as the volume @ 0.0001 is only some 100 shares every now and then (no more than 1K shares a month).
When Im saying I'll keep an eye on this company, I mean I'm looking for some good news, and some statement that eliminates the BK scare. One think for sure. Since despite the sharp PPS drop the company didn't came up with any PR recently, it means they don't have anything good to report, IMO. To their merit, however, they have not come with any flufy pump either. So, yes, I believe in the company's good intentions, and integrity, but this does not mean they have the last world in deciding the fate of this company. The banks do, and their first choice in recouperating their money is always BK proceedings, and screwing up the common stock shareholders.
Mike
Was watchin this one today as well, tried filling .201,202,206,21... no fills, haha. Actually lowest RSI i've seen on a stock in a while. Hit something like RSI=13 on the daily chart intraday.
Thanks for the "picks"! I especially like VFIN!
I was trying to buy ONEI today, but I couldn't get filled, at all! As it plummeted to $.20, I considered that they might be filing for bankruptcy! I called the Co., and talked to some woman, and I asked her "point-blanck"! She actually hesitated, and said I'd have to talk to someone else! I gave her my number, but no-one ever called back...so I didn't "push" trying to get filled!
If you got-in at $.21 today, and they aren't declaring b/k, you probably did yourself good!
Don't mean to scare anyone with talk of b/k, but when you see a stock plummet to $.20, you really begin to wonder!
Will monitor, and best of luck to all!
I doubt you'll see that $3 in a year. The banks seem pretty content with screwing over the little guys. Read the december 28th PR and my previous posts here.
.40s or .50s definitely seems doable. With great news, $1 isn't out of the question.
WHAAAAAT!!!!!!!!! a partial at .21???? LOL
Im lookin for .50 with resistance at .35 and .46.
3.00 in one year, MARK THIS POST! charts dont lie bubba
What do you think it bounces to? I got a partial at .21.
eagle; bought today .24
Eagle,
Thanks for the info. This company indeed appears to be one of those few remaining that still care not only for the shareholders, but to protect their image of a surviving decent entity.
How sad that in their fight with the banks for preserving their sound principles usually the banks win. That's a sad reality, and if I was you I wouldn't go overboard buying to many shares, especially if some of the money are not yours.
PS: While wating to see what develops, I urge you to check out these hand picked heavily undervalued pennies (as a result of a very systematic DD): VFIN (0.25), GDVI (0.075), and IGAI (0.018) that I believe are due to move very soon from their bottoms. VFIN (that will report what I expect to be the best ever 10-K at the end of this month) already started to move. GDVI (already EPS positive) expected to report their 10-Q early next week, and from all it's known, it also should be the best ever 10-Q. Although IGAI will only report its 10-Q at the beginning of April, I expect it to exit the double bottom any day now. Do your own DD, and I believe you'll see what I'm seeing. This is not a cheap pump.
PPS: Let's hope ONEI as a company and its minority shareholders will win. I'll keep an eye on it to see what develops.
Mike
I agree! I like this company and its products(i own some of them too), which is why I started this message board here. I have owned the stock several times but have been scared to hold it for the longer term because of the apparent ulterior motives on the part of the board of directors which is led by the company's debtholders.
I picked up some ONEI into the close at .323 and .336 and some for my mom at .333-.35. I spoke with Paul Davner this morning. He's the Managing General Partner of Jordan Capital, which owns a decent size block of ONEI stock and put out a PR towards the end of December. ONEI is majority owned by the banks which hold their debt, thus a big conflict of interest. I hope he doesn't mind me sharing this i don't think he will. He said the company isn't listening to offers to sell some of their weaker divisions to pay down debt, other offers from potential investors and possible purchasers of the company so he said they are looking into a possible class action lawsuit against the banks by the minority shareholders and if ONEI goes BK, he wants to set up an equity committee for the minority shareholders. ONEI's banks appear to be trying to screw the small shareholders but at least he's putting up a fight which was all that i was hoping to hear so I decided to start buying more of it, and i will continue to do so should it drop further. I would hope that the banks can come up with a solution outside of bankruptcy court so as to not ruin this great company.
What a waste for this company (born in 1880's) if it goes under. It has survived the 30's depression, but then no serious China competition existed for good quality silverware products such as those made by Oneida. Hope that somehow it will escape BK.
PS: I have no position here, but will keep an eye on it to see what develops.
Mike
Hay Eagle_2975-
I have an "eagle-eye" on Onei! Glad you made-out a bit it!
And, really happy to have some kind of forum to discuss this stock, as Raging-Bull has nothing, nor Yahoo!
Can I ask for some advice! I'm wanting to load-up, but that monstrous debt has me shaking, especially since interest-rates are on the rise! That's 225.97 million in debt, with total cash of $814,000K, on revenue of $361,000,000!
With these facts, how did you trade/invest last time, knowing this, and at a higher PPS?
Will they 1) convert debt to equity? or 2) refinance? 3) sell-out? or 4) b/k?
I don't know...but I'm just going to monitor how it trades, come Monday and beyond! I see they've been at $.40-cents before, in May of 2004, and they rebounded nicely from that! This time though, I would say there is even more un-certaintly, b/c they've had so long for the restructuring to take effect! Unless they get some re-financing, I don't see how they can continue to operate! Do OTC stocks go b/k? Chase still owns a ton of shares....they aren't selling-out like BoA! This isn't a clear-cut case here, b/c BoA is selling-out "on-the-penny", compared to where the entered, making you think they may know that b/c is on the way! Why else would they be divesting at such a low PPS! Why isn't Chase divesting? Still, ONEI has been the subject of the SHO-list,...so could Chase be nodding its approval of ONEI going into the GROUND!....profiting on the decent????
These points are just a tip of an iceberg of more questions I have!
It make me just want to take-out a small position, and not get too excited!
Any thoughts/suggestions/answers, would be much appreciated!
Sincerely,
-Carter
PS- No proof-reading or spell-checking here! EOM!
Its worth keeping an eye on here and lower for a bounce, imo.
well i sold my last batch late last week in the low .80s. It was a very nice EOY bounce play. G/L all.
It got as high as $.82 from $.45 = a nice bounce!! I sold my last batch at $.80. I hope the company can refinance its debt and make this a true creator of shareholder value in the future.
yes, the high interest rates are killing their results as they are showing nice improvements in their operating results.
yea.. but 10Q sais .13 loss per share ... still ugly ...
B
the stock had a bunch of volume this week and started moving back up today so hopefully the bottom is in.
Well there has been some news out very recently...
Bank of America has been putting out filings with the SEC that they are selling shares which has likely caused the drop in share price for a good while, and the company released its q3 2005 results:
Oneida Ltd. Reports Improved Operating Income for Third Quarter and Nine Months Ended October 29, 2005
12/9/2005 11:12:24 AM
ONEIDA, N.Y., Dec 9, 2005 (PRIMEZONE via COMTEX) -- Oneida Ltd. ( ONEI ) today announced operating and financial results for the third quarter and nine month period ended October 29, 2005. Operating income for the third quarter was $3.0 million, compared to an operating loss of $(16.8) million during the corresponding period last year. The operating results included goodwill impairment losses attributed to the Company's United Kingdom operation of $4.2 million and $15.5 million for the three month periods ending October 29, 2005 and October 30, 2004, respectively. The operating income improvement also reflects the favorable impact of the Company's comprehensive operational restructuring program. Oneida's operational restructuring efforts are focused on reducing the Company's cost structure and transitioning from fixed-cost manufacturing to variable-cost sourcing throughout its product line portfolio, thereby maximizing the Company's competitiveness in today's global marketplace. Net loss for the third quarter ended October 29, 2005 was $(6.0) million, equal to $(0.13) per share, compared to year-ago net loss of $(23.8) million, or $(0.57) per share.
Commenting on the Company's results, Terry G. Westbrook, President and Chief Executive Officer of Oneida, said, "Our results demonstrate that the operational restructuring initiatives we've undertaken have taken hold and are contributing strongly to continuing improvements in our performance. We have strong brands that connect with the consumer, the right business model for the demands of the market, and we are now focused on growing our revenue base, building our brands and strengthening our balance sheet for future growth."
Total revenues for the third quarter were $89.3 million, compared to $102.2 million in the third quarter of the previous fiscal year. Approximately $7.9 million of the revenue decline was attributed to the Company's foodservice division, where sales to equipment & supply distributors, chain restaurants and airlines were down from prior year levels. Other factors were the discontinuance of certain marginally profitable product lines, several large customers opting to dual source a portion of their tabletop product requirements, and the direct import strategy of certain large volume customers in the Company's commodity flatware and dinnerware market segment. The Consumer division's revenues were down approximately $3.2 million from the prior year, attributed to the August 2004 sale of Encore Promotions, Inc. and the closure of 23 unprofitable Oneida outlet stores during the previous twelve months, partially offset by an increase in the sale of dinnerware products to the retail sector. International division revenues were down approximately $1.6 million from the prior year, primarily in the United Kingdom.
Gross margins improved from $26.5 million (25.9% of revenues) during the three month period ended October 30, 2004, to $32.3 million (36.2% of revenues) during the quarter ended October 29, 2005. The Company's continued gross margin improvement was achieved as a result of the March 22, 2005 sale of the Sherrill, N.Y. manufacturing facility resulting in the complete outsourcing of the Company's manufacturing operations. Other positive activities were product line rationalization, reduction of LIFO valued inventory levels, and a reduction in the write-down of obsolete inventory.
Operating income was favorably impacted by the closure of unprofitable Oneida outlet stores; reductions in personnel, employee benefits, general & administrative expenses, and logistics costs. During the quarter the Company refined its calculation of the Allowance for Doubtful Accounts, and reviewed its accrual for incentive compensation based on current projections, resulting in a favorable earnings adjustment of $1.2 million.
For the first nine months of the fiscal year ending January 2006, Oneida's operating income was $9.6 million, on total revenues of $258.8 million, compared to an operating loss of $(62.9) million on total revenues of $314.8 million during the first three quarters of the prior fiscal year. Net loss was $(16.1) million for the nine month period ended October 29, 2005, versus net loss of $(17.8) million during the corresponding period last year. The prior year's net loss included non-recurring income items, totaling $62.1 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 two of the Company's domestic defined benefit pension plans. Additionally, non-recurring expense items, totaling $52.2 were recorded for impairment losses on goodwill and closure of the Sherrill, NY factory. Interest expense increased by $9.3 million to $24.2 million for the nine month period ended October 29, 2005 due to the higher effective interest rate and amortization of deferred financing costs associated with its restructured debt.
Net cash flow provided by operating activities was $1.0 million during the nine month period ended October 29, 2005, versus net cash used by operating activities of $(40.0) million during the corresponding period last year. Liquidity under the Company's U.S. revolving credit agreement and available cash balances was $20.0 million at October 29, 2005, which decreased from $22.2 million at January 29, 2005 and increased from $12.2 million at October 30, 2004, respectively.
Ongoing Restructuring Initiatives and Executive Appointments
The following actions were taken during the third quarter ended October 29, 2005:
-- Appointed Robert Hack as Vice President -- Information Technology
and Chief Information Officer. Mr. Hack will be responsible for
Oneida's worldwide information technology strategy and
implementation. His prior experience includes a variety of
senior level IT positions with the Eastman Kodak Company and
Carrier Corporation, and most recently he was CIO at Marietta
Corporation.
-- Appointed John Ross as Corporate Controller and Chief Accounting
Officer. Prior to joining Oneida, Mr. Ross served in a variety
of accounting and financial positions, including VP and
Controller Accounting Operations of Pacer International, VP
Finance of PIC International Group, Director of Accounting and
Corporate Controller of Hubbell Inc. Mr. Ross started his career
at Deloitte-Touche and is a Certified Public Accountant.
-- Signed a 5-year lease agreement for a 244,000 square foot
warehouse and distribution facility with Tejon Ranch Company in
order to relocate Oneida's west coast distribution center to
Lebec, California. The new facility, located approximately 90
miles northwest of the port of Long Beach, CA, is expected to be
operational during the first quarter of the next fiscal year, and
will employ as many as 100 workers. The conversion from Oneida's
current third party logistics platform on the west coast to this
Oneida-managed facility is expected to generate additional supply
chain savings and service level improvements.
-- Continued the rationalization and operational integration of
Oneida's various product lines in order to leverage the Company's
strengths in brand, design and global procurement. Toward that
end, during the third quarter, certain functions of the New York
City-based dinnerware operation were integrated into the
Company's headquarters located in Oneida, NY. The Company also
opened a new showroom at 41 Madison Avenue, New York City,
featuring a combination of flatware, dinnerware and food service
product lines including the launch of a new Buffalo China
consumer dinnerware brand offered in a variety of shapes,
patterns and colors.
-- Engaged the New England Consulting Group, a leading marketing and
branding consulting firm, to assist the Company in developing a
strategic market positioning, growth and branding plan.
Oneida is a leading source of flatware, dinnerware, crystal 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 Press Release, 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 its 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 distribution facilities; the Company's failure to achieve the savings and profit goals of any planned restructuring or reorganization programs; 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.
ONEIDA LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars, except per share data)
(Unaudited)
For the For the
Three Months Ended Nine Months Ended
Oct. 29, Oct. 30, Oct. 29, Oct. 30,
2005 2004 2005 2004
------------------- -------------------
Revenues:
Net sales $88,577 $101,273 $257,006 $312,938
License fees 732 951 1,821 1,838
-------- -------- -------- --------
Total Revenues 89,309 102,224 258,827 314,776
-------- -------- -------- --------
Cost of sales 56,972 75,742 166,901 236,201
-------- -------- -------- --------
Gross margin 32,337 26,482 91,926 78,575
-------- -------- -------- --------
Operating expenses:
Selling, distribution
and administrative
expense 23,957 27,591 75,921 94,051
Restructuring expense 1,194 27 2,370 (110)
Impairment loss on
depreciable assets -- -- -- 34,016
Impairment loss on
other assets 4,233 15,473 4,475 18,173
(Gain) loss on the
sale of fixed assets (4) 157 (449) (4,680)
-------- -------- -------- --------
Total 29,380 43,248 82,317 141,450
-------- -------- -------- --------
Operating income (loss) 2,957 (16,766) 9,609 (62,875)
Other income (467) -- (2,068) (66,123)
Other expense 712 612 2,014 5,265
Interest expense
including
amortization of
deferred financing
costs 8,206 7,190 24,188 14,923
-------- -------- -------- --------
(Loss) before income
taxes (5,494) (24,568) (14,525) (16,940)
Income tax expense
(benefit) 525 (719) 1,557 815
-------- -------- -------- --------
Net (loss) $(6,019) $(23,849) $(16,082) $(17,755)
======== ======== ======== ========
Preferred stock
dividends (32) (32) (97) (97)
Net (loss) available
to common
shareholders $(6,051) $(23,881) $(16,179) $(17,852)
======== ======== ======== ========
(Loss) per share
of common stock
Net loss:
Basic $(0.13) $(.57) $(0.35) $(.71)
Diluted $(0.13) $(.57) $(0.35) $(.71)
ONEIDA LTD
CONSOLIDATED BALANCE SHEETS
(Thousand of Dollars)
Unaudited Audited
Oct. 29, Jan. 29,
2005 2005
-------- --------
ASSETS
Current assets: $ 814 $ 2,064
Cash
Trade accounts receivables,
less allowance for doubtful
accounts of $2,069 and $3,483,
respectively 55,428 53,226
Other accounts and notes receivable 2,665 1,398
Inventories, net of reserves of
$8,307 and $22,405, respectively 102,127 106,951
Other current assets 5,391 3,789
Total current assets 166,425 167,428
Property, plant and equipment, net 18,292 23,149
Assets held for sale 5,605 1,263
Goodwill 116,228 121,103
Other assets 8,045 15,869
-------- --------
Total assets $314,595 $328,812
======== ========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Short-term debt $ 7,758 $ 9,577
Accounts payable 13,049 14,735
Accrued liabilities 27,066 33,651
Accrued restructuring 1,311 524
Accrued pension liabilities 18,076 17,667
Deferred income taxes 1,214 1,214
Long term debt classified as 5,220 2,572
current
Total current 73,634 79,940
liabilities
Long term debt 212,992 204,344
Accrued postretirement liability 2,654 2,633
Accrued pension liability 23,778 24,254
Deferred income taxes 10,298 9,087
Other liabilities 11,971 12,173
-------- --------
Total liabilities 335,327 332,431
Commitments and contingencies
Stockholders' (deficit):
Cumulative 6% preferred stock --
$25 par value; authorized
10,000,000 shares, issued 86,036
shares, callable at $30 per share
respectively 2,151 2,151
Common stock -- $l.00 par value;
authorized 100,000,000 shares,
issued 47,781,288 shares for
both periods 47,781 47,781
Additional paid-in capital 84,719 84,719
Retained deficit (100,144) (84,062)
Accumulated other comprehensive loss (33,670) (32,639)
Less cost of common stock held in
treasury; 1,149,364 shares for
both periods (21,569) (21,569)
-------- --------
Total stockholders' (deficit): (20,732) (3,619)
-------- --------
Total liabilities and
stockholders' (deficit) $314,595 $328,812
======== ========
ONEIDA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED OCTOBER 29, 2005 AND OCTOBER 30, 2004
(Unaudited)
(In Thousands)
Nine months ended
Oct. 29, Oct. 30,
2005 2004
---- ----
CASH FLOW PROVIDED BY (USED) FROM OPERATING ACTIVITIES:
Net (loss) $(16,082) $(17,755)
Adjustments to reconcile net
(loss) income to net cash
provided by (used in) operating
activities:
Non-cash interest (Payment in
Kind) 10,872 2,651
(Gain) on disposal of fixed assets (449) (4,680)
Depreciation and amortization 1,779 6,994
Deferred income taxes (35) 143
Impairment of long lived assets 242 34,016
Impairment of other assets 4,233 18,173
Accrued restructuring -- (6,477)
Inventory write-downs -- 9,607
Pension plan amendment -- 2,577
Post retirement health care
plan amendment -- (61,973)
(Increase) decrease in working capital:
Receivables (3,792) (2,708)
Inventories 3,676 5,566
Other current assets (1,664) 1,382
Other assets 7,903 (10,229)
Decrease in accounts payable (1,252) (3,181)
Decrease in accrued liabilities (1,560) (4,165)
Pension plan contributions (2,918) (4,324)
Increase (decrease) in other
liabilities 23 (5,638)
------- -------
Net cash provided by (used in)
operating activities 976 (40,021)
------- -------
CASH FLOW FROM INVESTING ACTIVITIES:
Purchases of properties and
equipment (2,036) (3,381)
Proceeds from dispositions of
properties and equipment 1,408 13,565
------- -------
Net cash (used in) provided by
investing activities (628) 10,184
------- -------
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from issuance of common -- 56
stock
Proceeds from short-term debt -- 1,850
Proceeds from long-term debt 424 20,872
Payment of short-term debt (1,819) --
------- -------
Net cash (used in) provided by
financing activities (1,395) 22,778
------- -------
EFFECT OF EXCHANGE RATE CHANGES
ON CASH (203) (47)
------- -------
NET (DECREASE) IN CASH (1,250) (7,106)
CASH AT BEGINNING OF YEAR 2,064 9,886
------- -------
CASH AT END OF PERIOD $ 814 $ 2,780
======= =======
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Non-cash issuance of common stock -- $30,000
======= =======
Cash paid during the nine months for:
Interest $11,194 $ 9,933
======= =======
This news release was distributed by PrimeZone, www.primezone.com
SOURCE: Oneida Ltd.
Gavin Anderson & Company
Richard Mahony
Montieth Illingworth
(212) 515-1900
(C) 2005 PRIMEZONE, All rights reserved.
any new news or rumors to explain the stock's huge drop lately??
edit message:
looks like bank of america is back at it, selling more of its position in the stock:
FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2008
Estimated average burden
hours per response... 0.5
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person *
BANK OF AMERICA CORP /DE/ 2. Issuer Name and Ticker or Trading Symbol
ONEIDA LTD [ ONEI ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_____ Director __ X __ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
BANK OF AMERICA CORPORATE CENTER, 100 N TRYON ST 3. Date of Earliest Transaction (MM/DD/YYYY)
11/30/2005
(Street)
CHARLOTTE, NC 28255
(City) (State) (Zip) 4. If Amendment, Date Original Filed (MM/DD/YYYY)
6. Individual or Joint/Group Filing (Check Applicable Line)
___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/30/2005 S 25000 D $0.95 3574318 I see note (1) (1)
Common Stock 12/1/2005 S 5000 D $0.99 3569318 I see note (1) (1)
Common Stock 12/1/2005 S 5000 D $0.98 3564318 I see note (1) (1)
Common Stock 12/1/2005 S 5000 D $0.97 3559318 I see note (1) (1)
Common Stock 12/1/2005 S 10000 D $0.96 3549318 I see note (1) (1)
Common Stock 1609964 I see note (2) (2)
Common Stock 2700 I see note (3) (3)
Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 8. Price of Derivative Security
(Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
( 1) These securities are owned by Bank of America, N.A. and were acquired as part of the financial restructuring of the Issuer's outstanding indebtedness. These securities may be deemed to be indirectly owned by NB Holdings Corporation, the 100% owner of Bank of America, N.A., and by Bank of America Corporation, the 100% owner of NB Holdings Corporation. Bank of America Corporation and NB Holdings Corporation disclaim beneficial ownership of such securities except to the extent of their pecuniary interest therein. Prior to June 13, 2005, a portion of these securities were held by Fleet National Bank, which merged with and into Bank of America, N.A. on such date.
( 2) These securities are owned by Banc of America Strategic Solutions, Inc. and were acquired as part of the financial restructuring of the Issuer's outstanding indebtedness. These securities may be deemed to be indirectly owned by Bank of America, N.A., the owner of Banc of America Strategic Solutions, Inc., by NB Holdings Corporation, the 100% owner of Bank of America, N.A., and by Bank of America Corporation, the 100% owner of NB Holdings Corporation. Bank of America, N.A., Bank of America Corporation and NB Holdings Corporation disclaim beneficial ownership of such securities except to the extent of their pecuniary interest therein.
( 3) These securities are owned by Banc of America Securities LLC. These securities may be deemed to be indirectly owned by NationsBank Montgomery Holdings Corporation, the 100% owner of Banc of America Securities LLC, NB Holdings Corporation, the 100% owner of NationsBank Montgomery Holdings Corporation and Bank of America Corporation, the 100% owner of NB Holdings Corporation. NationsBank Montgomery Holdings Corporation, NB Holdings Corporation and Bank of America Corporation disclaim beneficial ownership except to the extent of their pecuniary interest therein.
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
BANK OF AMERICA CORP /DE/
BANK OF AMERICA CORPORATE CENTER
100 N TRYON ST
CHARLOTTE, NC 28255
X
BANK OF AMERICA NA
100 N. TRYON STREET
CHARLOTTE, NC 28255
X
BANC OF AMERICA STRATEGIC SOLUTIONS INC
100 NORTH TRYON STREET
CHARLOTTE, NC 28255
X
Signatures
/s/ Charles F. Bowman, SVP, Bank of America Corporation 12/2/2005
** Signature of Reporting Person Date
/s/ Charles F. Bowman, SVP, Bank of America, N.A. 12/2/2005
** Signature of Reporting Person Date
/s/ Jason C. Cipriani, VP, Banc of America Strategic Solutions, Inc. 12/2/2005
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
--------------------------------------------------------------------------------
End of Filing
© 2005 | EDGAR Online, Inc.
I have had the misfortune of riding this roller-coaster for better than 15 years - pre Libby "offer". The previous management almost certainly caused irreparable damage to both Oneida and its reputation as an industry leader by both their inept financial decisions and the "deluding" of both the product lines (imported) and the manufacturing base.
I have no vested (personal) interest in Onei other than simply being a weary stockholder (65K shares) who has seen his "investment" in what was once a "gem" in the market dwindle as an Alzheimer patient over the last 7 years.
I hold no grand expectations as to this company rising from the ashes as a Phoenix. In truth I see little potential whatsoever of this firm emerging as anything other than possibly as a subsidiary of another company.
In my view ONEI stock is dead in the water and the company as a whole is simply marking time until such time as being acquired by another company or chosing to completely close its operations. JMHO.
Good luck in your investing. Have a great holiday season.
Welcome! So do you have a position in ONEI currently, or possibly looking to enter at some point?
All you have accomplished is to prove there can be exceptions to John Donne’s belief on “islands”.
I figured I would open up a board for ONEI as I took a starter position today here at $.87. The stock had its lowest close over the past year, at $.90 after hitting $.85 during the trading session.
I think that this is an interesting company and stock. They have fairly strong brand recognition in the Oneida name. Their lenders own the majority of the common stock still I believe, at levels above the current stock price, and their operating results appear to be stablizing. Their balance sheet is still a bit iffy, but I think that the risk/reward is worth a gamble here.
Followers
|
2
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
83
|
Created
|
11/23/05
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |