ONEIDA, NY, March 12, 2003 (PRIMEZONE) -- The Board of Directors of Oneida Ltd. (NYSE:OCQ) today declared fourth quarter dividends of 2 cents per share on the common stock and 37-1/2 cents per share on the preferred stock, both payable April 30, 2003, to stockholders of record as of the close of business April 10, 2003.
This will be the 269th consecutive quarterly cash dividend paid on the common shares, covering more than 67 years.
Also today, the company announced that it has secured from its lenders a waiver of non-compliance with the net worth covenant in its credit agreements. As discussed in the company's February 26 news release, Oneida recorded a charge to equity in the amount of $4.0 million after tax in the fourth quarter of the fiscal year ended January 25, 2003, in order to record a minimum pension liability under Financial Accounting Standard No. 87. This charge resulted in the company not being in compliance with the covenant.
Oneida Ltd. is a leading manufacturer and marketer of flatware and dinnerware for both the consumer and foodservice industries worldwide. Oneida also is a leading marketer of a variety of crystal, glassware and metal serveware for those industries.