Lifetime Brands, Inc. (NasdaqGS: LCUT), North America's leading resource for nationally branded kitchenware, tabletop and home décor products, today reported its financial results for the fourth quarter and year ended December 31, 2010.
For the fourth quarter of 2010, consolidated net sales were $142.6 million, an increase of 11.3%, as compared to consolidated net sales of $128.1 million in the fourth quarter of 2009. Net income was $13.9 million, or $1.07 per diluted share, as compared to $5.0 million, or $0.41 per diluted share, in the prior-year period. Net income for the 2010 fourth quarter included non-cash income attributable to a reduction of a deferred income tax valuation allowance and an extraordinary gain. In addition, net income for the 2009 fourth quarter included a charge for restructuring activities and a tax benefit for losses incurred during the first half of 2009. Excluding these items, adjusted net income was $8.1 million, or $0.63 per diluted share, for the fourth quarter of 2010, as compared to $5.1 million, or $0.41 per diluted share, for the 2009 period.
For the year ended December 31, 2010, consolidated net sales were $443.2 million, an increase of 6.8%, as compared to consolidated net sales of $415.0 million for 2009. Net income was $20.3 million, or $1.64 per diluted share, in 2010, as compared $2.7 million, or $0.22 per diluted share, in 2009. Excluding the items described above and a loss on early retirement of debt during 2010, adjusted net income was $15.0 million, or $1.21 per diluted share, in 2010, as compared $5.2 million, or $0.43 per diluted share, in 2009.
Jeffrey Siegel, Chairman, President and Chief Executive Officer said, "We are pleased with our 2010 financial results, which were derived from strong sales growth, stability in margins and continuing focus on cost containment. We achieved these results through careful execution of our strategy during an uncertain and challenging period for the global economy. Given our positive outlook for 2011 and the Company’s strong financial condition, we have decided to resume paying cash dividends on the Company’s common stock.”
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