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Lifetime Brands Reports First Quarter 2011 Results

Stocks in this article: LCUT

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 first quarter ended March 31, 2011.

Consolidated net sales for the first quarter of 2011 were $91.8 million, an increase of 3.5%, as compared to consolidated net sales of $88.7 million for the corresponding period in 2010.

Net sales for the Wholesale segment were up $2.8 million, or 3.4%, to $84.9 million in the first quarter of 2011. Net sales for the Retail Direct segment were up $0.3 million, or 4.5%, to $6.9 million in the first quarter of 2011.

Loss from operations for the first quarter of 2011 was $23 thousand, as compared to income from operations of $2.5 million for the corresponding period in 2010.

Gross margin as a percentage of net sales for the Wholesale segment declined to 34.0% from 37.0% in the corresponding period in 2010. The decrease in the Company’s gross margin percentage is attributable to certain temporary price reductions related to marketing initiatives that, among other things, will provide the Company with additional retail shelf space later in the year, low margin sales of excess inventory and changes in product mix. Gross margin for the Retail Direct segment was 66.4% in the 2011 quarter as compared to 66.6% for the corresponding period in 2010.

Interest expense for the first quarter of 2011 declined to $2.0 million from $2.4 million in 2010, reflecting both lower average borrowings and lower interest rates.

Consolidated EBITDA for the three month period ended March 31, 2011 was $2.7 million, as compared to $5.7 million for the corresponding period in 2010. Consolidated EBITDA for the four quarters ended March 31, 2011, was $39.9 million as compared to $37.2 million for the four quarters ended March 31, 2010.

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