“We executed well in the third quarter despite a challenging environment. The success of our kitchenware and tabletop programs resulted in an increase in net sales in our Wholesale segment, even as consumer confidence wavered and the economic recovery lost steam. Grupo Vasconia and Lifetime Brands Canada continued to turn in strong results.
“Reflecting our strategy to accelerate our growth and to diversify and strengthen our business by expanding into new markets, we recently announced the acquisition of Creative Tops Limited, a highly regarded provider of private label and branded tableware and kitchenware products with significant design and supply chain infrastructure, based in the United Kingdom; and its Hong Kong-based affiliate, Creative Tops Far East Limited, which provides sourcing and other services for Creative Tops and its customers. These acquisitions represent an exciting opportunity to expand the sales of Lifetime’s products into the UK and Continental Europe, to introduce Creative Tops’ tabletop products to our retailer partners in the US, and expand and broaden the scope of our Asia sourcing infrastructure. Together with our established partnerships in North and Central America, this strategic combination creates a global leader in the housewares business."
Consolidated EBITDA for the three months ended September 30, 2011 and 2010 was $13.5 million. Consolidated EBITDA for the trailing four quarters ended September 30, 2011 was $41.3 million as compared to $40.9 million for the trailing four quarters ended September 30, 2010.
EBITDA is a non-GAAP measure that the Company defines as net income, adjusted to exclude undistributed equity earnings, an extraordinary item, income taxes, interest, depreciation and amortization, restructuring expenses, stock compensation expense, acquisition related expenses and loss on early retirement of debt, as shown in the table below.On November 4, 2011, the Board of Directors declared a dividend of $0.025 per share payable on November 29, 2011 to shareholders of record on November 18, 2011.
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