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Lifetime Brands, Inc. (NasdaqGS: LCUT), a global provider of branded products used to prepare, serve and consume foods in the home, today reported its financial results for the quarter ended September 30, 2012.
Net sales for the three and nine months ended September 30, 2012 were $128.1 million and $332.0 million, respectively. Net sales grew by 2.7% and 8.2% compared to the corresponding periods in 2011. Net sales increased as a result of the inclusion of the net sales of Creative Tops, acquired in November 2011, and a strong increase in sales of Kitchenware products, offset by a decrease in demand for Tabletop and Home Solutions products.
Gross margin percentage for the three months ended September 30, 2012 was 35.1%, as compared to 35.5%, in the corresponding period in 2011. Gross margin for the nine months ended September 30, 2012 and for the corresponding period in 2011 was 36.4%.
Net income for the three months ended September 30, 2012 decreased to $3.9 million, or $0.30 per diluted share, from $7.5 million, or $0.60 per diluted share, in the corresponding 2011 period. For the nine months ended September 30, 2012, net income decreased to $5.8 million, or $0.45 per diluted share, from $8.6 million, or $0.69 per diluted share, in the corresponding 2011 period.
Adjusted net income for the quarter was $5.1 million, or $0.40 per diluted share, as compared to $6.6 million, or $0.52 per diluted share, in 2011. Adjusted net income for the nine month period was $7.6 million, or $0.60 per diluted share, as compared to $7.7 million, or $0.62 per diluted share, in 2011. Adjusted net income in each of the 2012 periods excludes intangible asset impairment, a loss on early retirement of debt related to the repayment of the Company’s Term Loan, an expense related to retirement benefit obligations and acquisition related expenses. Adjusted net income in the 2011 periods excludes the equity earnings from an entity that discontinued the sale of products in late 2011 and acquisition related expenses and includes adjustments to reflect a normalized annual tax rate.