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Lifetime Brands, Inc. Reports Third Quarter 2013 Results

Lifetime Brands, Inc. (NasdaqGS:LCUT), a leading global provider of branded kitchenware, tableware and other products used in the home, today reported its financial results for the third quarter ended September 30, 2013.

Third Quarter Financial Highlights:

  • Consolidated net sales were $142.2 million in the quarter ended September 30, 2013; an increase of $14.1 million, or 11.0%, as compared to consolidated net sales of $128.1 million for the corresponding period in 2012. Consolidated net sales in the 2013 period included $4.8 million of net sales from Fred® & Friends, which was acquired in December 2012.
  • Gross margin was $51.3 million, or 36.0%, in the quarter ended September 30, 2013 as compared to $44.9 million, or 35.1%, for the corresponding period in 2012.
  • Income from Operations was $11.7 million, as compared to $7.4 million in the prior year’s quarter.
  • Net income was $1.1 million, or $0.08 per diluted share, in the quarter ended September 30, 2013, as compared to net income of $3.9 million, or $0.30 per diluted share, in the corresponding period in 2012.
  • Adjusted net income was $6.1 million, or $0.47 per diluted share, in the quarter ended September 30, 2013, as compared to adjusted net income of $5.1 million, or $0.40 per diluted share, in the corresponding period in 2012.
  • Consolidated EBITDA was $15.1 million, equal to 10.6% of consolidated net sales, in the quarter ended September 30, 2013, as compared to $11.6 million, or 9.0% of consolidated net sales, for the corresponding 2012 period.
  • Equity in earnings (losses), net of taxes, was $(5.5) million (including a charge of $5.0 million, net of tax, for the reduction in the fair value of the Company’s investment in Grupo Vasconia SAB) for the three months ended September 30, 2013, as compared to equity in earnings of $0.7 million for the three months ended September 30, 2012.

Nine Months Financial Highlights:

  • Consolidated net sales were $337.9 million in the nine months ended September 30, 2013; an increase of $5.9 million, or 1.8%, as compared to consolidated net sales of $332.0 million for the corresponding period in 2012. Consolidated net sales in the 2013 period included $12.1 million of net sales from Fred® & Friends, which was acquired in December 2012.
  • Gross margin was $123.9 million, or 36.7%, in the nine months ended September 30, 2013 as compared to $120.7 million, or 36.4%, for the corresponding period in 2012.
  • Income from Operations was $11.6 million, as compared to $12.8 million in the prior year’s nine months.
  • Net loss was $0.1 million, or $0.01 per diluted share, in the nine months ended September 30, 2013, as compared to net income of $5.8 million, or $0.45 per diluted share, in the corresponding period in 2012.
  • Adjusted net income was $4.4 million, or $0.34 per diluted share, in the nine months ended September 30, 2013, as compared to adjusted net income of $7.6 million, or $0.60 per diluted share, in the corresponding period in 2012.
  • Consolidated EBITDA was $22.5 million in the nine months ended September 30, 2013, as compared to $23.4 million for the corresponding 2012 period.
  • Equity in earnings (losses), net of taxes, was $(5.1) million (including a charge of $5.0 million, net of tax, for the reduction in the fair value of the Company’s investment in Grupo Vasconia SAB) for the nine months ended September 30, 2013, as compared to equity in earnings of $1.6 million for the nine months ended September 30, 2012.

Jeffrey Siegel, Lifetime’s Chairman and Chief Executive Officer, commented,

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