Lifetime Brands Reports 2011 Financial Results

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 fourth quarter and year ended December 31, 2011.

For the year ended December 31, 2011, consolidated net sales were $444.4 million, an increase of 0.3%, as compared to consolidated net sales of $443.2 million for 2010. Net income was $14.1 million, or $1.12 per diluted share, in 2011, as compared to $20.3 million, or $1.64 per diluted share, in 2010. Excluding acquisition-related expenses in 2011 and an extraordinary gain and a loss on early retirement of debt in 2010 and for both years the elimination of the effects of a reduction in income tax valuation allowances to reflect a normalized tax expense, adjusted net income was $14.5 million, or $1.16 per diluted share, in 2011, as compared to $14.6 million, or $1.18 per diluted share, in 2010.

For the fourth quarter of 2011, consolidated net sales were $137.6 million, a decrease of 3.5%, as compared to consolidated net sales of $142.6 million in the fourth quarter of 2010. Net income was $5.4 million, or $0.43 per diluted share, as compared to $13.9 million, or $1.07 per diluted share, in the prior-year period. Excluding acquisition-related expenses in 2011, an extraordinary gain in 2010 and in both periods the elimination of the effects of a reduction in income tax valuation allowances to reflect a normalized tax expense, adjusted net income was $6.5 million, or $0.52 per diluted share, for the fourth quarter of 2011, as compared to $7.9 million, or $0.62 per diluted share, for the same 2010 period.

Consolidated EBITDA for the year ended December 31, 2011 was $38.1 million, as compared to $42.9 million for the year ended December 31, 2010. Consolidated EBITDA for the three month period ended December 31, 2011 was $14.3 million, as compared to $17.5 million for the same 2010 period.

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