Lifetime brands, inc. reports first quarter 2012 results
Garden city, n.y.--(business wire)--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 march 31, 2012. first quarter highlights: net sales increased 18.7% to $109.0 million. organic net sales increased 6.4% to $97.7 million. gross margin increased 70 basis points to 37.1%. ebitda increased 128.8% to $6.2 million. net income increased to $1.344 million, as compared to a loss of $949 thousand for the same period in 2011. diluted income per common share increased to $0.11, as compared to ($0.08) per diluted share in last year’s quarter. “lifetime’s financial results for the quarter provided a strong and an encouraging start to the year,” said jeffrey siegel, chairman, president and chief executive officer. “our performance in the quarter was driven by our core u.s. wholesale businesses, kitchenware and tabletop, which recorded an 11.1% increase in net sales, all of which was organic. these gains were primarily attributable to new programs with our key retailer partners. “outside the united states, creative tops, which we acquired in november 2011, lifetime brands canada and our investee partner companies in mexico, canada, brazil and china all performed to expectation.” on march 6, 2012, the board of directors declared a quarterly dividend of $0.025 per share payable on may 15, 2012 to shareholders of record on may 1, 2012. conference call the company has scheduled a conference call for thursday, may 3, 2012 at 11:00 a.m. et. the dial-in number for the conference call is (866) 788-0539, passcode #85646002. a replay of the call will also be available through may 10, 2012 and can be accessed by dialing (888) 286-8010 or (617) 801-6888, conference id #94198135. a live webcast of the conference call will be broadcast in the investor relations section of the company’s web site, www.lifetimebrands.com. for those who cannot listen to the live broadcast, an audio replay of the call will also be available on the site. non-gaap financial measures this earnings release contains non-gaap financial measures. for purposes of regulation g, a non-gaap financial measure is a numerical measure of a company's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with gaap in the statements of income, balance sheets, or statements of cash flows of the company; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. pursuant to the requirements of regulation g, the company has provided reconciliations of the non-gaap financial measures to the most directly comparable gaap financial measures. these non-gaap measures are provided because management of the company uses these financial measures in evaluating the company's on-going financial results and trends. management uses this non-gaap information as an indicator of business performance. forward-looking statements in this press release, the use of the words “believe,” "could," "expect," "may," "positioned," "project," "projected," "should," "will," "would" or similar expressions is intended to identify forward-looking statements that represent the company’s current judgment about possible future events. the company believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and actual results may differ materially due to a variety of important factors. such factors might include, among others, the company’s ability to comply with the requirements of its credit agreements; the availability of funding under such credit agreements; the company’s ability to maintain adequate liquidity and financing sources and an appropriate level of debt; changes in general economic conditions which could affect customer payment practices or consumer spending; the impact of changes in general economic conditions on the company’s customers; changes in demand for the company’s products; shortages of and price volatility for certain commodities; significant changes in the competitive environment and the effect of competition on the company’s markets, including on the company’s pricing policies, financing sources and an appropriate level of debt. lifetime brands, inc. lifetime brands is a provider of kitchenware, tabletop and other products used in the home. the company markets its products under such well-known kitchenware brands as farberware®, kitchenaid®, casamŌda®, cuisinart®, cuisine de france®, guy fieri®, hoffritz®, kizmos™, misto®, pedrini®, roshco®, sabatier®, savora™ and vasconia®; respected tabletop brands such as mikasa®, pfaltzgraff®, creative tops®, calvin klein®, gorham®, international® silver, kirk stieff®, nautica®, sasaki®, towle® silversmiths, tuttle®, wallace®, v&a® and royal botanic gardens kew®; and home solutions brands, including elements®, melannco®, kamenstein® and design for living™. the company’s corporate website is www.lifetimebrands.com. lifetime brands, inc. condensed consolidated statements of operations (in thousands - except per share data) (unaudited) lifetime brands, inc. condensed consolidated balance sheets (in thousands - except share data) (unaudited) accounts receivable, less allowances of $5,051 at march 31, 2012 and $4,602 at december 31, 2011 preferred stock, $.01 par value, shares authorized: 100 shares of series a and 2,000,000 shares of series b; none issued and outstanding common stock, $.01 par value, shares authorized: 25,000,000; shares issued and outstanding: 12,438,393 at march 31, 2012 and 12,430,893 at december 31, 2011 lifetime brands, inc. condensed consolidated statements of cash flows (in thousands) (unaudited) adjustments to reconcile net income (loss) to net cash provided by operating activities: changes in operating assets and liabilities (excluding the effects of business acquisitions) lifetime brands, inc. supplemental information (in thousands) reconciliation of gaap to non-gaap operating results march 31, 2012 december 31, 2011 september 30, 2011 june 30, 2011 lifetime brands, inc. supplemental information (in thousands) reconciliation of gaap to non-gaap operating results (continued) march 31, 2011 december 31, 2010 september 30, 2010 june 30, 2010
