$LCUT
LIFETIME BRANDS, INC

2012 Q2 Form 10-Q Financial Statement

#000119312512343835 Filed on August 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $94.94M $90.37M
YoY Change 5.05% 3.99%
Cost Of Revenue $59.57M $56.33M
YoY Change 5.75% 6.47%
Gross Profit $35.37M $34.05M
YoY Change 3.9% 0.43%
Gross Profit Margin 37.26% 37.67%
Selling, General & Admin $23.56M $20.39M
YoY Change 15.54% -35.07%
% of Gross Profit 66.6% 59.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.260M $2.020M
YoY Change 11.88% -17.89%
% of Gross Profit 6.39% 5.93%
Operating Expenses $23.56M $20.39M
YoY Change 15.54% -35.07%
Operating Profit $2.153M $4.351M
YoY Change -50.52% 74.04%
Interest Expense $1.675M $2.039M
YoY Change -17.85% -178.42%
% of Operating Profit 77.8% 46.86%
Other Income/Expense, Net
YoY Change
Pretax Income $130.0K $2.312M
YoY Change -94.38% -356.89%
Income Tax $94.00K $1.108M
% Of Pretax Income 72.31% 47.92%
Net Earnings $559.0K $2.063M
YoY Change -72.9% -306.3%
Net Earnings / Revenue 0.59% 2.28%
Basic Earnings Per Share $0.04 $0.17
Diluted Earnings Per Share $0.04 $0.17
COMMON SHARES
Basic Shares Outstanding 12.47M shares 12.07M shares
Diluted Shares Outstanding 12.78M shares 12.49M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.800M $1.900M
YoY Change 47.37% 111.11%
Cash & Equivalents $2.779M $1.940M
Short-Term Investments
Other Short-Term Assets $8.700M $5.800M
YoY Change 50.0% -38.3%
Inventory $121.1M $110.5M
Prepaid Expenses
Receivables $56.76M $58.90M
Other Receivables $500.0K $0.00
Total Short-Term Assets $189.8M $177.2M
YoY Change 7.14% -0.23%
LONG-TERM ASSETS
Property, Plant & Equipment $32.60M $34.50M
YoY Change -5.5% -11.54%
Goodwill $2.673M
YoY Change
Intangibles
YoY Change
Long-Term Investments $34.60M $25.70M
YoY Change 34.63% 21.23%
Other Assets $3.179M $4.500M
YoY Change -29.36% -4.26%
Total Long-Term Assets $116.5M $95.20M
YoY Change 22.39% -6.76%
TOTAL ASSETS
Total Short-Term Assets $189.8M $177.2M
Total Long-Term Assets $116.5M $95.20M
Total Assets $306.4M $272.4M
YoY Change 12.47% -2.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.85M $20.80M
YoY Change 0.22% -36.78%
Accrued Expenses $22.41M $23.40M
YoY Change -4.25% -6.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $43.25M $44.40M
YoY Change -2.59% -24.23%
LONG-TERM LIABILITIES
Long-Term Debt $93.40M $81.40M
YoY Change 14.74% -11.43%
Other Long-Term Liabilities $15.90M $14.40M
YoY Change 10.42% -30.43%
Total Long-Term Liabilities $109.3M $95.80M
YoY Change 14.09% -14.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.25M $44.40M
Total Long-Term Liabilities $109.3M $95.80M
Total Liabilities $158.0M $141.8M
YoY Change 11.42% -19.25%
SHAREHOLDERS EQUITY
Retained Earnings $15.44M
YoY Change
Common Stock $126.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $148.3M $130.6M
YoY Change
Total Liabilities & Shareholders Equity $306.4M $272.4M
YoY Change 12.47% -2.61%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $559.0K $2.063M
YoY Change -72.9% -306.3%
Depreciation, Depletion And Amortization $2.260M $2.020M
YoY Change 11.88% -17.89%
Cash From Operating Activities $3.690M $1.400M
YoY Change 163.57% -76.23%
INVESTING ACTIVITIES
Capital Expenditures -$1.550M -$1.020M
YoY Change 51.96% 52.24%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.550M -$1.020M
YoY Change 51.96% 52.24%
FINANCING ACTIVITIES
Cash Dividend Paid $311.0K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.290M 20.00K
YoY Change -16550.0% -100.39%
NET CHANGE
Cash From Operating Activities 3.690M 1.400M
Cash From Investing Activities -1.550M -1.020M
Cash From Financing Activities -3.290M 20.00K
Net Change In Cash -1.150M 400.0K
YoY Change -387.5% 207.69%
FREE CASH FLOW
Cash From Operating Activities $3.690M $1.400M
Capital Expenditures -$1.550M -$1.020M
Free Cash Flow $5.240M $2.420M
YoY Change 116.53% -63.11%

Facts In Submission

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207000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1664000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4658000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
4750 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12450000 shares
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
21407000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
10755000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
321000 shares
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
921000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M2D
us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The Company is no longer subject to U.S. Federal income tax examinations for the years prior to 2009.
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1500000
us-gaap Gross Profit
GrossProfit
75834000
us-gaap Interest Paid
InterestPaid
3033000
us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
587000
us-gaap Net Income Loss
NetIncomeLoss
1903000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
49042000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
304000 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
682000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-491000
us-gaap Payments Of Dividends
PaymentsOfDividends
622000
CY2011Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1886000
us-gaap Interest Expense
InterestExpense
3373000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-2603000
lcut Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-252000
lcut Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities
-8846000
lcut Foreign Currency Translation Adjustment
ForeignCurrencyTranslationAdjustment
-207000
CY2012Q1 lcut Expected Payments For Joint Venture Initial Investment
ExpectedPaymentsForJointVentureInitialInvestment
500000
CY2012Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
311000
CY2012Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
311000
CY2010 lcut Percentage Of Annual Net Sales
PercentageOfAnnualNetSales
0.60 pure
CY2011 lcut Percentage Of Annual Net Sales
PercentageOfAnnualNetSales
0.59 pure
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4351000
CY2011Q2 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
9306000
CY2011Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
416000 shares
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2011Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
56325000
CY2011Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.025
CY2011Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2020000
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12486000 shares
CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
90371000
CY2011Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-177000
CY2011Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2312000
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12070000 shares
CY2011Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
859000
CY2011Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
675000
CY2011Q2 us-gaap Gross Profit
GrossProfit
34046000
CY2011Q2 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
274000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
2063000
CY2011Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20389000
CY2011Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1108000
CY2011Q2 us-gaap Interest Expense
InterestExpense
2039000
CY2012Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-348000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2153000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2003000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2012Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2012-08-15
CY2012Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
59565000
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.025
CY2012Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2262000
CY2012Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
688000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12777000 shares
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
94939000
CY2012Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1874000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
130000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12469000 shares
CY2012Q2 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
9663000
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
308000 shares
CY2012Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
523000
CY2012Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
754000
CY2012Q2 us-gaap Gross Profit
GrossProfit
35374000
CY2012Q2 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
234000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
559000
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23558000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
94000
CY2012Q2 us-gaap Interest Expense
InterestExpense
1675000

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