$LCUT
LIFETIME BRANDS, INC

2012 Q4 Form 10-Q Financial Statement

#000119312512460092 Filed on November 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2012 Q2
Revenue $154.8M $128.1M $94.94M
YoY Change 12.5% 2.72% 5.05%
Cost Of Revenue $98.80M $83.14M $59.57M
YoY Change 13.69% 3.38% 5.75%
Gross Profit $56.00M $44.91M $35.37M
YoY Change 10.45% 1.51% 3.9%
Gross Profit Margin 36.18% 35.07% 37.26%
Selling, General & Admin $41.50M $25.89M $23.56M
YoY Change 1.97% 9.77% 15.54%
% of Gross Profit 74.11% 57.66% 66.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.440M $2.410M $2.260M
YoY Change 4.27% 18.14% 11.88%
% of Gross Profit 4.36% 5.37% 6.39%
Operating Expenses $41.50M $25.89M $23.56M
YoY Change 1.72% 9.77% 15.54%
Operating Profit $14.50M $7.411M $2.153M
YoY Change 46.46% -28.03% -50.52%
Interest Expense -$1.300M $1.271M $1.675M
YoY Change -35.0% -28.95% -17.85%
% of Operating Profit -8.97% 17.15% 77.8%
Other Income/Expense, Net
YoY Change
Pretax Income $13.30M $5.125M $130.0K
YoY Change 66.25% -39.77% -94.38%
Income Tax $2.600M $1.930M $94.00K
% Of Pretax Income 19.55% 37.66% 72.31%
Net Earnings $15.20M $3.890M $559.0K
YoY Change 181.48% -48.36% -72.9%
Net Earnings / Revenue 9.82% 3.04% 0.59%
Basic Earnings Per Share $0.31 $0.04
Diluted Earnings Per Share $1.197M $0.30 $0.04
COMMON SHARES
Basic Shares Outstanding 12.57M shares 12.55M shares 12.47M shares
Diluted Shares Outstanding 12.80M shares 12.78M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.900M $1.700M $2.800M
YoY Change -36.67% 112.5% 47.37%
Cash & Equivalents $1.871M $1.749M $2.779M
Short-Term Investments
Other Short-Term Assets $8.900M $9.500M $8.700M
YoY Change 14.1% 66.67% 50.0%
Inventory $104.6M $129.0M $121.1M
Prepaid Expenses
Receivables $97.37M $91.27M $56.76M
Other Receivables $0.00 $0.00 $500.0K
Total Short-Term Assets $212.8M $231.5M $189.8M
YoY Change 7.02% 2.01% 7.14%
LONG-TERM ASSETS
Property, Plant & Equipment $31.65M $32.00M $32.60M
YoY Change -7.8% -5.6% -5.5%
Goodwill $5.085M $2.673M $2.673M
YoY Change 90.24%
Intangibles $52.76M
YoY Change 19.19%
Long-Term Investments $43.70M $36.20M $34.60M
YoY Change 26.67% 54.04% 34.63%
Other Assets $2.865M $2.904M $3.179M
YoY Change -31.33% -30.86% -29.36%
Total Long-Term Assets $136.0M $115.8M $116.5M
YoY Change 13.41% 26.15% 22.39%
TOTAL ASSETS
Total Short-Term Assets $212.8M $231.5M $189.8M
Total Long-Term Assets $136.0M $115.8M $116.5M
Total Assets $348.8M $347.3M $306.4M
YoY Change 9.43% 8.96% 12.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.56M $27.13M $20.85M
YoY Change -2.26% -0.25% 0.22%
Accrued Expenses $33.35M $35.35M $22.41M
YoY Change -1.54% 7.77% -4.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.40M $41.30M $0.00
YoY Change -24.0%
Total Short-Term Liabilities $66.90M $105.2M $43.25M
YoY Change -4.38% 75.25% -2.59%
LONG-TERM LIABILITIES
Long-Term Debt $84.60M $67.30M $93.40M
YoY Change 2.42% -36.93% 14.74%
Other Long-Term Liabilities $21.57M $16.20M $15.90M
YoY Change 47.71% 12.5% 10.42%
Total Long-Term Liabilities $21.57M $83.50M $109.3M
YoY Change -77.81% -31.05% 14.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.90M $105.2M $43.25M
Total Long-Term Liabilities $21.57M $83.50M $109.3M
Total Liabilities $88.46M $193.5M $158.0M
YoY Change -48.75% 5.56% 11.42%
SHAREHOLDERS EQUITY
Retained Earnings $33.85M $19.01M $15.44M
YoY Change 134.01%
Common Stock $128.0K $126.0K $126.0K
YoY Change 3.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $172.2M $153.8M $148.3M
YoY Change
Total Liabilities & Shareholders Equity $348.8M $347.3M $306.4M
YoY Change 9.43% 8.96% 12.47%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2012 Q2
OPERATING ACTIVITIES
Net Income $15.20M $3.890M $559.0K
YoY Change 181.48% -48.36% -72.9%
Depreciation, Depletion And Amortization $2.440M $2.410M $2.260M
YoY Change 4.27% 18.14% 11.88%
Cash From Operating Activities $30.56M -$14.85M $3.690M
YoY Change -22.28% -40.29% 163.57%
INVESTING ACTIVITIES
Capital Expenditures -$1.590M -$1.340M -$1.550M
YoY Change 0.0% 3.08% 51.96%
Acquisitions
YoY Change
Other Investing Activities -$17.26M $20.00K
YoY Change -32.79%
Cash From Investing Activities -$18.83M -$1.330M -$1.550M
YoY Change -30.95% 2.31% 51.96%
FINANCING ACTIVITIES
Cash Dividend Paid $312.0K $311.0K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.66M 15.14M -3.290M
YoY Change 26.6% -39.42% -16550.0%
NET CHANGE
Cash From Operating Activities 30.56M -14.85M 3.690M
Cash From Investing Activities -18.83M -1.330M -1.550M
Cash From Financing Activities -12.66M 15.14M -3.290M
Net Change In Cash -930.0K -1.040M -1.150M
YoY Change -145.37% -11.86% -387.5%
FREE CASH FLOW
Cash From Operating Activities $30.56M -$14.85M $3.690M
Capital Expenditures -$1.590M -$1.340M -$1.550M
Free Cash Flow $32.15M -$13.51M $5.240M
YoY Change -21.41% -42.68% 116.53%

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dei Trading Symbol
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dei Entity Registrant Name
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0.45
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.05
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
15000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
159823 shares
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
211287000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.100
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
298000 shares
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6878000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
380000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7861000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3356000
us-gaap Income Taxes Paid
IncomeTaxesPaid
3301000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
16039000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-258000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.61
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3371000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1223000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
677000
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
35000000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
883000
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
1069000
us-gaap Other Comprehensive Income Loss Amortization Pension And Other Postretirement Benefit Plans Net Prior Service Cost Recognized In Net Periodic Pension Cost Net Of Tax
OtherComprehensiveIncomeLossAmortizationPensionAndOtherPostretirementBenefitPlansNetPriorServiceCostRecognizedInNetPeriodicPensionCostNetOfTax
-34000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12780000 shares
us-gaap Sales Revenue Net
SalesRevenueNet
332030000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13170000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1453000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6789000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10484000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
20250 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12482000 shares
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
31943000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
711000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
18617000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1616000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y3M26D
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
2100000
us-gaap Gross Profit
GrossProfit
120743000
us-gaap Interest Paid
InterestPaid
4373000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-687000
us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
868000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
5793000
us-gaap Net Income Loss
NetIncomeLoss
5793000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
74935000
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
2612000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-490000
us-gaap Payments Of Dividends
PaymentsOfDividends
935000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1200000
us-gaap Interest Expense
InterestExpense
4644000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-758000
lcut Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-421000
lcut Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities
10642000
lcut Foreign Currency Translation Adjustment
ForeignCurrencyTranslationAdjustment
-1453000
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
CY2012Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
312000
CY2010 lcut Percentage Of Annual Net Sales
PercentageOfAnnualNetSales
0.60 pure
CY2011 lcut Percentage Of Annual Net Sales
PercentageOfAnnualNetSales
0.59 pure
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
10298000
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4154000
CY2011Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
140000 shares
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.60
CY2011Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
80424000
CY2011Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
413000 shares
CY2011Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2046000
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12642000 shares
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
124663000
CY2011Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3379000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8509000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.62
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12089000 shares
CY2011Q3 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
10352000
CY2011Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
83000
CY2011Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1113000
CY2011Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
682000.0
CY2011Q3 us-gaap Gross Profit
GrossProfit
44239000
CY2011Q3 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
254000
CY2011Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
7616000
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
7533000
CY2011Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23589000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2089000
CY2011Q3 us-gaap Interest Expense
InterestExpense
1789000
CY2012Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1015000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
7411000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4889000
CY2012Q3 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2012-11-15
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
83141000
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.025
CY2012Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
254000 shares
CY2012Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2409000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-258000
CY2012Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-11000
CY2012Q3 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
1069000
CY2012Q3 us-gaap Other Comprehensive Income Loss Amortization Pension And Other Postretirement Benefit Plans Net Prior Service Cost Recognized In Net Periodic Pension Cost Net Of Tax
OtherComprehensiveIncomeLossAmortizationPensionAndOtherPostretirementBenefitPlansNetPriorServiceCostRecognizedInNetPeriodicPensionCostNetOfTax
-11000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12800000 shares
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
128050000
CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1246000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
5125000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12546000 shares
CY2012Q3 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
10536000
CY2012Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
695000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
678000.0
CY2012Q3 us-gaap Gross Profit
GrossProfit
44909000
CY2012Q3 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
281000
CY2012Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
3890000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
3890000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
25893000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1930000
CY2012Q3 us-gaap Interest Expense
InterestExpense
1271000

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