$LCUT
LIFETIME BRANDS, INC

2013 Q1 Form 10-Q Financial Statement

#000119312513198370 Filed on May 03, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $98.66M $109.0M
YoY Change -9.52% 18.82%
Cost Of Revenue $62.35M $68.58M
YoY Change -9.09% 17.47%
Gross Profit $36.31M $40.46M
YoY Change -10.25% 21.17%
Gross Profit Margin 36.81% 37.11%
Selling, General & Admin $25.63M $25.48M
YoY Change 0.58% 13.4%
% of Gross Profit 70.59% 62.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.520M $2.210M
YoY Change 14.03% 10.5%
% of Gross Profit 6.94% 5.46%
Operating Expenses $25.63M $25.48M
YoY Change 0.58% 13.4%
Operating Profit -$115.0K $3.232M
YoY Change -103.56% -14152.17%
Interest Expense $1.162M $1.698M
YoY Change -31.57% -14.2%
% of Operating Profit 52.54%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.277M $1.534M
YoY Change -183.25% -176.62%
Income Tax -$399.0K $588.0K
% Of Pretax Income 38.33%
Net Earnings -$632.0K $1.344M
YoY Change -147.02% -241.62%
Net Earnings / Revenue -0.64% 1.23%
Basic Earnings Per Share -$0.05 $0.11
Diluted Earnings Per Share -$0.05 $0.11
COMMON SHARES
Basic Shares Outstanding 12.76M shares 12.43M shares
Diluted Shares Outstanding 12.76M shares 12.77M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.400M $4.900M
YoY Change -51.02% 226.67%
Cash & Equivalents $2.428M $4.867M
Short-Term Investments
Other Short-Term Assets $9.100M $7.900M
YoY Change 15.19% 23.44%
Inventory $104.0M $113.7M
Prepaid Expenses
Receivables $62.15M $72.90M
Other Receivables $1.300M $300.0K
Total Short-Term Assets $179.0M $199.6M
YoY Change -10.3% 15.04%
LONG-TERM ASSETS
Property, Plant & Equipment $30.91M $33.03M
YoY Change -6.41% -6.44%
Goodwill $5.085M
YoY Change
Intangibles
YoY Change
Long-Term Investments $45.60M $36.40M
YoY Change 25.27% 41.63%
Other Assets $2.829M $3.742M
YoY Change -24.4% -10.9%
Total Long-Term Assets $136.5M $119.7M
YoY Change 14.06% 24.8%
TOTAL ASSETS
Total Short-Term Assets $179.0M $199.6M
Total Long-Term Assets $136.5M $119.7M
Total Assets $315.5M $319.3M
YoY Change -1.17% 18.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.13M $23.53M
YoY Change -22.98% 7.95%
Accrued Expenses $26.96M $29.56M
YoY Change -8.81% 30.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.30M $15.00M
YoY Change -18.0% 114.29%
Total Short-Term Liabilities $57.33M $68.17M
YoY Change -15.89% 32.62%
LONG-TERM LIABILITIES
Long-Term Debt $61.10M $81.50M
YoY Change -25.03% 10.43%
Other Long-Term Liabilities $20.26M $14.50M
YoY Change 39.7% 0.0%
Total Long-Term Liabilities $20.26M $96.00M
YoY Change -78.9% 8.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.33M $68.17M
Total Long-Term Liabilities $20.26M $96.00M
Total Liabilities $77.59M $169.6M
YoY Change -54.25% 20.2%
SHAREHOLDERS EQUITY
Retained Earnings $32.81M $15.19M
YoY Change 116.02%
Common Stock $128.0K $124.0K
YoY Change 3.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $173.3M $149.7M
YoY Change
Total Liabilities & Shareholders Equity $315.5M $319.3M
YoY Change -1.17% 18.52%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$632.0K $1.344M
YoY Change -147.02% -241.62%
Depreciation, Depletion And Amortization $2.520M $2.210M
YoY Change 14.03% 10.5%
Cash From Operating Activities $24.96M $3.297M
YoY Change 657.11% -190.13%
INVESTING ACTIVITIES
Capital Expenditures $1.187M $475.0K
YoY Change 149.89% -54.63%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.187M -$475.0K
YoY Change 149.89% -54.63%
FINANCING ACTIVITIES
Cash Dividend Paid $319.0K $311.0K
YoY Change 2.57%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.65M -1.369M
YoY Change 1554.2% -147.4%
NET CHANGE
Cash From Operating Activities 24.96M 3.297M
Cash From Investing Activities -1.187M -475.0K
Cash From Financing Activities -22.65M -1.369M
Net Change In Cash 1.129M 1.453M
YoY Change -22.3% -179.97%
FREE CASH FLOW
Cash From Operating Activities $24.96M $3.297M
Capital Expenditures $1.187M $475.0K
Free Cash Flow $23.78M $2.822M
YoY Change 742.49% -159.98%

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CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1125000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1277000
CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1151000
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2013Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1125000
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-22646000
CY2013Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
22629000
CY2013Q1 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
10000000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
45000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12761000 shares
CY2013Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2013Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-541000
CY2013Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
246000
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y11M1D
CY2013Q1 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.
CY2013Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2013-05-01
CY2013Q1 us-gaap Gross Profit
GrossProfit
36312000
CY2013Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2013-03-12
CY2013Q1 us-gaap Interest Paid
InterestPaid
908000
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
9000
CY2013Q1 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
441000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-632000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
100000 shares
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
25631000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-399000
CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-572000
CY2013Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
319000
CY2013Q1 us-gaap Interest Expense
InterestExpense
1162000
CY2013Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-4933000
CY2013Q1 lcut Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-199000
CY2013Q1 lcut Foreign Currency Translation Adjustment
ForeignCurrencyTranslationAdjustment
-1125000
CY2013Q1 lcut Distribution Expenses
DistributionExpenses
10796000
CY2012Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
398000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
56889
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3232000
CY2012Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-55000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3425000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
698000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2012Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-25000
CY2012Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
68581000
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05000
CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
333000 shares
CY2012Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2207000
CY2012Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
22000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3297000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-475000
CY2012Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1760000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
475000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1895000
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-410000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12765000 shares
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
109041000
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4872000
CY2012Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2081000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1534000
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2081000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
2081000
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1369000
CY2012Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
1080000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12432000 shares
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3316000
CY2012Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
398000
CY2012Q1 us-gaap Gross Profit
GrossProfit
40460000
CY2012Q1 us-gaap Interest Paid
InterestPaid
1476000
CY2012Q1 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
353000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
1344000
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
25484000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
588000
CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
442000
CY2012Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
311000
CY2012Q1 us-gaap Interest Expense
InterestExpense
1698000
CY2012Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-2356000
CY2012Q1 lcut Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-84000
CY2012Q1 lcut Foreign Currency Translation Adjustment
ForeignCurrencyTranslationAdjustment
-2081000
CY2012Q1 lcut Distribution Expenses
DistributionExpenses
11744000

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