$LCUT
LIFETIME BRANDS, INC

2015 Q1 Form 10-Q Financial Statement

#000119312515179708 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $117.7M $118.4M
YoY Change -0.64% 20.02%
Cost Of Revenue $72.75M $74.08M
YoY Change -1.8% 18.82%
Gross Profit $44.91M $44.33M
YoY Change 1.3% 22.09%
Gross Profit Margin 38.17% 37.44%
Selling, General & Admin $33.60M $34.18M
YoY Change -1.72% 33.37%
% of Gross Profit 74.81% 77.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.560M $3.610M
YoY Change -1.39% 43.25%
% of Gross Profit 7.93% 8.14%
Operating Expenses $33.60M $34.18M
YoY Change -1.72% 33.37%
Operating Profit -$2.171M -$2.197M
YoY Change -1.18% 1810.43%
Interest Expense $1.431M $1.390M
YoY Change 2.95% 19.62%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.756M -$3.906M
YoY Change -3.84% 205.87%
Income Tax -$1.363M -$1.185M
% Of Pretax Income
Net Earnings -$2.105M -$2.929M
YoY Change -28.13% 363.45%
Net Earnings / Revenue -1.79% -2.47%
Basic Earnings Per Share -$0.15 -$0.22
Diluted Earnings Per Share -$0.15 -$0.22
COMMON SHARES
Basic Shares Outstanding 13.74M shares 13.36M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.400M $4.200M
YoY Change -19.05% 75.0%
Cash & Equivalents $3.415M $4.223M
Short-Term Investments
Other Short-Term Assets $11.90M $15.30M
YoY Change -22.22% 68.13%
Inventory $143.0M $136.4M
Prepaid Expenses
Receivables $78.76M $83.57M
Other Receivables $0.00 $0.00
Total Short-Term Assets $237.1M $239.4M
YoY Change -0.98% 33.72%
LONG-TERM ASSETS
Property, Plant & Equipment $26.32M $27.71M
YoY Change -5.02% -10.35%
Goodwill $18.10M $18.36M
YoY Change -1.38% 260.96%
Intangibles
YoY Change
Long-Term Investments $28.00M $36.80M
YoY Change -23.91% -19.3%
Other Assets $4.539M $3.228M
YoY Change 40.61% 14.1%
Total Long-Term Assets $160.7M $179.9M
YoY Change -10.66% 31.75%
TOTAL ASSETS
Total Short-Term Assets $237.1M $239.4M
Total Long-Term Assets $160.7M $179.9M
Total Assets $397.7M $419.3M
YoY Change -5.13% 32.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.16M $28.28M
YoY Change -3.99% 56.05%
Accrued Expenses $32.39M $35.54M
YoY Change -8.85% 31.84%
Deferred Revenue
YoY Change
Short-Term Debt $500.0K $0.00
YoY Change
Long-Term Debt Due $10.00M $7.500M
YoY Change 33.33% -39.02%
Total Short-Term Liabilities $72.64M $73.02M
YoY Change -0.53% 27.37%
LONG-TERM LIABILITIES
Long-Term Debt $117.8M $126.9M
YoY Change -7.17% 107.69%
Other Long-Term Liabilities $20.30M $20.23M
YoY Change 0.39% -0.15%
Total Long-Term Liabilities $20.30M $20.23M
YoY Change 0.39% -0.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.64M $73.02M
Total Long-Term Liabilities $20.30M $20.23M
Total Liabilities $92.94M $93.25M
YoY Change -0.33% 20.18%
SHAREHOLDERS EQUITY
Retained Earnings $35.08M $34.77M
YoY Change 0.89% 5.96%
Common Stock $139.0K $136.0K
YoY Change 2.21% 6.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $185.5M $188.5M
YoY Change
Total Liabilities & Shareholders Equity $397.7M $419.3M
YoY Change -5.13% 32.86%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$2.105M -$2.929M
YoY Change -28.13% 363.45%
Depreciation, Depletion And Amortization $3.560M $3.610M
YoY Change -1.39% 43.25%
Cash From Operating Activities $10.24M $930.0K
YoY Change 1001.08% -96.27%
INVESTING ACTIVITIES
Capital Expenditures $1.406M $1.156M
YoY Change 21.63% -2.61%
Acquisitions $59.86M
YoY Change
Other Investing Activities $0.00 -$65.14M
YoY Change -100.0%
Cash From Investing Activities -$1.410M -$66.29M
YoY Change -97.87% 5484.67%
FINANCING ACTIVITIES
Cash Dividend Paid $514.0K $501.0K
YoY Change 2.59% 57.05%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.39M 63.90M
YoY Change -116.26% -382.17%
NET CHANGE
Cash From Operating Activities 10.24M 930.0K
Cash From Investing Activities -1.410M -66.29M
Cash From Financing Activities -10.39M 63.90M
Net Change In Cash -1.560M -1.460M
YoY Change 6.85% -229.32%
FREE CASH FLOW
Cash From Operating Activities $10.24M $930.0K
Capital Expenditures $1.406M $1.156M
Free Cash Flow $8.834M -$226.0K
YoY Change -4008.85% -100.95%

Facts In Submission

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CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-7000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-7000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1200000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
6000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-10197000
CY2014Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
78657000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
726000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
668300
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
50000000
CY2014Q1 lcut Distribution Expenses
DistributionExpenses
12346000
CY2014Q1 lcut Foreign Currency Translation Adjustment
ForeignCurrencyTranslationAdjustment
-690000
CY2014Q1 lcut Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-274000
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.16
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
LIFETIME BRANDS, INC
CY2015Q1 dei Trading Symbol
TradingSymbol
LCUT
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2015Q1 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 2010.
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
10241000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
19000 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13738000 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M12D
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.09
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y7M6D
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000874396
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0375
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1363000
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
30700 shares
CY2015Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
322000
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2705000
CY2015Q1 us-gaap Gross Profit
GrossProfit
44908000
CY2015Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
2500000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
514000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2739000
CY2015Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
53000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
117657000
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
68899000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3593000
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6468000
CY2015Q1 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
409000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2171000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4844000
CY2015Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
6018000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3756000
CY2015Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
72546000
CY2015Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
61302000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-54000
CY2015Q1 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
2488000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1406000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-2105000
CY2015Q1 us-gaap Interest Paid
InterestPaid
1151000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-27355000
CY2015Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
8382000
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
13000
CY2015Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
288000
CY2015Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
288000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-94000
CY2015Q1 us-gaap Interest Expense
InterestExpense
1431000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33596000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
149000
CY2015Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
72749000
CY2015Q1 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
154000
CY2015Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-5071000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1653000
CY2015Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
100000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-10394000
CY2015Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
37000
CY2015Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
597000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1406000
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-20000
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-20000
CY2015Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3555000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
281000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
49000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-4407000
CY2015Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
61523000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
750000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
163500
CY2015Q1 lcut Distribution Expenses
DistributionExpenses
13483000
CY2015Q1 lcut Foreign Currency Translation Adjustment
ForeignCurrencyTranslationAdjustment
2705000
CY2015Q1 lcut Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
346000

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