$LCUT
LIFETIME BRANDS, INC

2014 Q4 Form 10-K Financial Statement

#000119312516503689 Filed on March 14, 2016

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4 2013
Revenue $190.0M $164.9M $502.7M
YoY Change 15.22% 6.52% 3.26%
Cost Of Revenue $120.3M $101.5M $315.5M
YoY Change 18.52% 2.73% 1.74%
Gross Profit $69.80M $63.30M $187.3M
YoY Change 10.27% 13.04% 5.92%
Gross Profit Margin 36.74% 38.39% 37.25%
Selling, General & Admin $51.50M $46.70M $114.3M
YoY Change 10.28% 12.53% 9.59%
% of Gross Profit 73.78% 73.78% 61.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.570M $2.710M $7.700M
YoY Change 31.73% 11.07% -1.28%
% of Gross Profit 5.11% 4.28% 4.11%
Operating Expenses $51.50M $46.80M $114.3M
YoY Change 10.04% 12.77% 9.59%
Operating Profit $18.30M $16.50M $28.19M
YoY Change 10.91% 13.79% 3.11%
Interest Expense -$2.400M -$1.300M $4.847M
YoY Change 84.62% 0.0% -17.82%
% of Operating Profit -13.11% -7.88% 17.2%
Other Income/Expense, Net
YoY Change
Pretax Income $15.90M $15.20M $23.24M
YoY Change 4.61% 14.29% 15.76%
Income Tax $5.500M $6.200M $9.175M
% Of Pretax Income 34.59% 40.79% 39.48%
Net Earnings $9.300M $9.400M $9.281M
YoY Change -1.06% -38.16% -55.69%
Net Earnings / Revenue 4.89% 5.7% 1.85%
Basic Earnings Per Share $0.73
Diluted Earnings Per Share $600.0K $723.1K $0.71
COMMON SHARES
Basic Shares Outstanding 13.68M shares 12.74M shares 12.76M shares
Diluted Shares Outstanding 13.04M shares

Balance Sheet

Concept 2014 Q4 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.100M $4.900M $4.900M
YoY Change 4.08% 157.89% 157.89%
Cash & Equivalents $5.068M $4.947M $4.900M
Short-Term Investments
Other Short-Term Assets $7.900M $9.700M $9.700M
YoY Change -18.56% 8.99% 8.99%
Inventory $137.9M $112.8M $112.8M
Prepaid Expenses
Receivables $107.2M $87.22M $87.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $258.1M $214.7M $214.7M
YoY Change 20.24% 0.9% 0.89%
LONG-TERM ASSETS
Property, Plant & Equipment $26.80M $27.70M $27.70M
YoY Change -3.24% -12.48% -12.34%
Goodwill $18.10M $18.10M
YoY Change 0.0% 255.97%
Intangibles $85.50M $50.06M
YoY Change 70.77% -5.1%
Long-Term Investments $28.20M $36.90M $36.90M
YoY Change -23.58% -15.56% -15.56%
Other Assets $4.732M $2.268M $2.300M
YoY Change 108.64% -20.84% -20.69%
Total Long-Term Assets $163.3M $122.1M $122.0M
YoY Change 33.77% -10.27% -10.29%
TOTAL ASSETS
Total Short-Term Assets $258.1M $214.7M $214.7M
Total Long-Term Assets $163.3M $122.1M $122.0M
Total Assets $421.4M $336.7M $336.7M
YoY Change 25.14% -3.46% -3.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.69M $21.43M $21.40M
YoY Change 33.92% 15.47% 15.05%
Accrued Expenses $36.96M $41.10M $41.10M
YoY Change -10.06% 23.21% 23.05%
Deferred Revenue
YoY Change
Short-Term Debt $800.0K $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M $3.900M $3.900M
YoY Change 156.41% -65.79% -65.79%
Total Short-Term Liabilities $83.87M $69.49M $69.50M
YoY Change 20.69% 3.88% 3.89%
LONG-TERM LIABILITIES
Long-Term Debt $127.7M $65.90M $65.90M
YoY Change 93.78% -22.1% -22.1%
Other Long-Term Liabilities $20.16M $18.64M $18.60M
YoY Change 8.13% -13.55% -13.89%
Total Long-Term Liabilities $20.16M $18.64M $84.50M
YoY Change 8.13% -13.55% -20.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.87M $69.49M $69.50M
Total Long-Term Liabilities $20.16M $18.64M $84.50M
Total Liabilities $104.0M $88.14M $155.8M
YoY Change 18.03% -0.37% -11.78%
SHAREHOLDERS EQUITY
Retained Earnings $37.70M $38.22M
YoY Change -1.36% 12.93%
Common Stock $137.0K $128.0K
YoY Change 7.03% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $188.2M $180.9M $180.9M
YoY Change
Total Liabilities & Shareholders Equity $421.4M $336.7M $336.7M
YoY Change 25.14% -3.46% -3.47%

Cashflow Statement

Concept 2014 Q4 2013 Q4 2013
OPERATING ACTIVITIES
Net Income $9.300M $9.400M $9.281M
YoY Change -1.06% -38.16% -55.69%
Depreciation, Depletion And Amortization $3.570M $2.710M $7.700M
YoY Change 31.73% 11.07% -1.28%
Cash From Operating Activities $26.05M $29.93M $35.76M
YoY Change -12.96% -2.06% 57.57%
INVESTING ACTIVITIES
Capital Expenditures -$1.760M -$1.070M $3.842M
YoY Change 64.49% -32.7% -22.46%
Acquisitions
YoY Change
Other Investing Activities -$870.0K $0.00 $10.00K
YoY Change -100.0% -100.06%
Cash From Investing Activities -$2.630M -$1.060M -$3.831M
YoY Change 148.11% -94.37% -82.74%
FINANCING ACTIVITIES
Cash Dividend Paid $1.515M
YoY Change 21.3%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.40M -26.26M -29.03M
YoY Change -10.89% 107.42% 1232.17%
NET CHANGE
Cash From Operating Activities 26.05M 29.93M 35.76M
Cash From Investing Activities -2.630M -1.060M -3.831M
Cash From Financing Activities -23.40M -26.26M -29.03M
Net Change In Cash 20.00K 2.610M 2.905M
YoY Change -99.23% -380.65% -273.43%
FREE CASH FLOW
Cash From Operating Activities $26.05M $29.93M $35.76M
Capital Expenditures -$1.760M -$1.070M $3.842M
Free Cash Flow $27.81M $31.00M $31.92M
YoY Change -10.29% -3.58% 79.92%

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CY2015Q4 us-gaap Line Of Credit
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3715000
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500000
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6993000
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2015Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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2213000
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2643000
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4028000
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892000
CY2015Q4 lcut Indefinite Lived Trade Name Accumulated Impairment Loss
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CY2015Q4 lcut Deferred Tax Liabilities Depreciation And Amortization
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3121000
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3193000
CY2015Q4 lcut Rebates Payable Current
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10474000
CY2015Q4 lcut Accrued Freight Current
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1360000
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CY2014Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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286000 shares
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36000
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1400000
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CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
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1215000
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164000
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449000
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CY2013 us-gaap Business Acquisitions Pro Forma Net Income Loss
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12031000
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187262000
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516000
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CY2013 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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241000
CY2013 us-gaap Income Taxes Paid
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6264000
CY2013 us-gaap Business Acquisitions Pro Forma Revenue
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567218000
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-361000
CY2013 us-gaap Interest Expense
InterestExpense
4847000
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14300000
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1707000
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DepreciationAndAmortization
10415000
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220222000
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7700000
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5051000
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AmortizationOfIntangibleAssets
2693000
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800000
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528000
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139000
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0
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310000
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315459000
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3229000
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367000
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613000
CY2013 us-gaap Share Based Compensation
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2881000
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114345000
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145000
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9437000
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160000
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1215000
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747000
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26491000
CY2013 lcut Freight Out Costs
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9000000
CY2013 lcut Distribution Expenses
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44364000
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42000 shares
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P6Y
CY2014 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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0.064 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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7700000
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2065000
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364000
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50000000
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4493000
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CY2015 dei Document Type
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10-K
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CY2015 dei Trading Symbol
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LCUT
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No
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89600 shares
CY2015 dei Entity Central Index Key
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0000874396
CY2015 dei Document Period End Date
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2015-12-31
CY2015 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
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0.053 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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37750 shares
CY2015 dei Current Fiscal Year End Date
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--12-31
CY2015 dei Document Fiscal Period Focus
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FY
CY2015 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentration of credit risk</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company&#x2019;s cash and cash equivalents are potentially subject to concentration of credit risk. The Company maintains cash with several financial institutions that, in some cases, is in excess of Federal Deposit Insurance Corporation insurance limits.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities comprising the Company&#x2019;s customer base.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> During the years ended December&#xA0;31, 2015, 2014, and 2013, Wal-Mart Stores,&#xA0;Inc., including Sam&#x2019;s Club and, in the United Kingdom, Asda Superstore, (&#x201C;Walmart&#x201D;), accounted for 16%, 16%, and 15% of net sales, respectively. Sales to Walmart are included in the Company&#x2019;s U.S. Wholesale and International segments. No other customers accounted for 10% or more of the Company&#x2019;s sales during these periods.</p> </div>
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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13.99
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
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13850000 shares
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0.362 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0167 pure
CY2015 us-gaap Advertising Cost Policy Expensed Advertising Cost
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Advertising expenses</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Advertising expenses are expensed as incurred and are included in selling, general and administrative expenses. Advertising expenses were $1.5 million, $1.6 million and $0.8 million for the years ended December&#xA0;31, 2015, 2014, and 2013, respectively.</p> </div>
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CY2015 us-gaap Income Tax Examination Description
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The Company is no longer subject to U.S. Federal income tax examinations for the years prior to 2013.
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46510000
CY2015 dei Entity Current Reporting Status
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15.57
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4.68
CY2015 dei Entity Registrant Name
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LIFETIME BRANDS, INC
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3 Segment
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0.89
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P5Y1M6D
CY2015 dei Document Fiscal Year Focus
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2015
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26.60
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2018-06-30
CY2015 dei Entity Well Known Seasoned Issuer
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No
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0.0118 pure
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8015000
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5166000
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10000000
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53000
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18331000
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2689000
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79000
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-238000
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24231000
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802000
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308000
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2200000
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50000
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587670000
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-15481000
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15000
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-2000
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2150000
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348000
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574000
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212000
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2063000
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138000
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154000
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1600000
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InterestPaid
4909000
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11008000
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StockIssuedDuringPeriodValueStockOptionsExercised
844000
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0
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OtherComprehensiveIncomeLossNetOfTax
-4263000
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-211000
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-5281000
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
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IncomeTaxesPaid
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6730000
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DefinedBenefitPlanActuarialGainLoss
2492000
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InterestExpense
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0
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1879000
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263632000
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7200000
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CY2015 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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46000
CY2015 us-gaap Defined Benefit Plan Benefits Paid
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58000
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26000
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639000
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CY2015 lcut Licensing Rights Expiration Date
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2023
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PaymentsOfContingentConsideration
391000
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-1517000
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DeferredIncomeTaxExpenseBenefit
-1440000
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18000
CY2015 us-gaap Dividends
Dividends
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CY2015 us-gaap Defined Benefit Plan Contributions By Employer
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91000
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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430000
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-397000
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1000
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CY2015 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
604000
CY2015 lcut Number Of Leased Properties
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2 Property
CY2015 lcut Lease Agreements Expiration Year
LeaseAgreementsExpirationYear
2029
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11300000
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54815000
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2013-03
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ForeignCurrencyTranslationAdjustment
-5281000
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848000
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NetDeferredIncomeTaxExpenseBenefit
-1440000
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LeaseAgreementExpirationYear
2020

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