$LCUT
LIFETIME BRANDS, INC

2016 Q2 Form 10-Q Financial Statement

#000119312516676776 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $118.1M $120.9M
YoY Change -2.39% 4.87%
Cost Of Revenue $75.06M $77.42M
YoY Change -3.06% 3.97%
Gross Profit $42.99M $43.51M
YoY Change -1.19% 6.51%
Gross Profit Margin 36.42% 35.98%
Selling, General & Admin $29.85M $31.95M
YoY Change -6.59% 1.68%
% of Gross Profit 69.42% 73.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.580M $3.630M
YoY Change -1.38% -2.42%
% of Gross Profit 8.33% 8.34%
Operating Expenses $29.85M $31.95M
YoY Change -6.59% 1.68%
Operating Profit -$288.0K -$987.0K
YoY Change -70.82% -68.74%
Interest Expense $1.122M $1.459M
YoY Change -23.1% -12.74%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.682M -$2.446M
YoY Change -31.23% -49.35%
Income Tax -$473.0K -$717.0K
% Of Pretax Income
Net Earnings -$1.191M -$1.727M
YoY Change -31.04% -46.06%
Net Earnings / Revenue -1.01% -1.43%
Basic Earnings Per Share -$0.08 -$0.12
Diluted Earnings Per Share -$0.08 -$0.12
COMMON SHARES
Basic Shares Outstanding 14.16M shares 13.85M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.600M $5.000M
YoY Change 32.0% -3.85%
Cash & Equivalents $6.649M $4.956M
Short-Term Investments
Other Short-Term Assets $9.100M $12.90M
YoY Change -29.46% -16.23%
Inventory $150.6M $154.2M
Prepaid Expenses
Receivables $81.06M $77.53M
Other Receivables $4.600M $0.00
Total Short-Term Assets $252.1M $249.6M
YoY Change 0.98% 2.35%
LONG-TERM ASSETS
Property, Plant & Equipment $22.91M $26.00M
YoY Change -11.88% -4.16%
Goodwill $18.10M $18.10M
YoY Change 0.0% -2.24%
Intangibles
YoY Change
Long-Term Investments $23.50M $26.70M
YoY Change -11.99% -28.61%
Other Assets $2.196M $2.947M
YoY Change -25.48% -11.1%
Total Long-Term Assets $149.1M $155.7M
YoY Change -4.26% -12.82%
TOTAL ASSETS
Total Short-Term Assets $252.1M $249.6M
Total Long-Term Assets $149.1M $155.7M
Total Assets $401.2M $405.4M
YoY Change -1.03% -4.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.94M $32.69M
YoY Change -20.64% 17.5%
Accrued Expenses $34.34M $31.17M
YoY Change 10.17% 12.1%
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $100.0K
YoY Change 0.0% -88.89%
Long-Term Debt Due $9.800M $20.00M
YoY Change -51.0% 100.0%
Total Short-Term Liabilities $70.25M $87.20M
YoY Change -19.43% 30.47%
LONG-TERM LIABILITIES
Long-Term Debt $110.4M $111.3M
YoY Change -0.81% -19.05%
Other Long-Term Liabilities $18.91M $19.81M
YoY Change -4.57% -4.87%
Total Long-Term Liabilities $18.91M $19.81M
YoY Change -4.57% -4.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.25M $87.20M
Total Long-Term Liabilities $18.91M $19.81M
Total Liabilities $89.16M $107.0M
YoY Change -16.68% 22.08%
SHAREHOLDERS EQUITY
Retained Earnings $41.03M $32.83M
YoY Change 24.98% 5.69%
Common Stock $144.0K $140.0K
YoY Change 2.86% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $192.6M $185.6M
YoY Change
Total Liabilities & Shareholders Equity $401.2M $405.4M
YoY Change -1.03% -4.06%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.191M -$1.727M
YoY Change -31.04% -46.06%
Depreciation, Depletion And Amortization $3.580M $3.630M
YoY Change -1.38% -2.42%
Cash From Operating Activities -$10.76M $380.0K
YoY Change -2931.58% -104.56%
INVESTING ACTIVITIES
Capital Expenditures -$330.0K -$1.470M
YoY Change -77.55% -9.26%
Acquisitions
YoY Change
Other Investing Activities -$50.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$380.0K -$1.470M
YoY Change -74.15% -56.51%
FINANCING ACTIVITIES
Cash Dividend Paid $602.0K $520.0K
YoY Change 15.77% 2.77%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.94M 2.900M
YoY Change 311.72% -78.42%
NET CHANGE
Cash From Operating Activities -10.76M 380.0K
Cash From Investing Activities -380.0K -1.470M
Cash From Financing Activities 11.94M 2.900M
Net Change In Cash 800.0K 1.810M
YoY Change -55.8% 4.62%
FREE CASH FLOW
Cash From Operating Activities -$10.76M $380.0K
Capital Expenditures -$330.0K -$1.470M
Free Cash Flow -$10.43M $1.850M
YoY Change -663.78% -127.57%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Accounting Pronouncements to be Adopted in Future Periods</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In March 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued ASU 2016-09, <i>Improvements to Employee Share-Based Payment Accounting.</i> This standard will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. The standard will also allow an employer to repurchase more of an employee&#x2019;s shares than it currently can for tax withholding purposes without triggering liability accounting, and will allow companies to make a policy election to account for forfeitures as they occur. The guidance is effective for fiscal years beginning after December&#xA0;15, 2016, and interim periods within those years. Early adoption is permitted. The Company is evaluating the effect of adopting this pronouncement.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In February 2016, the FASB issued ASU 2016-02, <i>Leases,</i> which requires a lessee, in most leases, to initially recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. The guidance is effective for fiscal years beginning after December&#xA0;15, 2018, and interim periods within with those years. Early adoption is permitted. The Company is evaluating the effect of adopting this pronouncement.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> In July 2015, the FASB issued ASU 2015-11, <i>Inventory: Simplifying the Measurement of Inventory</i>, which affects reporting entities that measure inventory using first-in, first-out or average cost. Specifically, the guidance requires that inventory be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The guidance is effective for fiscal years beginning after December&#xA0;15, 2016, with early adoption permitted. The Company is evaluating the effect of adopting this pronouncement, but the adoption is not expected to have a material impact on the Company&#x2019;s condensed consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In May 2014, the FASB issued ASU 2014-09, <i>Revenue from Contracts with Customers</i>, to clarify the principles of recognizing revenue and create common revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards. Following the FASB&#x2019;s finalization of a one year deferral of this standard, the ASU is now effective for fiscal years and interim periods within those fiscal years beginning after December&#xA0;15, 2017, with early adoption permitted for fiscal years, and interim periods within those fiscal years, beginning on or after December&#xA0;15, 2016. This ASU can be adopted either retrospectively to each reporting period presented or as a cumulative effect adjustment as of the date of the adoption.&#xA0;The Company is currently determining its implementation approach and assessing the impact, if any, on its condensed consolidated financial statements.</p> </div>
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Document Type
DocumentType
10-Q
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.39
dei Entity Central Index Key
EntityCentralIndexKey
0000874396
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dei Trading Symbol
TradingSymbol
LCUT
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dei Amendment Flag
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Period End Date
DocumentPeriodEndDate
2016-06-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
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 2013.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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EntityRegistrantName
LIFETIME BRANDS, INC
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IncomeLossFromEquityMethodInvestments
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113000
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32000
us-gaap Share Based Compensation
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RestructuringCharges
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StockOptionPlanExpense
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DistributionExpenses
25694000
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ForeignCurrencyTranslationAdjustment
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DerivativeEffectiveDateMonthAndYear
2013-03
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IncreaseDecreaseInDeferredRent
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CY2014 lcut Percentage Of Annual Net Sales
PercentageOfAnnualNetSales
0.60 pure
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PercentageOfAnnualNetSales
0.59 pure
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EarningsPerShareDiluted
-0.08
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14155000 shares
CY2016Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2016-08-15
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CommonStockDividendsPerShareDeclared
0.0425
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EarningsPerShareBasic
-0.08
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EarningsPerShareBasicAndDiluted
-0.08
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118050000
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-272000
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OperatingIncomeLoss
-288000
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ComprehensiveIncomeNetOfTax
-4258000
CY2016Q2 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
301000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3076000
CY2016Q2 us-gaap Gross Profit
GrossProfit
42994000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-4000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
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18000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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IncomeTaxExpenseBenefit
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InterestExpense
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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0.0375
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290000
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CY2015Q2 us-gaap Gross Profit
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CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2015Q2 us-gaap Income Loss From Equity Method Investments
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CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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StockOptionPlanExpense
600000
CY2015Q2 lcut Distribution Expenses
DistributionExpenses
12547000

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