$LCUT
LIFETIME BRANDS, INC

2016 Q4 Form 10-Q Financial Statement

#000119312516764492 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $193.5M $170.1M $118.1M
YoY Change 4.09% 4.24% -2.39%
Cost Of Revenue $118.5M $111.8M $75.06M
YoY Change 1.37% 5.23% -3.06%
Gross Profit $75.00M $58.32M $42.99M
YoY Change 8.7% 2.41% -1.19%
Gross Profit Margin 38.76% 34.28% 36.42%
Selling, General & Admin $49.10M $33.01M $29.85M
YoY Change -3.73% -2.46% -6.59%
% of Gross Profit 65.47% 56.6% 69.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.410M $4.680M $3.580M
YoY Change -31.14% 33.33% -1.38%
% of Gross Profit 3.21% 8.02% 8.33%
Operating Expenses $49.00M $33.01M $29.85M
YoY Change -3.92% -2.46% -6.59%
Operating Profit $26.00M $10.78M -$288.0K
YoY Change 44.44% 10.45% -70.82%
Interest Expense -$4.800M $1.231M $1.122M
YoY Change 242.86% -15.34% -23.1%
% of Operating Profit -18.46% 11.42%
Other Income/Expense, Net
YoY Change
Pretax Income $20.50M $9.551M -$1.682M
YoY Change 26.54% 14.96% -31.23%
Income Tax $6.800M $2.961M -$473.0K
% Of Pretax Income 33.17% 31.0%
Net Earnings $14.70M $6.452M -$1.191M
YoY Change 33.64% 26.41% -31.04%
Net Earnings / Revenue 7.6% 3.79% -1.01%
Basic Earnings Per Share $0.45 -$0.08
Diluted Earnings Per Share $1.000M $0.44 -$0.08
COMMON SHARES
Basic Shares Outstanding 14.43M shares 14.27M shares 14.16M shares
Diluted Shares Outstanding 14.63M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.900M $5.800M $6.600M
YoY Change 11.27% -7.94% 32.0%
Cash & Equivalents $7.883M $5.831M $6.649M
Short-Term Investments
Other Short-Term Assets $8.800M $8.300M $9.100M
YoY Change 0.0% -16.16% -29.46%
Inventory $135.2M $171.3M $150.6M
Prepaid Expenses
Receivables $104.6M $130.1M $81.06M
Other Receivables $0.00 $2.200M $4.600M
Total Short-Term Assets $256.4M $317.8M $252.1M
YoY Change 5.37% 6.29% 0.98%
LONG-TERM ASSETS
Property, Plant & Equipment $21.13M $21.40M $22.91M
YoY Change -15.06% -16.07% -11.88%
Goodwill $14.20M $18.10M $18.10M
YoY Change -21.55% 0.0% 0.0%
Intangibles $75.02M
YoY Change -4.43%
Long-Term Investments $22.70M $22.50M $23.50M
YoY Change -9.2% -7.79% -11.99%
Other Assets $1.886M $2.104M $2.196M
YoY Change -6.73% -24.64% -25.48%
Total Long-Term Assets $143.4M $150.1M $149.1M
YoY Change -7.45% -0.57% -4.26%
TOTAL ASSETS
Total Short-Term Assets $256.4M $317.8M $252.1M
Total Long-Term Assets $143.4M $150.1M $149.1M
Total Assets $399.9M $467.9M $401.2M
YoY Change 0.38% 3.99% -1.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.70M $49.23M $25.94M
YoY Change 9.0% 38.04% -20.64%
Accrued Expenses $45.21M $52.35M $34.34M
YoY Change 12.6% 14.0% 10.17%
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $100.0K $100.0K
YoY Change -66.67% 0.0%
Long-Term Debt Due $9.300M $9.900M $9.800M
YoY Change -52.55% -50.5% -51.0%
Total Short-Term Liabilities $91.29M $111.5M $70.25M
YoY Change -0.08% 7.62% -19.43%
LONG-TERM LIABILITIES
Long-Term Debt $86.20M $130.7M $110.4M
YoY Change 7.21% -4.11% -0.81%
Other Long-Term Liabilities $18.97M $19.26M $18.91M
YoY Change 2.25% -4.13% -4.57%
Total Long-Term Liabilities $18.97M $19.26M $18.91M
YoY Change 2.25% -4.13% -4.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.29M $111.5M $70.25M
Total Long-Term Liabilities $18.97M $19.26M $18.91M
Total Liabilities $110.3M $130.8M $89.16M
YoY Change 0.31% 5.71% -16.68%
SHAREHOLDERS EQUITY
Retained Earnings $60.98M $46.86M $41.03M
YoY Change 27.75% 25.54% 24.98%
Common Stock $146.0K $144.0K $144.0K
YoY Change 4.29% 2.86% 2.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $197.7M $197.3M $192.6M
YoY Change
Total Liabilities & Shareholders Equity $399.9M $467.9M $401.2M
YoY Change 0.38% 3.99% -1.03%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $14.70M $6.452M -$1.191M
YoY Change 33.64% 26.41% -31.04%
Depreciation, Depletion And Amortization $2.410M $4.680M $3.580M
YoY Change -31.14% 33.33% -1.38%
Cash From Operating Activities $60.14M -$10.81M -$10.76M
YoY Change 3.8% -50.98% -2931.58%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$890.0K -$330.0K
YoY Change 42.86% -32.06% -77.55%
Acquisitions
YoY Change
Other Investing Activities -$12.25M -$8.770M -$50.00K
YoY Change -8850.0%
Cash From Investing Activities -$13.65M -$9.660M -$380.0K
YoY Change 1525.0% 637.4% -74.15%
FINANCING ACTIVITIES
Cash Dividend Paid $608.0K $602.0K
YoY Change 16.25% 15.77%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -44.28M 19.70M 11.94M
YoY Change -21.66% -20.79% 311.72%
NET CHANGE
Cash From Operating Activities 60.14M -10.81M -10.76M
Cash From Investing Activities -13.65M -9.660M -380.0K
Cash From Financing Activities -44.28M 19.70M 11.94M
Net Change In Cash 2.210M -770.0K 800.0K
YoY Change 281.03% -150.99% -55.8%
FREE CASH FLOW
Cash From Operating Activities $60.14M -$10.81M -$10.76M
Capital Expenditures -$1.400M -$890.0K -$330.0K
Free Cash Flow $61.54M -$9.920M -$10.43M
YoY Change 4.45% -52.17% -663.78%

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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 August 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued ASU 2016-15, <i>Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments</i>, which reduces the diversity in practice on how certain transactions are classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December&#xA0;15, 2018, and interim periods within fiscal years beginning after December&#xA0;15, 2019. 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 March 2016, the FASB 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 is currently allowed 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: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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 either the first-in, first-out or average cost method. 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>
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