$LCUT
LIFETIME BRANDS, INC

2017 Q4 Form 10-Q Financial Statement

#000119312517338917 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $182.8M $166.0M $170.1M
YoY Change -5.53% -2.45% 4.24%
Cost Of Revenue $111.5M $108.8M $111.8M
YoY Change -5.91% -2.71% 5.23%
Gross Profit $71.20M $57.19M $58.32M
YoY Change -5.07% -1.94% 2.41%
Gross Profit Margin 38.95% 34.46% 34.28%
Selling, General & Admin $65.10M $34.09M $33.01M
YoY Change 32.59% 3.27% -2.46%
% of Gross Profit 91.43% 59.61% 56.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.490M $4.070M $4.680M
YoY Change 44.81% -13.03% 33.33%
% of Gross Profit 4.9% 7.12% 8.02%
Operating Expenses $65.10M $34.09M $33.01M
YoY Change 32.86% 3.27% -2.46%
Operating Profit $6.100M $9.333M $10.78M
YoY Change -76.54% -13.44% 10.45%
Interest Expense $4.000M $1.172M $1.231M
YoY Change -183.33% -4.79% -15.34%
% of Operating Profit 65.57% 12.56% 11.42%
Other Income/Expense, Net
YoY Change
Pretax Income $9.700M $8.161M $9.551M
YoY Change -52.68% -14.55% 14.96%
Income Tax -$332.8M $3.505M $2.961M
% Of Pretax Income -3430.93% 42.95% 31.0%
Net Earnings $1.300M $4.330M $6.452M
YoY Change -91.16% -32.89% 26.41%
Net Earnings / Revenue 0.71% 2.61% 3.79%
Basic Earnings Per Share $0.30 $0.45
Diluted Earnings Per Share $86.09K $0.29 $0.44
COMMON SHARES
Basic Shares Outstanding 14.82M shares 14.57M shares 14.27M shares
Diluted Shares Outstanding 15.04M shares 14.63M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.600M $5.500M $5.800M
YoY Change -3.8% -5.17% -7.94%
Cash & Equivalents $7.600M $5.533M $5.831M
Short-Term Investments
Other Short-Term Assets $10.40M $7.100M $8.300M
YoY Change 18.18% -14.46% -16.16%
Inventory $132.4M $175.6M $171.3M
Prepaid Expenses
Receivables $108.0M $119.7M $130.1M
Other Receivables $0.00 $900.0K $2.200M
Total Short-Term Assets $258.4M $308.9M $317.8M
YoY Change 0.77% -2.8% 6.29%
LONG-TERM ASSETS
Property, Plant & Equipment $23.07M $20.09M $21.40M
YoY Change 9.15% -6.13% -16.07%
Goodwill $15.77M $15.77M $18.10M
YoY Change 11.06% -12.91% 0.0%
Intangibles $72.71M
YoY Change -3.08%
Long-Term Investments $24.00M $24.50M $22.50M
YoY Change 5.73% 8.89% -7.79%
Other Assets $1.750M $1.768M $2.104M
YoY Change -7.21% -15.97% -24.64%
Total Long-Term Assets $143.1M $144.8M $150.1M
YoY Change -0.22% -3.52% -0.57%
TOTAL ASSETS
Total Short-Term Assets $258.4M $308.9M $317.8M
Total Long-Term Assets $143.1M $144.8M $150.1M
Total Assets $401.5M $453.7M $467.9M
YoY Change 0.42% -3.03% 3.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.46M $47.99M $49.23M
YoY Change -14.27% -2.52% 38.04%
Accrued Expenses $44.12M $45.34M $52.35M
YoY Change -2.41% -13.39% 14.0%
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
Long-Term Debt Due $0.00 $9.900M
YoY Change -100.0% -50.5%
Total Short-Term Liabilities $71.52M $93.45M $111.5M
YoY Change -21.66% -16.22% 7.62%
LONG-TERM LIABILITIES
Long-Term Debt $94.70M $128.5M $130.7M
YoY Change 9.86% -1.68% -4.11%
Other Long-Term Liabilities $20.25M $17.43M $19.26M
YoY Change 6.73% -9.49% -4.13%
Total Long-Term Liabilities $20.25M $17.43M $19.26M
YoY Change 6.73% -9.49% -4.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.52M $93.45M $111.5M
Total Long-Term Liabilities $20.25M $17.43M $19.26M
Total Liabilities $91.76M $110.9M $130.8M
YoY Change -16.77% -15.23% 5.71%
SHAREHOLDERS EQUITY
Retained Earnings $60.55M $59.90M $46.86M
YoY Change -0.71% 27.83% 25.54%
Common Stock $149.0K $148.0K $144.0K
YoY Change 2.05% 2.78% 2.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $210.3M $208.1M $197.3M
YoY Change
Total Liabilities & Shareholders Equity $401.5M $453.7M $467.9M
YoY Change 0.42% -3.03% 3.99%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $1.300M $4.330M $6.452M
YoY Change -91.16% -32.89% 26.41%
Depreciation, Depletion And Amortization $3.490M $4.070M $4.680M
YoY Change 44.81% -13.03% 33.33%
Cash From Operating Activities $37.93M -$16.63M -$10.81M
YoY Change -36.93% 53.84% -50.98%
INVESTING ACTIVITIES
Capital Expenditures -$2.040M -$1.560M -$890.0K
YoY Change 45.71% 75.28% -32.06%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$9.070M -$8.770M
YoY Change -100.08% 3.42%
Cash From Investing Activities -$2.030M -$10.63M -$9.660M
YoY Change -85.13% 10.04% 637.4%
FINANCING ACTIVITIES
Cash Dividend Paid $608.0K
YoY Change 16.25%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.90M 28.56M 19.70M
YoY Change -23.44% 44.97% -20.79%
NET CHANGE
Cash From Operating Activities 37.93M -16.63M -10.81M
Cash From Investing Activities -2.030M -10.63M -9.660M
Cash From Financing Activities -33.90M 28.56M 19.70M
Net Change In Cash 2.000M 1.300M -770.0K
YoY Change -9.5% -268.83% -150.99%
FREE CASH FLOW
Cash From Operating Activities $37.93M -$16.63M -$10.81M
Capital Expenditures -$2.040M -$1.560M -$890.0K
Free Cash Flow $39.97M -$15.07M -$9.920M
YoY Change -35.05% 51.92% -52.17%

Facts In Submission

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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 January 2017, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued ASU <font style="WHITE-SPACE: nowrap">2017-04,</font> <i>Simplifying the Test for Goodwill Impairment</i>, to simplify the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. Under this standard, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit&#x2019;s fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This guidance is effective for interim and annual goodwill impairment tests in fiscal years beginning after December&#xA0;15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January&#xA0;1, 2017. 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 January 2017, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2017-01,</font> <i>Clarifying the Definition of a Business</i>, to assist with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is effective for fiscal years beginning after December&#xA0;15, 2017, and interim periods within those years. Early adoption is permitted for transactions not reported in financial statements that have been issued or made available for issuance.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In August 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-15,</font> <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 February 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-02,</font> <i>Leases,</i> which requires a lessee to initially recognize a lease liability for the obligation to make lease payments, and a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font> asset, for the right to use the underlying asset for the lease term, on the lessee&#x2019;s balance sheet. The guidance is effective for fiscal years beginning after December&#xA0;15, 2018, and interim periods within with those years, and is required to be applied using a modified retrospective approach at the beginning of the earliest period presented. Early adoption is permitted. The Company is in the process of evaluating the effect the guidance will have on its existing accounting policies and its consolidated financial statements, but expects there will be an increase in assets and liabilities on the consolidated balance sheets at adoption due to the recording of the <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font> assets and corresponding lease liabilities, which may be material.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In May 2014, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2014-09,</font> <i>Revenue from Contracts with Customers</i>, issued as a new Topic, ASC Topic 606, to clarify the principles of recognizing revenue and create common revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards. Topic 606 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. Topic 606 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 standard supersedes existing revenue recognition guidance and replaces it with a five step revenue model with a core principle that an entity recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In March 2016, the FASB issued Accounting Standards Update <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-08,</font> <i>Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</i> which clarifies the implementation guidance on principal versus agent considerations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company intends to adopt the new guidance provided under Topic 606 on January&#xA0;1, 2018, with a cumulative-effect adjustment to opening retained earnings under the modified retrospective approach. Currently, the Company recognizes revenue when title passes to customers and incentives and promotions are recognized as a reduction of revenue, which generally reflects the consideration the Company expects to receive in exchange for the goods sold. The Company&#x2019;s implementation of this ASU includes the evaluation of its customer agreements to identify terms or conditions that could be considered a performance obligation such that, if material to the terms of the contract, consideration would be allocated to the performance obligation and could accelerate or defer the timing of recognizing revenue. The Company continues to evaluate the presentation of certain contract costs (whether presented gross or offset against revenues) and its principal versus agent arrangements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> The Company&#x2019;s evaluation of the new guidance provided under Topic 606 is not yet complete; however, based on the nature of the Company&#x2019;s primary revenue sources and current policies, the Company does not expect a significant change in the timing and presentation of recognizing its revenue.</p> </div>
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