$LCUT
LIFETIME BRANDS, INC

2018 Q2 Form 10-Q Financial Statement

#000119312518157701 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $148.7M $118.2M $113.4M
YoY Change 26.63% 4.25% 2.19%
Cost Of Revenue $96.57M $73.08M $69.42M
YoY Change 29.46% 5.28% -1.36%
Gross Profit $52.08M $45.09M $43.94M
YoY Change 21.69% 2.61% 8.36%
Gross Profit Margin 35.03% 38.15% 38.76%
Selling, General & Admin $40.04M $40.18M $32.38M
YoY Change 20.97% 24.07% 1.8%
% of Gross Profit 76.89% 89.11% 73.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.420M $4.310M $3.290M
YoY Change 92.22% 31.0% -5.46%
% of Gross Profit 12.33% 9.56% 7.49%
Operating Expenses $40.04M $40.18M $32.38M
YoY Change 20.97% 24.07% 1.8%
Operating Profit -$3.301M -$13.32M -$1.874M
YoY Change 5.09% 610.57% -64.07%
Interest Expense $4.676M $2.103M $941.0K
YoY Change 367.13% 123.49% -21.12%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.977M -$15.49M -$2.815M
YoY Change 87.61% 450.09% -56.07%
Income Tax -$1.765M -$3.810M $3.800M
% Of Pretax Income
Net Earnings -$6.057M -$11.60M -$1.331M
YoY Change 188.98% 771.37% -68.96%
Net Earnings / Revenue -4.07% -9.81% -1.17%
Basic Earnings Per Share -$0.30 -$0.70 -$0.09
Diluted Earnings Per Share -$0.30 -$0.70 -$0.09
COMMON SHARES
Basic Shares Outstanding 20.61M shares 20.54M shares 14.57M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.000M $11.90M $6.300M
YoY Change 46.34% 88.89% 6.78%
Cash & Equivalents $5.999M $11.90M $6.289M
Short-Term Investments
Other Short-Term Assets $14.70M $16.30M $9.800M
YoY Change 81.48% 66.33% -9.26%
Inventory $197.9M $177.6M $154.2M
Prepaid Expenses
Receivables $93.10M $87.62M $61.76M
Other Receivables $4.100M $0.00 $0.00
Total Short-Term Assets $315.8M $293.4M $232.1M
YoY Change 25.6% 26.41% -1.06%
LONG-TERM ASSETS
Property, Plant & Equipment $25.64M $27.05M $19.89M
YoY Change 24.18% 36.0% -18.62%
Goodwill $99.48M $98.89M $14.35M
YoY Change 570.42% 589.27% -20.74%
Intangibles
YoY Change
Long-Term Investments $23.50M $24.50M $24.30M
YoY Change -6.75% 0.82% -0.41%
Other Assets $1.962M $2.015M $1.813M
YoY Change 46.42% 11.14% -19.81%
Total Long-Term Assets $426.3M $433.6M $142.6M
YoY Change 196.52% 204.09% -6.65%
TOTAL ASSETS
Total Short-Term Assets $315.8M $293.4M $232.1M
Total Long-Term Assets $426.3M $433.6M $142.6M
Total Assets $742.0M $726.9M $374.6M
YoY Change 87.77% 94.03% -3.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.92M $34.12M $26.57M
YoY Change 29.25% 28.42% 25.43%
Accrued Expenses $52.94M $49.59M $31.15M
YoY Change 42.46% 59.22% -6.22%
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 100.0%
Long-Term Debt Due $1.200M $1.300M $6.900M
YoY Change -81.16% -72.06%
Total Short-Term Liabilities $98.18M $85.25M $70.36M
YoY Change 37.78% 21.15% -11.23%
LONG-TERM LIABILITIES
Long-Term Debt $322.9M $308.6M $81.90M
YoY Change 226.16% 276.8% -2.73%
Other Long-Term Liabilities $20.85M $20.57M $17.87M
YoY Change 18.38% 15.1% -5.78%
Total Long-Term Liabilities $20.85M $20.57M $17.87M
YoY Change 18.38% 15.1% -5.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.18M $85.25M $70.36M
Total Long-Term Liabilities $20.85M $20.57M $17.87M
Total Liabilities $119.0M $105.8M $88.23M
YoY Change 33.93% 19.93% -10.18%
SHAREHOLDERS EQUITY
Retained Earnings $41.13M $48.07M $58.98M
YoY Change -26.84% -18.5% 37.68%
Common Stock $207.0K $206.0K $146.0K
YoY Change 39.86% 41.1% 2.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $265.8M $277.7M $198.7M
YoY Change
Total Liabilities & Shareholders Equity $742.0M $726.9M $374.6M
YoY Change 87.77% 94.03% -3.26%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$6.057M -$11.60M -$1.331M
YoY Change 188.98% 771.37% -68.96%
Depreciation, Depletion And Amortization $6.420M $4.310M $3.290M
YoY Change 92.22% 31.0% -5.46%
Cash From Operating Activities -$18.31M $12.54M $5.980M
YoY Change 78.29% 109.67% -167.8%
INVESTING ACTIVITIES
Capital Expenditures -$760.0K $2.408M $373.0K
YoY Change -67.52% 545.58% -50.99%
Acquisitions $217.9M
YoY Change
Other Investing Activities $0.00 -$217.9M
YoY Change
Cash From Investing Activities -$760.0K -$220.3M -$370.0K
YoY Change -67.52% 59451.35% -51.32%
FINANCING ACTIVITIES
Cash Dividend Paid $652.0K $613.0K
YoY Change 6.36% 3.2%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.43M 212.0M -7.250M
YoY Change 30.52% -3023.5% -185.6%
NET CHANGE
Cash From Operating Activities -18.31M 12.54M 5.980M
Cash From Investing Activities -760.0K -220.3M -370.0K
Cash From Financing Activities 13.43M 212.0M -7.250M
Net Change In Cash -5.640M 4.304M -1.640M
YoY Change 143.1% -362.44% 47.75%
FREE CASH FLOW
Cash From Operating Activities -$18.31M $12.54M $5.980M
Capital Expenditures -$760.0K $2.408M $373.0K
Free Cash Flow -$17.55M $10.13M $5.607M
YoY Change 121.31% 80.67% -158.52%

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CY2018Q1 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 February 2018, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued ASU <font style="WHITE-SPACE: nowrap">2018-02,</font> <i>Income Statement- Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</i>, which addresses the effect of the change in the U.S. federal corporate tax rate due to the enactment of the December&#xA0;22, 2017 Tax Cuts and Jobs Act on items within accumulated other comprehensive income (loss). The guidance is effective for fiscal years beginning after December&#xA0;15, 2018, with early adoption permitted. The Company is evaluating the effect of adopting this pronouncement.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px"> &#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">2017-04,</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: 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, in most leases, 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. 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 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> </div>
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2018Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.70
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000874396
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
12538000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
3750 shares
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y9M18D
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
15.41
CY2018Q1 dei Trading Symbol
TradingSymbol
LCUT
CY2018Q1 dei Amendment Flag
AmendmentFlag
false
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
18.23
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.75
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y9M18D
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
6625 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16601000 shares
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0425
CY2018Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.70
CY2018Q1 dei Document Period End Date
DocumentPeriodEndDate
2018-03-31
CY2018Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2018Q1 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 2014.
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
150000 shares
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.70
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
LIFETIME BRANDS, INC
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
118169000
CY2018Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
24000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2408000
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
217932000
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
3380000
CY2018Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-66000
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
929000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-13316000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-11598000
CY2018Q1 us-gaap Interest Paid
InterestPaid
746000
CY2018Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
17303000
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-48119000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8214000
CY2018Q1 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
545000
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
258000
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
652000
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
70000
CY2018Q1 us-gaap Gross Profit
GrossProfit
45087000
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
123938000
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
11049000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-14000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3384000
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1476000
CY2018Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
77000
CY2018Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
77000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-15485000
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
152000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3810000
CY2018Q1 us-gaap Interest Expense
InterestExpense
2103000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-220340000
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-18000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
838000
CY2018Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4309000
CY2018Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
600000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
40175000
CY2018Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
73082000
CY2018Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-7050000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
211954000
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
73725000
CY2018Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
79000
CY2018Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
220000
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2680000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4304000
CY2018Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
82613000
CY2018Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-3880000
CY2018Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
275000000
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
406000
CY2018Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
200000
CY2018Q1 lcut Foreign Currency Translation Adjustment
ForeignCurrencyTranslationAdjustment
3380000
CY2018Q1 lcut Distribution Expenses
DistributionExpenses
17822000
CY2018Q1 lcut Intangible Assets Including Goodwill Foreign Currency Translation Gain Loss
IntangibleAssetsIncludingGoodwillForeignCurrencyTranslationGainLoss
1675000
CY2018Q1 lcut Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
370000

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