$LCUT
LIFETIME BRANDS, INC

2019 Q2 Form 10-Q Financial Statement

#000119312519216594 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $142.5M $148.7M
YoY Change -4.11% 26.63%
Cost Of Revenue $98.52M $96.57M
YoY Change 2.01% 29.46%
Gross Profit $44.02M $52.08M
YoY Change -15.47% 21.69%
Gross Profit Margin 30.88% 35.03%
Selling, General & Admin $40.85M $40.04M
YoY Change 2.02% 20.97%
% of Gross Profit 92.8% 76.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.290M $6.420M
YoY Change -2.02% 92.22%
% of Gross Profit 14.29% 12.33%
Operating Expenses $40.85M $40.04M
YoY Change 2.02% 20.97%
Operating Profit -$12.55M -$3.301M
YoY Change 280.04% 5.09%
Interest Expense $5.044M $4.676M
YoY Change 7.87% 367.13%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$17.24M -$7.977M
YoY Change 116.11% 87.61%
Income Tax -$5.800M -$1.765M
% Of Pretax Income
Net Earnings -$11.51M -$6.057M
YoY Change 90.08% 188.98%
Net Earnings / Revenue -8.08% -4.07%
Basic Earnings Per Share -$0.56 -$0.30
Diluted Earnings Per Share -$0.56 -$0.30
COMMON SHARES
Basic Shares Outstanding 20.92M 20.61M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.50M $6.000M
YoY Change 75.0% 46.34%
Cash & Equivalents $10.54M $5.999M
Short-Term Investments
Other Short-Term Assets $12.70M $14.70M
YoY Change -13.61% 81.48%
Inventory $205.6M $197.9M
Prepaid Expenses
Receivables $91.11M $93.10M
Other Receivables $10.70M $4.100M
Total Short-Term Assets $330.7M $315.8M
YoY Change 4.71% 25.6%
LONG-TERM ASSETS
Property, Plant & Equipment $26.56M $25.64M
YoY Change 3.59% 24.18%
Goodwill $92.64M $99.48M
YoY Change -6.88% 570.42%
Intangibles
YoY Change
Long-Term Investments $20.90M $23.50M
YoY Change -11.06% -6.75%
Other Assets $3.345M $1.962M
YoY Change 70.49% 46.42%
Total Long-Term Assets $492.0M $426.3M
YoY Change 15.43% 196.52%
TOTAL ASSETS
Total Short-Term Assets $330.7M $315.8M
Total Long-Term Assets $492.0M $426.3M
Total Assets $822.7M $742.0M
YoY Change 10.87% 87.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.50M $43.92M
YoY Change 10.43% 29.25%
Accrued Expenses $50.97M $52.94M
YoY Change -3.72% 42.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $100.0K
YoY Change -100.0% 0.0%
Long-Term Debt Due $13.30M $1.200M
YoY Change 1008.33%
Total Short-Term Liabilities $123.9M $98.18M
YoY Change 26.19% 37.78%
LONG-TERM LIABILITIES
Long-Term Debt $295.0M $322.9M
YoY Change -8.64% 226.16%
Other Long-Term Liabilities $10.06M $20.85M
YoY Change -51.77% 18.38%
Total Long-Term Liabilities $10.06M $20.85M
YoY Change -51.77% 18.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.9M $98.18M
Total Long-Term Liabilities $10.06M $20.85M
Total Liabilities $133.9M $119.0M
YoY Change 12.53% 33.93%
SHAREHOLDERS EQUITY
Retained Earnings $37.09M $41.13M
YoY Change -9.81% -26.84%
Common Stock $213.0K $207.0K
YoY Change 2.9% 39.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $263.1M $265.8M
YoY Change
Total Liabilities & Shareholders Equity $822.7M $742.0M
YoY Change 10.87% 87.77%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$11.51M -$6.057M
YoY Change 90.08% 188.98%
Depreciation, Depletion And Amortization $6.290M $6.420M
YoY Change -2.02% 92.22%
Cash From Operating Activities -$10.33M -$18.31M
YoY Change -43.58% 78.29%
INVESTING ACTIVITIES
Capital Expenditures -$2.480M -$760.0K
YoY Change 226.32% -67.52%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.480M -$760.0K
YoY Change 226.32% -67.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.17M 13.43M
YoY Change 27.85% 30.52%
NET CHANGE
Cash From Operating Activities -10.33M -18.31M
Cash From Investing Activities -2.480M -760.0K
Cash From Financing Activities 17.17M 13.43M
Net Change In Cash 4.360M -5.640M
YoY Change -177.3% 143.1%
FREE CASH FLOW
Cash From Operating Activities -$10.33M -$18.31M
Capital Expenditures -$2.480M -$760.0K
Free Cash Flow -$7.850M -$17.55M
YoY Change -55.27% 121.31%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InventoryWorkInProcessNetOfReserves
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InventoryWorkInProcessNetOfReserves
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LineOfCreditFacilityInterestRateAtPeriodEnd
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lcut Minimum Amount Of Borrowing Availability Under Revolving Credit Facility
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2018Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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OperatingIncomeLoss
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OperatingIncomeLoss
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Assets
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lcut Foreign Currency Translation Adjustment
ForeignCurrencyTranslationAdjustment
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IncomeTaxesReceivable
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CY2019Q2 us-gaap Long Term Loans Payable
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LongTermLoansPayable
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lcut Non Cash Lease Expense
NonCashLeaseExpense
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us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
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PaymentsOfStockIssuanceCosts
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PercentageOfAnnualNetSales
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PercentageOfAnnualNetSales
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CostOfGoodsAndServicesSoldDepreciation
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CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
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LeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Lease Cost
LeaseCost
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CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2019Q2 lcut Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
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OperatingLeasePayments
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lcut Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
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CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q2 lcut Right Of Use Assets Obtained In Exchange For Lease Obligations
RightOfUseAssetsObtainedInExchangeForLeaseObligations
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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lcut Right Of Use Assets Obtained In Exchange For Lease Obligations
RightOfUseAssetsObtainedInExchangeForLeaseObligations
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CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
167861000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
42068000
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20327000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
88825000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y7M6D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.062
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
125793000
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.56
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
9952000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
17343000
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20527000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18474000
us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0100
CY2019Q2 lcut Unamortized Debt Issuance Expense Current
UnamortizedDebtIssuanceExpenseCurrent
1500000
CY2018Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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EarningsPerShareBasicAndDiluted
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InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
5614000
us-gaap Income Taxes Paid
IncomeTaxesPaid
993000
us-gaap Income Taxes Paid
IncomeTaxesPaid
2763000
lcut Foreign Currency Translation Adjustment
ForeignCurrencyTranslationAdjustment
-2109000
dei Security12b Title
Security12bTitle
Common Stock
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
lcut Debt Instrument Quarterly Repayment Percentage Of Principal Amount
DebtInstrumentQuarterlyRepaymentPercentageOfPrincipalAmount
0.0025
lcut Maximum Debt Instrument Leverage Ratio
MaximumDebtInstrumentLeverageRatio
3.75
dei Trading Symbol
TradingSymbol
LCUT
CY2019Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
21255218
CY2019Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
7473000
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
7855000
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1.00
CY2019Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2019Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2019Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
21255218
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20764143
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1.00
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2019Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
21255218
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20764143
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
6000
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
133000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.085
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.085
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
133000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
4095000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
688000
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
71000
lcut Stock Keeping Units Rationalization
StockKeepingUnitsRationalization
8500000
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
79000
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
700000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q2 us-gaap Goodwill Gross
GoodwillGross
92637000
CY2019Q2 us-gaap Goodwill
Goodwill
92637000
CY2018Q4 us-gaap Goodwill Gross
GoodwillGross
93895000
CY2018Q4 us-gaap Goodwill
Goodwill
91690000
CY2019Q2 lcut Intangible Assets Gross
IntangibleAssetsGross
392163000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
60849000
CY2018Q4 lcut Intangible Assets Gross
IntangibleAssetsGross
393639000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
52587000
CY2018Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2205000
us-gaap Debt Instrument Description
DebtInstrumentDescription
The Incremental Facilities may not exceed the sum of (i) $50.0 million plus (ii) an unlimited amount so long as, in the case of (ii) only, the Company’s secured net leverage ratio, as defined in and computed pursuant to the Term Loan, is no greater than 3.75 to 1.00 subject to certain limitations and for the period defined pursuant to the Term Loan.
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
The term loan facility bears interest, at the Company’s option, at one of the following rates: (i) alternate base rate, defined, for any day, as the greater of the prime rate, a federal funds and overnight bank funding based rate plus 0.5% or one-month LIBOR plus 1.0%, plus a margin of 2.50% or (ii) LIBOR plus a margin of 3.50%.
us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The Company’s 2015 U.S. Federal income tax return and New York State tax returns for years 2014-2016 remain under audit with no proposed adjustments as of June 30, 2019.
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1200000
CY2019Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
100000
CY2019Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
1100000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
300000
us-gaap Restricted Stock Expense
RestrictedStockExpense
1800000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
900000
CY2018Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
200000
CY2018Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
700000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
400000
us-gaap Restricted Stock Expense
RestrictedStockExpense
1400000
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1700000
us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2023-03-30
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1548825
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.87
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
296500
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.21
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
75000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.28
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
6750
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.34
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
68125
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
15.57
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1695450
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.41
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y10M24D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
87425
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1212172
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
14.27
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y1M6D
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
87425
CY2019Q2 lcut Percentage Of Inventory Effected
PercentageOfInventoryEffected
0.08
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
5593116
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
CY2019Q2 lcut Sku Rationalization Charged To Cost Of Sales
SkuRationalizationChargedToCostOfSales
8500000
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
LIFETIME BRANDS, INC
dei Entity Central Index Key
EntityCentralIndexKey
0000874396
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false

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