$LCUT
LIFETIME BRANDS, INC

2024 Q3 Form 10-Q Financial Statement

#000162828024036161 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $183.8M $141.7M
YoY Change -4.09% -3.26%
Cost Of Revenue $116.4M $87.12M
YoY Change -3.56% -3.68%
Gross Profit $67.42M $54.55M
YoY Change -4.98% -2.57%
Gross Profit Margin 36.67% 38.51%
Selling, General & Admin $38.77M $38.33M
YoY Change -3.59% -25.71%
% of Gross Profit 57.51% 70.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.408M $4.894M
YoY Change 32.95% -0.63%
% of Gross Profit 9.51% 8.97%
Operating Expenses $38.77M $38.33M
YoY Change -3.59% -25.71%
Operating Profit $8.613M $1.167M
YoY Change -36.72% -73.45%
Interest Expense $5.834M $5.157M
YoY Change 11.21% -196.74%
% of Operating Profit 67.73% 441.9%
Other Income/Expense, Net
YoY Change
Pretax Income $1.851M -$18.22M
YoY Change -77.61% -3215.21%
Income Tax $1.500M -$100.0K
% Of Pretax Income 81.04%
Net Earnings $344.0K -$18.17M
YoY Change -91.82% 178.63%
Net Earnings / Revenue 0.19% -12.82%
Basic Earnings Per Share $0.02 -$0.85
Diluted Earnings Per Share $0.02 -$0.85
COMMON SHARES
Basic Shares Outstanding 22.16M shares 22.07M shares
Diluted Shares Outstanding 21.61M shares 21.42M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.984M $3.396M
YoY Change -5.02% -77.54%
Cash & Equivalents $5.984M $3.396M
Short-Term Investments
Other Short-Term Assets $13.81M $15.34M
YoY Change 14.17% 29.18%
Inventory $235.0M $208.5M
Prepaid Expenses
Receivables $142.2M $112.5M
Other Receivables $2.894M $3.546M
Total Short-Term Assets $399.9M $343.3M
YoY Change 2.32% -3.98%
LONG-TERM ASSETS
Property, Plant & Equipment $16.56M $15.69M
YoY Change -1.56% -82.54%
Goodwill $33.24M $33.24M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.247M $2.264M
YoY Change -57.7% -61.86%
Total Long-Term Assets $268.8M $273.7M
YoY Change -10.64% -11.06%
TOTAL ASSETS
Total Short-Term Assets $399.9M $343.3M
Total Long-Term Assets $268.8M $273.7M
Total Assets $668.7M $617.0M
YoY Change -3.32% -7.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.61M $59.52M
YoY Change 39.2% 22.99%
Accrued Expenses $68.43M $64.97M
YoY Change -1.29% -9.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.867M $6.822M
YoY Change -50.48% -54.08%
Total Short-Term Liabilities $169.7M $145.8M
YoY Change 10.24% 7.88%
LONG-TERM LIABILITIES
Long-Term Debt $194.7M $165.9M
YoY Change -8.4% -19.92%
Other Long-Term Liabilities $14.15M $13.40M
YoY Change -4.35% -85.14%
Total Long-Term Liabilities $14.15M $13.40M
YoY Change -4.35% -95.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $169.7M $145.8M
Total Long-Term Liabilities $14.15M $13.40M
Total Liabilities $183.9M $159.2M
YoY Change 8.96% -63.99%
SHAREHOLDERS EQUITY
Retained Earnings -$40.51M -$39.90M
YoY Change 164.2% 114.54%
Common Stock $222.0K $222.0K
YoY Change 1.83% 1.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $220.9M $219.8M
YoY Change
Total Liabilities & Shareholders Equity $668.7M $617.0M
YoY Change -3.32% -7.26%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $344.0K -$18.17M
YoY Change -91.82% 178.63%
Depreciation, Depletion And Amortization $6.408M $4.894M
YoY Change 32.95% -0.63%
Cash From Operating Activities -$22.67M $10.42M
YoY Change 88.42% -38.32%
INVESTING ACTIVITIES
Capital Expenditures $506.0K $498.0K
YoY Change -35.13% 3.32%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$506.0K -$498.0K
YoY Change -35.13% 3.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.66M -11.15M
YoY Change 532.12% -73.57%
NET CHANGE
Cash From Operating Activities -22.67M 10.42M
Cash From Investing Activities -506.0K -498.0K
Cash From Financing Activities 25.66M -11.15M
Net Change In Cash 2.491M -1.228M
YoY Change -128.47% -95.23%
FREE CASH FLOW
Cash From Operating Activities -$22.67M $10.42M
Capital Expenditures $506.0K $498.0K
Free Cash Flow -$23.17M $9.919M
YoY Change 80.9% -39.54%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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18.68
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
797500 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.40
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y2M12D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
197000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
674500 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.78
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y6M
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
97000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
495000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M18D
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1037000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1011000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1844000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1872000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-18167000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-6520000 usd
us-gaap Net Income Loss
NetIncomeLoss
-24427000 usd
us-gaap Net Income Loss
NetIncomeLoss
-15325000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21421000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21123000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21399000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21174000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21421000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21123000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21399000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21174000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.85
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.72
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.85
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.72
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1507000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1624000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1556000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1603000 shares
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.003
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.007
CY2024Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1200000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.123
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.016
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
141666000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
146436000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
283908000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
291871000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1167000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4396000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
2997000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
2590000 usd
CY2024Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4894000 usd
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4925000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9833000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9795000 usd
CY2024Q2 us-gaap Assets
Assets
616964000 usd
CY2023Q4 us-gaap Assets
Assets
667142000 usd
CY2024Q2 us-gaap Site Contingency Environmental Remediation Costs Recognized
SiteContingencyEnvironmentalRemediationCostsRecognized
5.6 million
lcut Number Of Tableware Collections
NumberOfTablewareCollections
7 tablewarecollection
CY2020Q2 lcut Number Of Protests Filed
NumberOfProtestsFiled
3 protest
lcut Number Of Remaining Tableware Collections
NumberOfRemainingTablewareCollections
29 tablewarecollection
CY2020Q4 lcut Number Of Protests Approved
NumberOfProtestsApproved
1 protest
CY2024Q2 lcut Number Of Protests Pending
NumberOfProtestsPending
2 tablewarecollection
lcut Period Of Investigation
PeriodOfInvestigation
P5Y
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0425
CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0425
us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
200000 usd
CY2022Q1 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
20000000.0 usd
CY2013Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000.0 usd
CY2024Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
11100000 usd
us-gaap Interest Paid Net
InterestPaidNet
9853000 usd
us-gaap Interest Paid Net
InterestPaidNet
10453000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4193000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3188000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-4000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-4000 usd
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-8000 usd
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-8000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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