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Lifetime Brands(LCUT) - 2023 Q4 - Annual Results
2024-03-12 12:04
Exhibit 99.1 Lifetime Brands, Inc. Reports Fourth Quarter 2023 Financial Results Declares Regular Quarterly Dividend GARDEN CITY, NY, March 12, 2024 – Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today reported its financial results for the quarter and full year ended December 31, 2023. Rob Kay, Lifetime's Chief Executive Officer, commented, "We closed out 2023 with another strong quarter, delivering ...
Lifetime Brands(LCUT) - 2023 Q3 - Quarterly Report
2023-11-09 21:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2023 (Exact name of registrant as specified in its charter) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-19254 LIFETIME BRANDS, INC. Delaware 11-2682486 (St ...
Lifetime Brands(LCUT) - 2023 Q2 - Quarterly Report
2023-08-03 20:18
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-19254 LIFETIME BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 11-2682486 (State o ...
Lifetime Brands(LCUT) - 2023 Q1 - Quarterly Report
2023-05-10 20:08
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-19254 LIFETIME BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 11-2682486 (State ...
Lifetime Brands(LCUT) - 2022 Q4 - Annual Report
2023-03-09 22:21
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0-19254 LIFETIME BRANDS, INC. (Exact name of registrant as specified in its cha ...
Lifetime Brands(LCUT) - 2022 Q4 - Earnings Call Transcript
2023-03-09 21:13
Lifetime Brands, Inc. (NASDAQ:LCUT) Q4 2022 Earnings Conference Call March 9, 2023 11:00 AM ET Company Participants Andrew Squire - IR Rob Kay - CEO Larry Winoker - CFO Conference Call Participants Linda Bolton Weiser - D.A. Davidson Anthony Lebiedzinski - Sidoti & Co. Operator Good morning, ladies and gentlemen, and welcome to Lifetime Brands' Fourth Quarter and Full Year 2022 Earnings Conference Call. At this time I’d like to inform all participants that their lines will be in a listen-only mode. After th ...
Lifetime Brands(LCUT) - 2022 Q3 - Earnings Call Transcript
2022-11-06 14:25
Financial Data and Key Metrics Changes - In Q3 2022, the company reported net sales of $186.86 million, down from $224.8 million in Q3 2021, reflecting a 17% decline [10][33] - Adjusted EBITDA for Q3 2022 was $18.8 million, compared to $29.3 million in the same period last year [10][31] - The net loss for Q3 2022 was $6.4 million, or $0.30 per diluted share, compared to a net income of $12.6 million, or $0.57 per diluted share in Q3 2021 [31] Business Line Data and Key Metrics Changes - U.S. segment sales increased by 13% to $172.8 million, while international segment sales decreased by 49% to $13.8 million [33] - The gross margin percentage for the U.S. segment was 36.6%, down from 37.7% in the previous year, while international gross margin improved to 32.6% from 31.7% [35] Market Data and Key Metrics Changes - The company noted a significant drop in market demand in Europe and Asia Pacific, exacerbated by inflation and geopolitical factors [15][34] - Retail inventory levels have been reported as low, with many major retailers experiencing in-stock levels in the 80s, compared to target levels in the lower- to mid-90s [47] Company Strategy and Development Direction - The company is focusing on restructuring its European operations to align with reduced demand and has implemented cost-saving measures [16][21] - There is an ongoing strategy to explore acquisition opportunities in core and adjacent product categories, with a focus on maintaining a strong balance sheet [20][43] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the macroeconomic environment impacting consumer demand, particularly in Europe, and has withdrawn guidance for the full year 2022 due to uncertainty [24][25] - The company remains optimistic about its core business and expects to see improvements in the bottom line performance of its international business following restructuring efforts [25][26] Other Important Information - The company recorded unusual charges, including a $5.1 million estimate for facility remediation and a $6.2 million non-cash impairment charge [39][40] - Liquidity remains strong, with $170.6 million available as of September 30, 2022, and a focus on reducing inventory levels [41][42] Q&A Session Summary Question: Can you provide insight into retail inventory levels? - Management indicated that retail inventory levels are low, with in-stock levels at major retailers in the 80s, which is below target levels [47][49] Question: How are point-of-sale trends performing? - In the U.S., point-of-sale has been steady, but shipments have declined more significantly, while in Europe, demand continues to decline [50][52] Question: What are the sales figures for S'well year-to-date? - S'well sales for the quarter were reported at $8 million, with year-to-date sales at approximately $12.4 million since the acquisition [55][59] Question: How is the restructuring in Europe expected to impact costs? - The restructuring is expected to primarily benefit SG&A costs, with a focus on right-sizing the infrastructure to match reduced demand [72] Question: Will the decline in ocean freight costs lead to improved gross margins? - Management indicated that while ocean freight costs are declining, the impact on gross margins will not be immediate and is expected to materialize in 2023 [75]
Lifetime Brands(LCUT) - 2022 Q3 - Quarterly Report
2022-11-03 20:17
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2022 or LIFETIME BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 11-2682486 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1000 Stewart Avenue, Garden City, New York, 11530 (Address o ...
Lifetime Brands(LCUT) - 2022 Q2 - Earnings Call Transcript
2022-08-06 22:33
Lifetime Brands, Inc. (NASDAQ:LCUT) Q2 2022 Results Conference Call August 4, 2022 11:00 AM ET Company Participants Andrew Squire - Investor Relations Rob Kay - Chief Executive Officer Larry Winoker - Chief Financial Officer Conference Call Participants Linda Bolton - D.A. Davidson Anthony Lebiedzinski - Sidoti& Company Operator Good morning, ladies and gentlemen, and welcome to Lifetime Brands' Second Quarter 2022 Earnings Conference Call. At this time, I would like to inform all participants that their li ...
Lifetime Brands(LCUT) - 2022 Q2 - Quarterly Report
2022-08-04 20:19
Financial Performance - Consolidated net sales for Q2 2022 were $151.3 million, a decrease of $35.3 million or 18.9% compared to $186.6 million in Q2 2021[159]. - U.S. segment net sales for Q2 2022 were $137.2 million, down $29.4 million or 17.6% from $166.6 million in Q2 2021[160]. - Consolidated net sales for the six months ended June 30, 2022 were $334.0 million, a decrease of $48.3 million, or 12.6%, compared to $382.3 million for the same period in 2021[180]. - Net sales for the U.S. segment for the six months ended June 30, 2022 were $303.4 million, a decrease of $39.4 million, or 11.5%, compared to $342.8 million for the same period in 2021[181]. - Net sales for the International segment for the six months ended June 30, 2022 were $30.6 million, a decrease of $8.9 million, or 22.5%, compared to $39.5 million for the same period in 2021[186]. Product Category Sales - Kitchenware product category sales in the U.S. segment for Q2 2022 were $84.3 million, a decrease of $19.3 million or 18.6% compared to $103.6 million in Q2 2021[161]. - Tableware product category sales in the U.S. segment for Q2 2022 were $29.9 million, down $7.4 million or 19.8% from $37.3 million in Q2 2021[162]. - Home Solutions product category sales in the U.S. segment for Q2 2022 were $23.0 million, a decrease of $2.7 million or 10.5% compared to $25.7 million in Q2 2021[163]. Profitability and Margins - Gross margin for Q2 2022 was 36.5%, an increase from 35.4% in Q2 2021[158]. - Gross margin for the six months ended June 30, 2022 was $118.2 million, or 35.4%, compared to $132.2 million, or 34.6%, for the same period in 2021[187]. - Gross margin for the U.S. segment was $108.7 million, or 35.8%, for the six months ended June 30, 2022, compared to $119.4 million, or 34.8%, for the same period in 2021[188]. Expenses - Distribution expenses as a percentage of net sales increased to 11.5% in Q2 2022 from 10.1% in Q2 2021[158]. - Selling, general and administrative expenses as a percentage of net sales rose to 25.3% in Q2 2022 from 19.4% in Q2 2021[158]. - Selling, general and administrative expenses for the six months ended June 30, 2022 were $77.7 million, an increase of $3.4 million, or 4.6%, compared to $74.3 million for the same period in 2021[193]. - Selling, general and administrative expenses for the U.S. segment were $57.6 million for the six months ended June 30, 2022, compared to $53.8 million for the same period in 2021, with expenses as a percentage of net sales increasing to 19.0% from 15.7%[194]. Net Income and Loss - The company experienced a net loss of 2.3% in Q2 2022 compared to a net income of 3.1% in Q2 2021[158]. - The company reported a net income of $8.9 million for the twelve months ended June 30, 2022, compared to a net loss of $3.5 million for the quarter ended June 30, 2022[221]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $7.2 million as of June 30, 2022, down from $28.0 million at December 31, 2021, with working capital at $247.0 million compared to $270.8 million[204]. - Net cash used in operating activities was $8.9 million for the six months ended June 30, 2022, a decrease from net cash provided of $42.1 million in the same period of 2021[231]. - The company incurred $19.4 million in net cash used in investing activities for the six months ended June 30, 2022, primarily due to the acquisition of S'well for $18.0 million[232]. - The company experienced a significant decrease in cash flow from financing activities, providing $7.7 million in 2022 compared to a net cash used of $42.2 million in 2021[233]. Supply Chain and Operational Challenges - The company is facing challenges due to global supply chain disruptions and inflation, impacting costs and delivery times[146]. - Inventory turnover for the three months ended June 30, 2022, was 1.4 times (270 days), down from 2.3 times (162 days) in the same period of 2021, attributed to supply chain disruptions and inflation[205]. Debt and Interest - Interest expense for the six months ended June 30, 2022 was $7.5 million, a decrease from $7.8 million for the same period in 2021, due to lower debt outstanding on the Term Loan[197]. - The interest rate on outstanding borrowings under the ABL Agreement at June 30, 2022, ranged from 2.44% to 5.00%[213]. - The Term Loan facility bore interest at 4.6% as of June 30, 2022[214]. - The Company was in compliance with the covenants of the Debt Agreements at June 30, 2022[216]. Other Financial Metrics - Adjusted EBITDA for the last twelve months ended June 30, 2022, was $83.4 million, with capital expenditures of $1.5 million for the six months ended June 30, 2022[217]. - For the twelve months ended June 30, 2022, the adjusted EBITDA was $79.9 million, with a pro forma adjusted EBITDA of $83.4 million after accounting for projected synergies from the S'well acquisition[221]. - Mark to market gain on interest rate derivatives increased to $1.4 million for the six months ended June 30, 2022, compared to $0.5 million for the same period in 2021, due to rising interest rates[198]. - Income tax provision was $1.6 million for the six months ended June 30, 2022, with an effective tax rate of (69.8)%, compared to $4.2 million and 32.8% for the same period in 2021[199]. - Equity in earnings from Vasconia was $0.8 million for the six months ended June 30, 2022, up from $0.5 million in 2021, while Vasconia's income from operations decreased to $5.2 million from $10.3 million[200]. Shareholder Actions - The company authorized a stock repurchase program of up to $20.0 million, repurchasing 336,791 shares for a total cost of $4.2 million during the six months ended June 30, 2022[235].