Lifetime Brands(LCUT) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter sales reached $215.2 million, a 6% increase compared to$ 203.1 million in the same period of 2023[5] - Net income for Q4 2024 was $8.9 million, or$ 0.41 per diluted share, compared to $2.7 million, or$ 0.13 per diluted share, in Q4 2023[7] - Full year consolidated net sales for 2024 were $683.0 million, a decrease of 0.5% from$ 686.7 million in 2023[9] - Net sales for Q4 2024 were $215,207 thousand, an increase of 5.2% compared to$ 203,143 thousand in Q4 2023[25] - Net income for the year ended December 31, 2024, was a loss of $15,165 thousand, compared to a loss of$ 8,412 thousand in 2023, indicating a deterioration in profitability[25] - Adjusted net income for the year ended December 31, 2024, was $12,643,000, compared to$ 11,010,000 in 2023, indicating a year-over-year increase[36] - U.S. net sales for the year ended December 31, 2024, were $627,202,000, down by$ 5,877,000 from 2023[40] Operational Metrics - Trailing twelve-month Adjusted EBITDA was $55.4 million, up from$ 53.9 million in the prior quarter[5] - Adjusted EBITDA for the year ended December 31, 2024, was $55,371 thousand, reflecting a strong operational performance despite the net loss[32] - Adjusted EBITDA for the year ended December 31, 2023, was$ 57,308,000, with a quarterly increase to $21,469,000 in Q4 2023[33] - Gross margin for Q4 2024 expanded to 37.7%, compared to 36.4% in Q4 2023[6] - Gross margin improved to$ 81,189 thousand in Q4 2024, up from $73,855 thousand in Q4 2023, reflecting a gross margin percentage increase from 36.4% to 37.7%[25] Cash Flow and Assets - Cash and cash equivalents at the end of 2024 were$ 2,929 thousand, down from $16,189 thousand at the end of 2023, representing a decrease of 81.9%[30] - The company reported a net cash provided by operating activities of$ 18,569 thousand for the year, down from $56,431 thousand in 2023, a decrease of 67.0%[30] - Total assets decreased to$ 634,310 thousand in 2024 from $667,142 thousand in 2023, a decline of approximately 4.9%[27] - Total stockholders' equity slightly decreased to$ 229,923 thousand in 2024 from $230,879 thousand in 2023, a marginal decline of 0.4%[27] Future Outlook and Initiatives - The company launched Project Concord in January 2025 to enhance its International business and streamline operations[4] - Full Year 2025 guidance will be provided in mid-May 2025, alongside the First Quarter 2025 results[16] - The relocation of the east coast distribution facility is expected to incur one-time exit costs up to$ 7 million[12] - The Hagerstown Facility will require approximately $10 million in capital expenditures and is expected to be operational by Q2 2026[13] Shareholder Returns - The Board declared a quarterly dividend of$ 0.0425 per share, payable on May 15, 2025[15] Other Expenses - The company incurred $1,325,000 in acquisition-related expenses for the year ended December 31, 2023[33] - Warehouse redesign expenses for the year ended December 31, 2023, totaled$ 578,000, related to the U.S. segment[33] - The company reported a total interest expense of $21,728,000 for the year ended December 31, 2023[33]