Company Will Report Fourth Quarter 2014 Financial Results on
Thursday, March 12, 2015
GARDEN CITY, N.Y.--(BUSINESS WIRE)--Feb. 23, 2015--
Lifetime Brands, Inc. (NasdaqGS:LCUT), a leading global provider of
branded kitchenware, tableware and other products used in the home,
announced today that it has entered into an asset purchase agreement to
acquire the operating assets and to assume certain liabilities of Reed
and Barton Corporation, which has filed for bankruptcy protection. The
agreement provides that Lifetime will purchase the assets pursuant to
Section 363 of the United States Bankruptcy Code. The transaction is
subject to a number of conditions, including completion of an auction
process and bankruptcy court approval.
Jeffrey Siegel, Lifetime’s Chairman and CEO, commented, “Reed & Barton’s
tableware business in flatware, crystal and serveware fits nicely with
our own and also will immediately establish for us a strong position in
the giftware category.”
In addition, the Company announced that it has amended its bank credit
agreement. The amendment provides for a more gradual reduction in the
permitted maximum senior leverage ratio, beginning March 31, 2015, than
previously was the case. The amendment also revises the definition of
EBITDA to exclude expenses incurred in respect of a financing that the
Company chose not to complete due to adverse market conditions and the
acquisition of Reed & Barton, if not completed. The amendment also
includes clarifying language as to the exclusion of potential earn-out
payments related to certain completed acquisitions. The amendment will
be filed today on Form 8-K.
The Company plans to announce its fourth quarter 2014 results at 7:00
a.m. (Eastern time) on Thursday, March 12, 2015. The Company has
scheduled a conference call for 11:00 a.m., at which time Jeffrey
Siegel, Chairman and Chief Executive Officer, and Laurence Winoker,
Senior Vice President and Chief Financial Officer, will discuss the
Company's financial results and will be available to answer investor
questions.
The dial-in number for the conference call is (877) 703-6109 or (857)
244-7308 passcode #31412851. A replay of the call will also be available
through Thursday, March 19, 2015 and can be accessed by dialing (888)
286-8010 or (617) 801-6888, conference ID #55804783. A live webcast of
the conference call will be broadcast in the Investor Relations section
of the Company’s web site, www.lifetimebrands.com.
For those who cannot listen to the live broadcast, an audio replay of
the call will also be available on the site.
Lifetime Brands, Inc.
Lifetime Brands is a leading global provider of kitchenware, tableware
and other products used in the home. The Company markets its products
under such well-known kitchenware brands as Farberware®,
KitchenAid®, Cuisine de France®, Fred® &
Friends, Guy Fieri®, Kitchen Craft®, Kizmos™,
La Cafetière®, Misto®, Mossy Oak®,
Pedrini®, Sabatier®, Savora™ and
Vasconia®; respected tableware brands such as Mikasa®,
Pfaltzgraff®, Creative Tops®, Gorham®,
International® Silver, Kirk Stieff®, Sasaki®,
Towle® Silversmiths, Tuttle®, Wallace®,
V&A® and Royal Botanic Gardens Kew®; and home
solutions brands, including Kamenstein®, Bombay®,BUILT®,
Debbie Meyer®and Design for Living™. The Company
also provides exclusive private label products to leading retailers
worldwide.
The Company’s corporate website is www.lifetimebrands.com.
Source: Lifetime Brands, Inc.
Lifetime Brands, Inc.
Laurence Winoker, 516-203-3590
Chief
Financial Officer
investor.relations@lifetimebrands.com
or
LHA
Harriet
Fried, SVP, 212-838-3777
hfried@lhai.com
