Lifetime Brands, Inc. to Provide Update on “Lifetime 2.0” Strategy and Long-Term Financial Targets at 2019 Investor Day

Strategy Focused on Leveraging Strong Brands, Best-in-Class Innovation and Global Scale to Drive Organic Growth in Core Categories and Entrance into High Growth Adjacent Categories and Markets

Company Targets More Than $900 Million in Revenue, More Than $90 Million in Adjusted EBITDA and Lower Than 3x Leverage Ratio within Next Five Years

Investor Day Presentations Begin at 9:00 AM ET Today, Available via Webcast at Lifetimebrands.com

GARDEN CITY, N.Y., Nov. 14, 2019 (GLOBE NEWSWIRE) -- 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 will host its 2019 Investor Day, where it will provide an update on the significant progress made on the Company’s strategic transformation and its long-term financial goals.

“We are excited to share our progress executing against the vision for the future of Lifetime Brands,” said Rob Kay, Chief Executive Officer of Lifetime Brands. “Since acquiring Filament Brands in 2018 to create a powerhouse in consumer durable products, we have successfully integrated into one unified business platform and streamlined our operations and management. We are actively pursuing attractive growth opportunities in adjacent categories where we can leverage our core strengths and expanding into new market opportunities, such as our expansion into commercial food service. Additionally, Lifetime Brands is taking a tailored, data and marketing-driven approach to increasing sales for our strong brands in key international markets. We are confident that our more focused business model and strategic growth initiatives will enable us to generate significant cash flow, improve growth and profitability and create meaningful shareholder value in the coming years.”

Value Creation Drivers

In today’s presentations, Lifetime Brands will provide more detail on the areas of its business that are expected to drive meaningful value creation for shareholders, including:

• A leading portfolio of strong, recognizable brands with multi-channel growth opportunities in core end markets;
• Significant opportunities in adjacent durables categories for growth above end market growth rates;
• A best-in-class innovation engine to strategically drive growth and maintain industry leadership;
• A more focused and efficient global platform with scale and enhanced operational effectiveness; and
• Strong cash flow generation to enable financial flexibility.

Five-Year Financial Objectives

In today’s presentation, Lifetime Brands will outline the following five-year financial objectives, which include non-GAAP financial measures (see below):

Webcast

Today’s Investor Day presentation will begin at 9:00 a.m. ET. A live webcast of the event will be accessible through: https://event.on24.com/wcc/r/2122937-1/982BDE5AD2DEA3455AF2DFFE1880B492.

For those who cannot listen to the live broadcast, a replay of the webcast will be available.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, sales-growth-organic, sales growth-with food service, adjusted operating income, and cumulative cash flow. A non-GAAP financial measure is a numerical measure of a company's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flows of a company; or, includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. The company is not providing a quantitative reconciliation with respect to the forward-looking non-GAAP financial measures presented in this press release in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, the impact of U.S. Tariffs, foreign exchange rates, and interest rates, which are out of the Company’s control, and acquisition-related costs depend on the timing and amount of future acquisitions, which cannot be reasonably estimated. The Company is presenting non-GAAP financial measures are provided because management of the Company uses these financial measures in evaluating the Company's on-going financial results and trends, and management believes that exclusion of certain items allows for more accurate comparison of the Company’s operating performance by investors and analysts. Management uses these non-GAAP financial measurers as indicators of business performance. These non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, GAAP financial measures of performance.

Forward-Looking Statements

In this press release, the use of the words “believe,” "could," "expect," "may," "positioned," "project," "projected," "should," "will," "would" or similar expressions is intended to identify forward-looking statements. Such statements include all statements regarding the growth and profitability of the Company, our financial outlook, our initiatives to create value, our ability to generate cash flow, our efforts to mitigate geopolitical factors and tariffs, our current and projected financial and operating performance, results, and profitability and all guidance related thereto, including forecasted exchange rates and effective tax rates, as well as our future plans and intentions regarding the Company and its consolidated subsidiaries. Such statements represent the Company’s current judgments, estimates, and assumptions about possible future events. The Company believes these judgments, estimates, and assumptions are reasonable, but these statements are not guarantees of any events or financial or operational results, and actual results may differ materially due to a variety of important factors. Such factors might include, among others, the Company’s ability to comply with the requirements of its credit agreements; the availability of funding under such credit agreements; the Company’s ability to maintain adequate liquidity and financing sources and an appropriate level of debt; the possibility of impairments to the Company’s goodwill; changes in U.S. or foreign trade or tax law and policy; the impact of tariffs on imported goods and materials; changes in general economic conditions which could affect customer payment practices or consumer spending; the impact of changes in general economic conditions on the Company’s customers; customer ordering behavior; the performance of our newer products; the impact of our SKU rationalization initiative, expenses and other challenges relating to the integration of the Filament Brands business and future acquisitions; changes in demand for the Company’s products; changes in the Company’s management team; the significant influence of the Company’s largest stockholder; fluctuations in foreign exchange rates; changes in U.S. trade policy or the trade policies of nations in which we or our suppliers do business; uncertainty regarding the U.K.’s exit from the European Union (Brexit); shortages of and price volatility for certain commodities; and significant changes in the competitive environment and the effect of competition on the Company’s markets, including on the Company’s pricing policies, financing sources and ability to maintain an appropriate level of debt. The Company undertakes no obligation to update these forward-looking statements other than as required by law.

Lifetime Brands, Inc.

Lifetime Brands is a leading global designer, developer and marketer of a broad range of branded consumer products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chef'n® Chicago™ Metallic, Copco®, Fred® & Friends, Houdini™, KitchenCraft®, Kamenstein®, Kizmos™, La Cafetière ®, MasterClass®, Misto®, Mossy Oak®, Swing-A-Way®, Taylor® Kitchen, Rabbit® and Vasconia®; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and Floyd®, Creative Tops®, Empire Silver™, Gorham®, International® Silver, Kirk Stieff®, Towle® Silversmiths, Tuttle®, Wallace®, Wilton Armetale®, V&A® and Royal Botanic Gardens Kew®; and valued home solutions brands, including BUILT NY®, Taylor® Bath, Taylor® Weather and PlanetBox®. The Company also provides exclusive private label products to leading retailers worldwide.

The Company’s corporate website is www.lifetimebrands.com.

Contacts:

Lifetime Brands, Inc.
Larry Winoker, Chief Financial Officer
516-203-3590
investor.relations@lifetimebrands.com

OR

Joele Frank, Wilkinson Brimmer Katcher
Ed Trissel / Andrew Squire / Sophie Throsby
212-355-4449

Source: Lifetime Brands, Inc.