Lifetime Hoan Announces New Credit Facility

WESTBURY, N.Y.--(BUSINESS WIRE)--Aug. 2, 2004--LIFETIME HOAN CORPORATION (NASDAQ NM: LCUT), a leading designer, marketer and distributor of housewares, today announced it has closed on a $50 million senior secured credit facility, replacing its $35 million facility that was due to mature in November 2004. The non-amortizing facility, which has a five-year term, also has an "accordion" feature that allows it to be increased to $65 million.

Jeffrey Siegel, president and chief executive officer, commented, "Our new credit facility provides increased borrowing capacity on more favorable terms than our previous agreement. This additional financial flexibility will be very beneficial to us as we execute our growth strategies and pursue new opportunities to drive shareholder value."

Lifetime is a leading designer, marketer and distributor of household cutlery, kitchenware, cutting boards, pantryware and bakeware, marketing its products under various trade names including Farberware(R), KitchenAid(R), Cuisinart(R), Hoffritz(R), Roshco(R), Baker's Advantage(R), Kamenstein(R), CasaModa(TM), Hoan(R), Gemco(R) and :USE(R). Lifetime's products are distributed through almost every major retailer in the United States.

The information herein contains certain forward-looking statements including statements concerning the Company's future prospects. These statements involve risks and uncertainties, including risks relating to general economic conditions and risks relating to the Company's operations, such as the risk of loss of major customers and risks relating to changes in demand for the Company's products, as detailed from time to time in the Company's filings with the Securities and Exchange Commission.

CONTACT: Company Contact:
Robert McNally, 516-683-6000
OR
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Harriet Fried, 212-838-3777
hfried@lhai.com

SOURCE: Lifetime Hoan Corporation