Lifetime Hoan Announces Sale of Prestige Companies

WESTBURY, N.Y., Oct 15, 2002 (BUSINESS WIRE) -- LIFETIME HOAN CORPORATION (Nasdaq NM: LCUT) today announced the sale of its 51% interest in the businesses of each of Prestige Italiana, Spa. and Prestige Haushaltswaren GmbH (together, the "Prestige Companies") to a European housewares distributor.

Jeffrey Siegel, president and chief executive officer, commented, "After carefully assessing the future potential of the two Prestige divisions, we have concluded that it is in Lifetime Hoan's best interests to sell our operations in Italy and Germany to a large European distributor. After divesting ourselves of the Prestige Companies, we plan to enter into a strategic alliance with that distributor to work together to improve our operations and product portfolios to accelerate sales growth and reduce costs."

The sale will result in a one-time charge to net income of approximately $700,000, which will be taken in the third quarter of 2002.

The Prestige Companies market and distribute kitchen tools, gadgets, cutlery and bakeware under the Prestige(R) trade name in Italy and Germany. Lifetime Hoan acquired a 51% interest in the Prestige Companies in September 1999.

Lifetime Hoan Corporation 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) and Hoffritz(R). Through the use of various brand names, Lifetime Hoan's products are distributed through almost every major retailer in the U.S.

CONTACT:
Lifetime Hoan Corporation
Robert McNally, 516/683-6000
or
Investor Relations
Lippert/Heilshorn & Associates, Inc.
Harriet Fried, 212/838-3777