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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of the earliest event reported) July
31, 2003
Lifetime Hoan Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-19254 11-2682486
(Commission File Number) (IRS Employer Identification No.)
One Merrick Avenue, Westbury, New York 11590
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (516)683-6000
N/A
(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits
c) Exhibits
99 - Press Release, dated July 31, 2003
Item 12. Results of Operation and Financial Condition
On July 31, 2003, Lifetime Hoan Corporation ("the Company")
issued a press release setting forth the Company's second-
quarter 2003 earnings. A copy of the Company's press
release is attached hereto as Exhibit 99 and hereby
incorporated by reference.
Signature
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
Lifetime Hoan Corporation
By: /s/ Robert McNally
Robert McNally
Vice President of Finance and Chief
Financial Officer
Date: July 31, 2003
EXHIBIT 99
LIFETIME HOAN REPORTS RECORD SALES AND STRONG EARNINGS
GROWTH IN SECOND QUARTER 2003
New Products and Placements Produce Strong Outlook for
Remainder of Year
WESTBURY, N.Y., July 31, 2003 -- LIFETIME HOAN CORPORATION
(NASDAQ NM: LCUT), a leading marketer of housewares, today
announced results for the second quarter ended June 30,
2003.
Net sales for the quarter were approximately $30.0 million
versus $27.3 million in the second quarter of 2002. The
Company reported income from continuing operations of
$724,000, or $0.07 per diluted share, compared to income
from continuing operations of $617,000, or $0.06 per diluted
share, for the same period in 2002.
Jeffrey Siegel, president and chief executive officer,
commented, "Lifetime Hoan's performance for the quarter was
on track with our expectations. Despite the continued soft
retail environment, we achieved a 10% growth in sales,
primarily through increased sales of kitchen tools and
gadgets and Kamensteinr pantryware."
"We recently began shipping products from our new CasaModa(R)
line, which is focused on the growing market for casual home
entertainment. These items include our S'mores Maker, a
new, patent-pending, home entertaining product. Based on
initial shipments, this product, which is designed for both
indoor and outdoor use, has been an instant success at
retail, outpacing our expectations and even making one of
our major customers' "best seller" list. We expect the
S'mores Maker to be widely available at many of our major
retail customers by the end of August. We have also
developed a number of variations of this product for
introduction in 2004."
Mr. Siegel continued, "The combination of exciting new
products and significant additional placements of our core
lines has produced a very positive outlook for Lifetime for
the balance of 2003. We are therefore updating our earnings
guidance, reflecting our increased confidence in our
performance for the remainder of the year. We now expect
Lifetime's net sales in 2003 to total approximately $148
million to $155 million. Earnings per share are estimated
to total approximately $0.75 to $0.85 for the year."
As announced in 2002, Lifetime sold its 51% interest in the
businesses of each of Prestige Italiana, Spa. and Prestige
Haushaltswaren GmbH (together, the "Prestige Companies").
The loss from the Prestige Companies' operations for the
second quarter of 2002 is reflected as discontinued
operations on the Company's income statements.
Separately, the Company announced that its Board of
Directors declared a regular quarterly cash dividend of
$0.0625 per share, payable on August 19, 2003 to
shareholders of record on August 5, 2003.
Lifetime Hoan has scheduled a conference call Thursday, July
31 at 11:00 a.m. Eastern Time to discuss second-quarter 2003
results and additional matters. The dial-in number for the
call is (706) 634-1218. A replay of the call will also be
available through Friday, August 1, and can be accessed by
dialing (706) 645-9291, conference ID #1745424. A live
webcast of the call will be broadcast at the Company's web
site, www.lifetime.hoan.com. For those who cannot listen to
the live broadcast, an audio replay of the call will also be
available on the site.
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.
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.
Tables to follow
COMPANY CONTACT: INVESTOR RELATIONS:
Robert McNally Harriet Fried
Chief Financial Officer Lippert/Heilshorn &
(516) 683-6000 Associates, Inc.
(212) 838-3777 or
hfried@lhai.com
LIFETIME HOAN CORPORATION
CONSOLIDATED INCOME STATEMENTS
(in 000's, except per share data)