View:
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) February 26, 2004
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 February 26, 2004
Item 12. Results of Operation and Financial Condition
On February 26, 2004, Lifetime Hoan Corporation ("the Company")
issued a press release setting forth the Company's fourth-quarter
and twelve-month 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: February 26, 2004
EXHIBIT 99
LIFETIME HOAN REPORTS 31% INCREASE IN NET SALES AND
88% INCREASE IN EARNINGS PER SHARE
WESTBURY, N.Y., February 26, 2004 -- LIFETIME HOAN CORPORATION
(NASDAQ NM: LCUT), a leading marketer of housewares, today
announced results for the fourth quarter and full year ended
December 31, 2003.
For the fourth quarter of 2003, net sales increased 31% to $62.1
million from $47.5 million in the same period of the prior year.
Income from continuing operations increased 94% to $5.4 million
from $2.8 million for the same period in 2002. Earnings per
diluted share from continuing operations rose 88% to $0.49 per
diluted share from $0.26 per diluted share in last year's fourth
quarter.
For the twelve months ended December 31, 2003, net sales totaled
$160.4 million compared to $131.2 million in 2002. Income from
continuing operations totaled $8.4 million, or $0.78 per diluted
share, compared to $3.6 million, or $0.34 per diluted share, in
2002.
Jeffrey Siegel, president and chief executive officer, commented,
"Our fourth quarter performance capped a very successful year for
Lifetime Hoan. Our KitchenAid(R) branded products, which include
kitchen utensils, gadgets and bakeware, were an especially strong
growth driver. As we expected, our S'mores Maker, introduced in
mid-year, was an extremely popular gift item during the holiday
season and, together with solid sales of our Cuisinart(R) cutlery,
contributed to making this Lifetime's most successful fourth
quarter ever.
"In 2004, we will continue our winning strategy of using
Lifetime's advanced design capabilities to develop exciting, high
quality products for our portfolio of premium brands. Our
KitchenAid line, which includes an exceptionally attractive and
powerful assortment of utensils, gadgets and bakeware, will
continue to be a key driver. In the second half of the year, we
will begin rolling out kitchen cutlery, storage blocks, knife
sharpeners and wood cutting boards under the KitchenAid brand
name, which we expect to be just as well received as our original
items.
"During 2004, we will also expand our CasaModa(R) line, focused on
the growing market for casual home entertainment. This will
include the introduction of a number of variations on our
original S'mores Maker. Equally important, we will focus on
expanding the placement of all of our products during the coming
year. This was an important element of our strategy in 2003, and
we expect it to help drive Lifetime's results in 2004."
In 2004, management estimates that Lifetime's net sales will
total approximately $190 million to $200 million. Earnings per
share are estimated to total approximately $0.95 to $1.10 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 fourth
quarter of 2002 and the full year is reflected as discontinued
operations on the Company's income statements.
Lifetime Hoan has scheduled a conference call Thursday, February
26 at 11:00 a.m. Eastern time to discuss fourth-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 Tuesday, March 4, and can be accessed by dialing (706)
645-9291, conference ID #5325208. 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). Lifetime Hoan's
KitchenAid branded products are designed, manufactured and
marketed under a license with Whirlpool Corporation. The
Company's Cuisinart branded products are designed, manufactured
and marketed under a license with Cuisinart. 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
INCOME STATEMENT
(in 000's, except per share data)