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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) April 29, 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 April 29, 2003
Item 12. Results of Operation and Financial Condition
On April 29, 2003, Lifetime Hoan Corporation ("the Company")
issued a press release setting forth the Company's first-
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: April 29, 2003
EXHIBIT 99
LIFETIME HOAN CORPORATION (NASDAQ NM: LCUT), a leading
marketer of housewares, today announced results for the
first quarter ended March 31, 2003.
Net sales for the quarter were $24.3 million versus $24.2
million in the first quarter of 2002. The Company reported
a net loss from continuing operations of $0.6 million, or
$0.06 per diluted share, compared to a net loss from
continuing operations of $1.1 million, or $0.10 per diluted
share, for the same period in 2002.
Jeffrey Siegel, president and chief executive officer,
commented, "Net sales for the first quarter of 2003 were
slightly below plan, due principally to weak demand from
many of our major customers. As many of these retailers
have reported, retail sales in the quarter were affected by
the economy, uncertainty over events in the Middle East,
unfavorable shopping weather in many parts of the country
and the late Easter holiday."
Mr. Siegel continued, "While many of our customers expect
consumer demand to remain soft for the balance of the year,
we believe the combination of new product introductions and
significant additional placements of our core lines will
enable Lifetime Hoan to achieve the results we forecasted
earlier in the year."
"As we discussed at year-end, Lifetime Hoan has developed a
sizable pipeline of exciting, new products that we expect to
be well received by retailers and consumers alike. These
include the products from our new CasaModar division, which
is focused on the growing market for casual home
entertainment. These products are scheduled to begin
shipping in the third quarter. Our new distribution center
continues to function smoothly, and we look forward to an
acceleration in sales as 2003 progresses and our new
products and new placements come on stream."
The Company reaffirmed its estimates that Lifetime's net
sales in 2003 will total approximately $140 million to $150
million. Earnings per share are estimated to total
approximately $0.65 to $0.85 for the year.
As previously announced, Lifetime sold its 51% interest in
the businesses of each of Prestige Italiana, Spa. and
Prestige Haushaltswaren GmbH (together, the "Prestige
Companies") in September 2002. The loss from the Prestige
Companies' operations for the first 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 May 20, 2003 to shareholders
of record on May 5, 2003.
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 Farberwarer and
Hoffritzr. 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)