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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) May 5, 2005
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 2.02. Results of Operation and Financial Condition
On May 5, 2005, Lifetime Hoan Corporation ("the Company")
issued a press release setting forth the Company's first-
quarter 2005 earnings. A copy of the Company's press
release is attached hereto as Exhibit 99 and hereby
incorporated by reference.
Item 9.01. Financial Statements and Exhibits
c) Exhibits
99 - Press Release, dated May 5, 2005
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: May 5, 2005
EXHIBIT 99
LIFETIME HOAN REPORTS FIRST-QUARTER NET SALES OF $43.1
MILLION; NET INCOME RISES TO $1.0 MILLION
Company Plans to Change its Name to Lifetime Brands, Inc.
WESTBURY, N.Y., May 5, 2005 -- LIFETIME HOAN CORPORATION
(NASDAQ NM: LCUT), a leading designer, marketer and
distributor of nationally branded consumer products for the
home, today announced results for the first quarter ended
March 31, 2005.
For the first quarter of 2005, net sales increased 16% to
$43.1 million from $37.1 million for the same period of
2004. Net sales in the quarter attributable to the Excel
business Lifetime acquired in July 2004 were approximately
$1.8 million. The Company reported net income of $1.0
million compared to $345,000 for the first quarter of 2004.
On a diluted per share basis, net income rose to $.09 per
share from $.03 per share for the same period last year.
Jeffrey Siegel, Chairman, President and Chief Executive
Officer, commented, "Lifetime Hoan's solid first-quarter
performance is attributable to several factors, including
the successful introduction of our new lines of KitchenAid(R)
cutlery, expanded shelf space at several major retailers and
increased sales of our Kamenstein(R) pantryware products.
"We are pleased that many of the growth initiatives we
implemented in 2004 have already begun to produce positive
results. Last year we broadened our portfolio of powerful
brands, enhanced our product development and design
capabilities, strengthened our overseas sourcing
organization, and expanded the Company's infrastructure. As
a result, we expect net sales to total approximately $220
million to $230 million in 2005, and earnings per share to
total approximately $0.95 to $1.15."
Mr. Siegel added, "We recently proposed to change the name
of our Company from Lifetime Hoan Corporation to Lifetime
Brands, Inc. We believe this new name will more accurately
express one of our Company's most important attributes and
key competitive strengths."
The Company's shareholders will vote on the proposed name
change at the annual meeting to be held on June 7, 2005.
Lifetime has scheduled a conference call Thursday, May 5, at
11:00 a.m. Eastern time to discuss first-quarter 2005
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 Thursday, May 12, and can be accessed by
dialing (706) 645-9291, conference ID #5739583. 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 is a leading designer, marketer and distributor of
kitchenware, cutlery & cutting boards, bakeware & cookware,
pantryware & spices, tabletop and bath accessories,
marketing its products under various trade names, including
Farberware(R), KitchenAid(R), Cuisinart(R), Hoffritz(R),
Sabatier(R), DBK - Daniel Boulud Kitchen (TM), Joseph Abboud
Environments(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.
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)