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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 earliest event reported) August 3, 2005
Lifetime Brands, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-19254 11-2682486
(Commission File Number) (IRS Employer Identification No.)
One Merrick Avenue, Westbury, New York 11590
(Address of Principal Executive Offices) (Zip Code)
516-683-6000
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see
General Instruction A.2. below):
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operation and Financial Condition
On August 3, 2005, Lifetime Brands, Inc. ("the Company")
issued a press release setting forth the Company's second-
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 August 3, 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 Brands, Inc.
By: /s/ Robert McNally
Robert McNally
Vice President of Finance and
Chief Financial Officer
Date: August 3, 2005
EXHIBIT 99
LIFETIME BRANDS ACHIEVES 40% INCREASE IN SECOND-QUARTER NET
SALES; NET INCOME RISES TO $1.3 MILLION
Company Updates Financial Outlook for 2005
WESTBURY, N.Y., August 3, 2005 -- LIFETIME BRANDS, INC.
(NASDAQ NM: LCUT), a leading designer, marketer and
distributor of nationally branded consumer products for the
home, today announced results for the second quarter ended
June 30, 2005.
For the second quarter of 2005, net sales increased 40% to
$46.2 million from $33.0 million for the same period of
2004. Not including approximately $2.3 million in net sales
attributable to the Excel business Lifetime acquired in July
2004, second-quarter net sales in 2005 rose 33% to $43.9
million. The Company reported net income of $1.3 million
compared to $203,000 for the second quarter of 2004. On a
diluted per share basis, net income rose to $0.12 per share
from $0.02 per share for the same period last year.
Net sales for the six months ended June 30, 2005 totaled
$89.3 million compared to $70.2 million for the same period
in 2004, representing a 27% increase. Not including
approximately $4.1 million in net sales attributable to the
Excel business, net sales for the first six months of 2005
rose more than 21% to $85.2 million. Net income for the
2005 period was $2.3 million, or $0.21 per diluted share,
compared to $548,000, or $0.05 per diluted share, last year.
Jeffrey Siegel, Chairman, President and Chief Executive
Officer, commented, "Lifetime Brands delivered another
quarter of strong results, generating excellent growth in
all of our major product categories. The gains in our
cutlery category were particularly notable, reflecting both
the successful introduction of new products under the
Farberware(R) and KitchenAid(R) brands and increased placement
with retailers. The growth initiatives we implemented in
2004, which included broadening our portfolio of brands,
strengthening our overseas sourcing organization, and
expanding the Company's infrastructure, also continued to
have a positive impact on the Company's operations.
"In July, we closed our purchase of the business and
certain assets of The Pfaltzgraff Co., one of America's
leading designers and marketers of dinnerware and tabletop
accessories. The acquisition of this premier national brand
will greatly enhance the tabletop category of our business,
an area Lifetime entered in July 2004 with the Excel
acquisition. Equally exciting are the additional
capabilities Pfaltzgraff's proven design staff brings to our
product development capabilities, an area in which Lifetime
already excels.
"The integration of the Pfaltzgraff business is proceeding
as planned and we expect to complete the process by the end
of the third quarter. We have estimated that the
acquisition will contribute approximately $72 million in
revenues in 2005 and will be nominally profitable for the
year.
"As a result of these developments, our outlook for 2005 is
more positive than ever. We now expect net sales to total
approximately $290 million to $300 million, rather than $220
million to $230 million. We expect earnings per share to
total approximately $1.05 to $1.15, rather than $0.95 to
$1.15."
Lifetime has scheduled a conference call Wednesday, August
3, at 11:00 a.m. Eastern time to discuss second-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 Wednesday, August 10, and can be accessed
by dialing (706) 645-9291, conference ID #8039496. A live
webcast of the call will be broadcast at the Company's web
site, www.lifetimebrands.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), Pfaltzgraff(R), Cuisinart(R),
Hoffritz(R), Sabatier(R), Nautica(R), DBK(TM)-Daniel Boulud Kitchen,
Joseph Abboud Environments(R), Roshco(R), Baker's Advantage(R),
Kamenstein(R), CasaModa(TM), Kathy Ireland(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.
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 BRANDS, INC.
INCOME STATEMENT
(in 000's, except per share data)
Three Months Ended
June 30,
(Unaudited)