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 earliest event reported) November 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 November 3, 2005, Lifetime Brands, Inc. (the "Company")
issued a press release setting forth the Company's third-
quarter 2005 earnings. A copy of the Company's press
release is attached hereto as Exhibit 99.1 and hereby
incorporated by reference.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated November 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: November 3, 2005
Exhibit 99.1
LIFETIME BRANDS REPORTS RECORD THIRD QUARTER RESULTS
Net Sales Rise 84% to $94.2 Million; Net Income Increases 76%
to $4.5 Million
Company Announces Extension and Expansion of its KitchenAid(R)
License and Raises Financial Guidance for 2005
WESTBURY, N.Y., November 3, 2005 -- LIFETIME BRANDS, INC.
(NASDAQ NM: LCUT), a leading designer, developer and
marketer of a broad range of nationally branded consumer
products used in the home, today announced results for the
three months and nine months ended September 30, 2005.
For the third quarter of 2005, net sales were $94.2 million,
an increase of 84% from $51.2 million for the same period of
2004. Excluding approximately $29 million in net sales
attributable to the Pfaltzgraff businesses that Lifetime
acquired in July 2005, net sales for the quarter rose 27% to
$65.2 million. The Company acquired certain tabletop
businesses from Salton, Inc. in September 2005. The Company
recorded no sales attributable to these businesses in the
quarter.
The Company reported net income of $4.5 million, a 76%
increase over net income of $2.6 million earned in the third
quarter of 2004. On a diluted per share basis, net income
rose to $0.40 per share from $0.23 per share for the same
period last year.
Net sales for the nine months ended September 30, 2005
totaled $183.5 million compared to $121.4 million for the
same period in 2004, representing a 51% increase. Excluding
the net sales attributable to Pfaltzgraff, net sales for the
first nine months of 2005 rose 27% to $154.5 million. Net
income for the nine months ended September 30, 2005 was $6.9
million, or $0.61 per diluted share, compared to $3.1
million, or $0.28 per diluted share, for the same period in
2004.
Jeffrey Siegel, Chairman, President and Chief Executive
Officer, commented, "Our third-quarter results were driven
by excellent growth across all of the Company's major
product categories. We achieved particularly strong gains in
cutlery through the continuing rollout of KitchenAid(R)
cutlery and increased retail placement of our expanded line
of Farberware(R) cutlery. Our kitchenware category also
provided us with robust growth, reflecting the increased
distribution of our KitchenAid(R) tools and gadgets. In
addition, our bakeware category performed well, led by
increased sales of silicone bakeware under the KitchenAid(R)
and Roshco(R) brands.
"The integration of the Pfaltzgraff and Salton businesses is
proceeding smoothly and on schedule. The recent New York
Table Top Show(R) provided us an opportunity to showcase
over 90 new items and patterns within our collection of
tabletop brands, which now include Atlantis(R), Block(R),
Calvin Klein(R), Farberware(R), Joseph Abboud Environments(R),
Kathy Ireland(R), Nautica(R), Pfaltzgraff(R), Retroneu(R),
Sabatier(R), Sasaki(R) and Stiffel(R)."
"I am also very pleased to announce that Lifetime Brands has
again broadened its partnership with Whirlpool Corporation
by expanding the scope of our KitchenAid(R) license. Our new
agreement with Whirlpool expands the covered products to
include sinkware, pantryware and spices, and extends the
term of the license through December 31, 2009."
"On October 31, 2005, we filed a Registration Statement with
the Securities and Exchange Commission in connection with a
proposed public offering of 2,500,000 shares of common
stock, consisting of 1,500,000 primary shares and 1,000,000
secondary shares."
"As a result of these positive developments and our outlook
for the remainder of the year, we are raising our financial
guidance for 2005. We now expect net sales to total
approximately $297 million to $304 million, rather than $290
million to $300 million as we forecasted in August 2005. We
now expect earnings per share to be approximately $1.17 to
$1.22, pro forma assuming a sale of 1,500,000 primary shares
on December 1, 2005, rather than $1.05 to $1.15, which
amounts did not include an adjustment to reflect the
additional shares we now expect to be outstanding at year-
end."
Lifetime has scheduled a conference call Thursday, November
3, at 11:00 a.m. Eastern time to discuss third-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, November 9, and can be accessed
by dialing (706) 645-9291, conference ID #1862532. 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, tabletop accessories, cutlery and cutting
boards, bakeware, and pantryware and spices, marketing its
products under various trade names, including Pfaltzgraff(R),
KitchenAid(R), Farberware(R), Cuisinart(R), Sabatier(R),
Calvin Klein(R) and Hoffritz(R). Lifetime's products are
distributed through most major retailers 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)