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USA:Lifetime Brands sales soar 40% in Q2
New York based Lifetime Brands Inc, which is leading designer, marketer and distributor of nationally branded consumer products for the home, will announced results for the second quarter ended June 30, 2005.
For the second quarter of 2005, net sales increased 40 percent 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 percent 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 percent 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 percent 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 major product categories. The gains in cutlery category were particularly notable, reflecting both the successful introduction of new products under the Farberware and KitchenAid brands and increased placement with retailers. The growth initiatives they implemented in 2004, which included broadening our portfolio of brands, strengthening their overseas sourcing organization, and expanding the Company''s infrastructure, also continued to have a positive impact on the Company''s operations."
"In July, they closed their 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 they expect to complete the process by the end of the third quarter. They 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, their outlook for 2005 is more positive than ever. They now expect net sales to total approximately $290 million to $300 million, rather than $220 million to $230 million. They 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, conferenceID #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 US based 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, KitchenAid, Pfaltzgraff, Cuisinart, Hoffritz, Sabatier, Nautica, DBK-Daniel Boulud Kitchen, Joseph Abboud Environments, Roshco, Baker''s Advantage, Kamenstein, CasaModa, Kathy Ireland. Lifetime''s products are distributed through almost every major retailer in the United States.
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