10-Q Filing

LIFETIME BRANDS, INC CIK: 874396 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001193125-11-214205`
Period End Date	20110630
Filing Date	20110808
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	lcut-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 52 Cash Flow Statement 58

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashEquivalentsAtCarryingValue`	$1.94M	USD	Point-in-time
Cash and cash equivalents	`CashEquivalentsAtCarryingValue`	$3.35M	USD	Point-in-time
Accounts receivable, less allowances of $5,504 at 2011 and $12,611 at 2010	`AccountsReceivableNetCurrent`	$58.92M	USD	Point-in-time
Accounts receivable, less allowances of $5,504 at 2011 and $12,611 at 2010	`AccountsReceivableNetCurrent`	$72.80M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$110.51M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$99.94M	USD	Point-in-time
Deferred income taxes (Note G)	`DeferredTaxAssetsNetCurrent`	$1.12M	USD	Point-in-time
Deferred income taxes (Note G)	`DeferredTaxAssetsNetCurrent`	$1.12M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.05M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.73M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$177.22M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.50M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.61M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$182.25M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$34.46M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$36.09M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
INTANGIBLE ASSETS, net (Note C)	`IntangibleAssetsNetExcludingGoodwill`	$30.82M	USD	Point-in-time
INTANGIBLE ASSETS, net (Note C)	`IntangibleAssetsNetExcludingGoodwill`	$30.50M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
INVESTMENT IN GRUPO VASCONIA, S.A.B. (Note B)	`EquityMethodInvestments`	$24.07M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
INVESTMENT IN GRUPO VASCONIA, S.A.B. (Note B)	`EquityMethodInvestments`	$25.71M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$4.35M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$4.47M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$272.36M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$277.59M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.08M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.06M	shares	Point-in-time
Revolving Credit Facility (Note D)	`LinesOfCreditCurrent`	$4.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$19.41M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.08M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.06M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.81M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$31.96M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$23.38M	USD	Point-in-time
Income taxes payable (Note G)	`TaxesPayableCurrent`	$182.00K	USD	Point-in-time
Income taxes payable (Note G)	`TaxesPayableCurrent`	$5.04M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$44.36M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$60.51M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`DeferredRentOtherLongTermLiabilities`	$14.42M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`DeferredRentOtherLongTermLiabilities`	$14.48M	USD	Point-in-time
DEFERRED INCOME TAXES (Note G)	`DeferredTaxLiabilitiesNoncurrent`	$1.43M	USD	Point-in-time
DEFERRED INCOME TAXES (Note G)	`DeferredTaxLiabilitiesNoncurrent`	$1.60M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$10.00M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$17.35M	USD	Point-in-time
TERM LOAN (Note D)	`LongTermLoansPayable`	$40.00M	USD	Point-in-time
TERM LOAN (Note D)	`LongTermLoansPayable`	$40.00M	USD	Point-in-time
4.75% CONVERTIBLE SENIOR NOTES (Note D)	`ConvertibleLongTermNotesPayable`	$23.56M	USD	Point-in-time
4.75% CONVERTIBLE SENIOR NOTES (Note D)	`ConvertibleLongTermNotesPayable`	$24.02M	USD	Point-in-time
Preferred stock, $.01 par value, shares authorized: 100 shares of Series A and 2,000,000 shares of Series B; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $.01 par value, shares authorized: 100 shares of Series A and 2,000,000 shares of Series B; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $.01 par value, shares authorized: 25,000,000; shares issued and outstanding: 12,082,943 in 2011 and 12,064,543 in 2010	`CommonStockValue`	$121.00K	USD	Point-in-time
Common stock, $.01 par value, shares authorized: 25,000,000; shares issued and outstanding: 12,082,943 in 2011 and 12,064,543 in 2010	`CommonStockValue`	$121.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$131.35M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$132.79M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.31M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.82M	USD	Point-in-time
Accumulated other comprehensive (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.18M	USD	Point-in-time
Accumulated other comprehensive (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.13M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$130.60M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$127.61M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$272.36M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$277.59M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$175.62M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$90.37M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$86.89M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$182.14M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$56.33M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$106.89M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$114.71M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$52.94M	USD	1 Quarter
Distribution expenses	`SellingExpense`	$19.73M	USD	2 Qtrs
Distribution expenses	`SellingExpense`	$20.25M	USD	2 Qtrs
Distribution expenses	`SellingExpense`	$9.60M	USD	1 Quarter
Distribution expenses	`SellingExpense`	$9.31M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$20.39M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$43.95M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$42.86M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$21.83M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.33M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$4.35M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$5.05M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.52M	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$5.07M	USD	2 Qtrs
Interest expense (Note D)	`InterestExpense`	$4.02M	USD	2 Qtrs
Interest expense (Note D)	`InterestExpense`	$2.04M	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$2.64M	USD	1 Quarter
Loss on early retirement of debt (Note D)	`GainsLossesOnExtinguishmentOfDebt`	$-764.00K	USD	2 Qtrs
Loss on early retirement of debt (Note D)	`GainsLossesOnExtinguishmentOfDebt`	$-764.00K	USD	1 Quarter
Income (loss) before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-886.00K	USD	1 Quarter
Income (loss) before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$310.00K	USD	2 Qtrs
Income (loss) before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.31M	USD	1 Quarter
Income (loss) before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-788.00K	USD	2 Qtrs
Income tax provision (Note G)	`IncomeTaxExpenseBenefit`	$520.00K	USD	2 Qtrs
Income tax provision (Note G)	`IncomeTaxExpenseBenefit`	$612.00K	USD	2 Qtrs
Income tax provision (Note G)	`IncomeTaxExpenseBenefit`	$1.11M	USD	1 Quarter
Income tax provision (Note G)	`IncomeTaxExpenseBenefit`	$573.00K	USD	1 Quarter
Equity in earnings, net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$1.15M	USD	2 Qtrs
Equity in earnings, net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$859.00K	USD	1 Quarter
Equity in earnings, net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$1.32M	USD	2 Qtrs
Equity in earnings, net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$478.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-252.00K	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$1.11M	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$-981.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$2.06M	USD	1 Quarter
BASIC INCOME (LOSS) PER COMMON SHARE (Note F)	`EarningsPerShareBasic`	$0.17	USD	1 Quarter
BASIC INCOME (LOSS) PER COMMON SHARE (Note F)	`EarningsPerShareBasic`	$-0.02	USD	2 Qtrs
BASIC INCOME (LOSS) PER COMMON SHARE (Note F)	`EarningsPerShareBasic`	$0.09	USD	2 Qtrs
BASIC INCOME (LOSS) PER COMMON SHARE (Note F)	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
DILUTED INCOME (LOSS) PER COMMON SHARE (Note F)	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
DILUTED INCOME (LOSS) PER COMMON SHARE (Note F)	`EarningsPerShareDiluted`	$0.17	USD	1 Quarter
DILUTED INCOME (LOSS) PER COMMON SHARE (Note F)	`EarningsPerShareDiluted`	$0.09	USD	2 Qtrs
DILUTED INCOME (LOSS) PER COMMON SHARE (Note F)	`EarningsPerShareDiluted`	$-0.02	USD	2 Qtrs
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.03	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.05	USD	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-252.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.11M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-981.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.06M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.01M	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$464.00K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.36M	USD	2 Qtrs
Deferred rent	`DeferredRent`	$-21.00K	USD	2 Qtrs
Deferred rent	`DeferredRent`	$286.00K	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$1.40M	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$1.42M	USD	2 Qtrs
Undistributed equity earnings	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$750.00K	USD	2 Qtrs
Undistributed equity earnings	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$858.00K	USD	2 Qtrs
Loss on early retirement of debt (Note D)	`GainsLossesOnExtinguishmentOfDebt`	$-764.00K	USD	2 Qtrs
Loss on early retirement of debt (Note D)	`GainsLossesOnExtinguishmentOfDebt`	$-764.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-13.87M	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-8.94M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$10.57M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$10.76M	USD	2 Qtrs
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-99.00K	USD	2 Qtrs
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-643.00K	USD	2 Qtrs
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-7.49M	USD	2 Qtrs
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$6.89M	USD	2 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$951.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-4.85M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-906.00K	USD	2 Qtrs
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$11.12M	USD	2 Qtrs
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-2.26M	USD	2 Qtrs
Purchases of property and equipment, net	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$2.07M	USD	2 Qtrs
Purchases of property and equipment, net	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$1.25M	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.07M	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-1.25M	USD	2 Qtrs
Proceeds from revolving credit facility (Note D)	`ProceedsFromLongTermLinesOfCredit`	$3.25M	USD	2 Qtrs
Proceeds from revolving credit facility (Note D)	`ProceedsFromLongTermLinesOfCredit`	$58.83M	USD	2 Qtrs
Proceeds from term loan (Note D)	`ProceedsFromIssuanceOfDebt`	$10.00M	USD	2 Qtrs
Repayments of prior credit facility, net (Note D)	`RepaymentsOfLongTermLinesOfCredit`	$24.60M	USD	2 Qtrs
Repurchase of 4.75% convertible senior notes (Note D)	`RepaymentsOfConvertibleDebt`	$51.03M	USD	2 Qtrs
Financing costs	`PaymentsOfFinancingCosts`	$3.06M	USD	2 Qtrs
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$57.00K	USD	2 Qtrs
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$15.00K	USD	2 Qtrs
Excess tax benefits from the exercise of stock options	`TaxBenefitFromStockOptionsExercised`	$226.00K	USD	2 Qtrs
Excess tax benefits from the exercise of stock options	`TaxBenefitFromStockOptionsExercised`	$6.00K	USD	2 Qtrs
Payment of capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$89.00K	USD	2 Qtrs
Payment of capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$59.00K	USD	2 Qtrs
Cash dividend paid (Note J)	`PaymentsOfDividends`	$302.00K	USD	2 Qtrs
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-9.66M	USD	2 Qtrs
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.91M	USD	2 Qtrs
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.41M	USD	2 Qtrs
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$204.00K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.94M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.35M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$886.00K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$682.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.94M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$3.35M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$886.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$682.00K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.