10-Q Filing

LIFETIME BRANDS, INC CIK: 874396 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-211927`
Period End Date	20120331
Filing Date	20120504
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	lcut-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 28 Cash Flow Statement 50 Comprehensive Income 6

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.35M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.97M	USD	Point-in-time
Accounts receivable, less allowances of $5,051 at March 31, 2012 and $4,602 at December 31, 2011	`AccountsReceivableNetCurrent`	$77.75M	USD	Point-in-time
Accounts receivable, less allowances of $5,051 at March 31, 2012 and $4,602 at December 31, 2011	`AccountsReceivableNetCurrent`	$72.90M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$113.65M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.60M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$110.34M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.05M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.29M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.26M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Income taxes receivable (Note G)	`IncomeTaxesReceivable`	$327.00K	USD	Point-in-time
Deferred income taxes (Note G)	`DeferredTaxAssetsNetCurrent`	$2.57M	USD	Point-in-time
Deferred income taxes (Note G)	`DeferredTaxAssetsNetCurrent`	$2.48M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$199.60M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$198.80M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$33.02M	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
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$34.32M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
INVESTMENTS (Note B)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$34.52M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
INVESTMENTS (Note B)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$36.38M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.44M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.43M	shares	Point-in-time
INTANGIBLE ASSETS, net (Note C)	`GoodwillAndIntangibleAssetsNet`	$46.54M	USD	Point-in-time
INTANGIBLE ASSETS, net (Note C)	`GoodwillAndIntangibleAssetsNet`	$46.94M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.44M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.43M	shares	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$3.74M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$4.17M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$318.75M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$319.29M	USD	Point-in-time
Revolving Credit Facility (Note D)	`LinesOfCreditCurrent`	$15.00M	USD	Point-in-time
Revolving Credit Facility (Note D)	`LinesOfCreditCurrent`	$15.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$23.53M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$18.98M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$33.88M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$29.56M	USD	Point-in-time
Income taxes payable (Note G)	`AccruedIncomeTaxesCurrent`	$2.10M	USD	Point-in-time
Income taxes payable (Note G)	`AccruedIncomeTaxesCurrent`	$70.00K	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$69.96M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$68.17M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`DeferredRentAndOtherLongTermLiabilitiesNoncurrent`	$14.45M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`DeferredRentAndOtherLongTermLiabilitiesNoncurrent`	$14.60M	USD	Point-in-time
DEFERRED INCOME TAXES (Note G)	`DeferredTaxLiabilitiesNoncurrent`	$5.43M	USD	Point-in-time
DEFERRED INCOME TAXES (Note G)	`DeferredTaxLiabilitiesNoncurrent`	$5.38M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$42.62M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$41.55M	USD	Point-in-time
TERM LOAN (Note D)	`OtherLongTermNotesPayable`	$40.00M	USD	Point-in-time
TERM LOAN (Note D)	`OtherLongTermNotesPayable`	$40.00M	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: 12,438,393 at March 31, 2012 and 12,430,893 at December 31, 2011	`CommonStockValue`	$124.00K	USD	Point-in-time
Common stock, $.01 par value, shares authorized: 25,000,000; shares issued and outstanding: 12,438,393 at March 31, 2012 and 12,430,893 at December 31, 2011	`CommonStockValue`	$124.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$137.47M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$138.19M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$14.46M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.19M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.88M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$149.70M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$146.18M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$319.29M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$318.75M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$91.77M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$109.04M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$68.58M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$58.38M	USD	1 Quarter
Gross margin	`GrossProfit`	$33.39M	USD	1 Quarter
Gross margin	`GrossProfit`	$40.46M	USD	1 Quarter
Distribution expenses	`ShippingHandlingAndTransportationCosts`	$10.94M	USD	1 Quarter
Distribution expenses	`ShippingHandlingAndTransportationCosts`	$11.74M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$22.47M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$25.48M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$3.23M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-23.00K	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$1.70M	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$1.98M	USD	1 Quarter
Income (loss) before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.53M	USD	1 Quarter
Income (loss) before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.00M	USD	1 Quarter
Income tax (provision) benefit (Note G)	`IncomeTaxExpenseBenefit`	$-588.00K	USD	1 Quarter
Income tax (provision) benefit (Note G)	`IncomeTaxExpenseBenefit`	$588.00K	USD	1 Quarter
Equity in earnings, net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$398.00K	USD	1 Quarter
Equity in earnings, net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$465.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$1.34M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-949.00K	USD	1 Quarter
BASIC INCOME (LOSS) PER COMMON SHARE (NOTE F)	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
BASIC INCOME (LOSS) PER COMMON SHARE (NOTE F)	`EarningsPerShareBasic`	$0.11	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`	$0.11	USD	1 Quarter
Cash dividends declared per common stock	`CommonStockDividendsPerShareDeclared`	$0.05	USD	1 Quarter
Cash dividends declared per common stock	`CommonStockDividendsPerShareDeclared`	$0.03	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.34M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-949.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForReductionOfDoubtfulAccounts`	$16.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForReductionOfDoubtfulAccounts`	$25.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.21M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.00M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$229.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-3.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-84.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$748.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$698.00K	USD	1 Quarter
Undistributed equity earnings	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$465.00K	USD	1 Quarter
Undistributed equity earnings	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$398.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-11.85M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.87M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.97M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.32M	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$52.00K	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-410.00K	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities`	$-55.00K	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities`	$-7.24M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$745.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-5.04M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-2.36M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$3.30M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-3.66M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.05M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$475.00K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-1.05M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-475.00K	USD	1 Quarter
Proceeds (repayments) of bank borrowings, net	`ProceedsFromRepaymentsOfDebt`	$2.90M	USD	1 Quarter
Proceeds (repayments) of bank borrowings, net	`ProceedsFromRepaymentsOfDebt`	$-1.08M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$9.00K	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$22.00K	USD	1 Quarter
Excess tax benefits from exercise of stock options	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$6.00K	USD	1 Quarter
Payment of capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$27.00K	USD	1 Quarter
Cash dividend paid	`PaymentsOfDividends`	$311.00K	USD	1 Quarter
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-1.37M	USD	1 Quarter
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.89M	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$442.00K	USD	1 Quarter
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.82M	USD	1 Quarter
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.90M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.53M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.87M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.35M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.97M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$1.53M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$4.87M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$3.35M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$2.97M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.34M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-949.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$2.08M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.23M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.42M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$276.00K	USD	1 Quarter

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