10-Q Filing

LIFETIME BRANDS, INC CIK: 874396 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-198370`
Period End Date	20130331
Filing Date	20130503
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	lcut-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 30 Cash Flow Statement 48 Comprehensive Income 10

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.87M	USD	Point-in-time
Accounts receivable, less allowances of $3,751 at March 31, 2013 and $3,996 at December 31, 2012	`AccountsReceivableNetCurrent`	$97.37M	USD	Point-in-time
Accounts receivable, less allowances of $3,751 at March 31, 2013 and $3,996 at December 31, 2012	`AccountsReceivableNetCurrent`	$62.15M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.00M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.75M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$104.04M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$104.58M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.39M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.57M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Income taxes receivable (Note G)	`IncomeTaxesReceivable`	$1.32M	USD	Point-in-time
Deferred income taxes (Note G)	`DeferredTaxAssetsNetCurrent`	$3.54M	USD	Point-in-time
Deferred income taxes (Note G)	`DeferredTaxAssetsNetCurrent`	$3.52M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$179.04M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$212.76M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$30.91M	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`	$31.65M	USD	Point-in-time
INVESTMENTS (Note B)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$45.61M	USD	Point-in-time
INVESTMENTS (Note B)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$43.69M	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`	12.82M	shares	Point-in-time
INTANGIBLE ASSETS, net (Note C)	`IntangibleAssetsNetIncludingGoodwill`	$57.84M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.75M	shares	Point-in-time
INTANGIBLE ASSETS, net (Note C)	`IntangibleAssetsNetIncludingGoodwill`	$57.17M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$2.87M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.82M	shares	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$2.83M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.75M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$315.55M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$348.80M	USD	Point-in-time
Revolving Credit Facility (Note D)	`LinesOfCreditCurrent`	$7.00M	USD	Point-in-time
Revolving Credit Facility (Note D)	`LinesOfCreditCurrent`	$7.00M	USD	Point-in-time
Current maturity of Senior Secured Term Loan (Note D)	`SecuredDebtCurrent`	$4.38M	USD	Point-in-time
Current maturity of Senior Secured Term Loan (Note D)	`SecuredDebtCurrent`	$5.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$18.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$18.12M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$33.35M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$26.96M	USD	Point-in-time
Income taxes payable (Note G)	`AccruedIncomeTaxesCurrent`	$3.62M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$66.90M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$57.33M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$20.26M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$21.57M	USD	Point-in-time
DEFERRED INCOME TAXES (Note G)	`DeferredTaxLiabilitiesNoncurrent`	$3.56M	USD	Point-in-time
DEFERRED INCOME TAXES (Note G)	`DeferredTaxLiabilitiesNoncurrent`	$3.51M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$53.97M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$31.34M	USD	Point-in-time
SENIOR SECURED TERM LOAN (Note D)	`SecuredLongTermDebt`	$29.75M	USD	Point-in-time
SENIOR SECURED TERM LOAN (Note D)	`SecuredLongTermDebt`	$30.62M	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: 12,818,864 at March 31, 2013 and 12,754,467 at December 31, 2012	`CommonStockValue`	$128.00K	USD	Point-in-time
Common stock, $.01 par value, shares authorized: 25,000,000; shares issued and outstanding: 12,818,864 at March 31, 2013 and 12,754,467 at December 31, 2012	`CommonStockValue`	$128.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$142.49M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$143.46M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$33.85M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$32.81M	USD	Point-in-time
Accumulated other comprehensive loss (Note J)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.24M	USD	Point-in-time
Accumulated other comprehensive loss (Note J)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.08M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$173.32M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$172.23M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$315.55M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$348.80M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$109.04M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$98.66M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$68.58M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$62.34M	USD	1 Quarter
Gross margin	`GrossProfit`	$40.46M	USD	1 Quarter
Gross margin	`GrossProfit`	$36.31M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$11.74M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$10.80M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$25.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$25.63M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$3.23M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-115.00K	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$1.70M	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$1.16M	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`	$-1.28M	USD	1 Quarter
Income tax benefit (provision) (Note G)	`IncomeTaxExpenseBenefit`	$588.00K	USD	1 Quarter
Income tax benefit (provision) (Note G)	`IncomeTaxExpenseBenefit`	$-399.00K	USD	1 Quarter
Equity in earnings, net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$246.00K	USD	1 Quarter
Equity in earnings, net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$398.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$1.34M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-632.00K	USD	1 Quarter
BASIC INCOME (LOSS) PER COMMON SHARE (NOTE F)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
BASIC INCOME (LOSS) PER COMMON SHARE (NOTE F)	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
DILUTED INCOME (LOSS) PER COMMON SHARE (NOTE F)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
DILUTED INCOME (LOSS) PER COMMON SHARE (NOTE F)	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Cash dividends declared per common share (Note J)	`CommonStockDividendsPerShareDeclared`	$0.03	USD	Point-in-time
Cash dividends declared per common share (Note J)	`CommonStockDividendsPerShareDeclared`	$0.05	USD	1 Quarter
Cash dividends declared per common share (Note J)	`CommonStockDividendsPerShareDeclared`	$0.03	USD	Point-in-time
Cash dividends declared per common share (Note J)	`CommonStockDividendsPerShareDeclared`	$0.03	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.34M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-632.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-25.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$32.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.52M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.21M	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-84.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-199.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$671.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$698.00K	USD	1 Quarter
Undistributed equity earnings	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$398.00K	USD	1 Quarter
Undistributed equity earnings	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$246.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-35.19M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.87M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-541.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.32M	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-29.00K	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-410.00K	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-55.00K	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-8.01M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-4.93M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-2.36M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$3.30M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$24.96M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.19M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$475.00K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-475.00K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-1.19M	USD	1 Quarter
Repayments of bank borrowings, net	`RepaymentsOfBankDebt`	$1.08M	USD	1 Quarter
Repayments of bank borrowings, net	`RepaymentsOfBankDebt`	$22.63M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$302.00K	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$22.00K	USD	1 Quarter
Cash dividend paid	`PaymentsOfDividends`	$319.00K	USD	1 Quarter
Cash dividend paid	`PaymentsOfDividends`	$311.00K	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-22.65M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-1.37M	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-572.00K	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$442.00K	USD	1 Quarter
INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.90M	USD	1 Quarter
INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$557.00K	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.43M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.97M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.87M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$2.43M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$2.97M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.87M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.34M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-632.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.08M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.12M	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$13.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-13.00K	USD	1 Quarter
Other comprehensive income, net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$2.08M	USD	1 Quarter
Other comprehensive income, net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$1.15M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.42M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$519.00K	USD	1 Quarter

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