10-Q Filing

LIFETIME BRANDS, INC CIK: 874396 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-187722`
Period End Date	20140331
Filing Date	20140507
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	lcut-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 29 Cash Flow Statement 57 Comprehensive Income 12

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
Accounts receivable, less allowances of $6,402 at March 31, 2014 and $5,209 at December 31, 2013	`AccountsReceivableNetCurrent`	$87.22M	USD	Point-in-time
Accounts receivable, less allowances of $6,402 at March 31, 2014 and $5,209 at December 31, 2013	`AccountsReceivableNetCurrent`	$83.57M	USD	Point-in-time
Inventory (Note A)	`FIFOInventoryAmount`	$112.79M	USD	Point-in-time
Inventory (Note A)	`FIFOInventoryAmount`	$136.38M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.21M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.40M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.78M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.25M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred income taxes (Note H)	`DeferredTaxAssetsNetCurrent`	$3.94M	USD	Point-in-time
Deferred income taxes (Note H)	`DeferredTaxAssetsNetCurrent`	$3.97M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$214.68M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$239.40M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$27.71M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$27.70M	USD	Point-in-time
INVESTMENTS (Note C)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$36.75M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
INVESTMENTS (Note C)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$36.95M	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
INTANGIBLE ASSETS, net (Note D)	`IntangibleAssetsNetIncludingGoodwill`	$112.17M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
INTANGIBLE ASSETS, net (Note D)	`IntangibleAssetsNetIncludingGoodwill`	$55.15M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$2.27M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.47M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.78M	shares	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$3.23M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$419.25M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.47M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$336.74M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.78M	shares	Point-in-time
Current maturity of Credit Agreement Term Loan (Note E)	`LoansPayableCurrent`	$7.50M	USD	Point-in-time
Current maturity of Senior Secured Term Loan (Note E)	`SecuredDebtCurrent`	$3.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$21.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$28.28M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$35.54M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$41.09M	USD	Point-in-time
Income taxes payable (Note H)	`AccruedIncomeTaxesCurrent`	$3.04M	USD	Point-in-time
Income taxes payable (Note H)	`AccruedIncomeTaxesCurrent`	$1.70M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$73.02M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$69.49M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$20.23M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$18.64M	USD	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxLiabilitiesNoncurrent`	$1.78M	USD	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxLiabilitiesNoncurrent`	$10.61M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note E)	`LongTermLineOfCredit`	$84.43M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note E)	`LongTermLineOfCredit`	$49.23M	USD	Point-in-time
CREDIT AGREEMENT TERM LOAN (Note E)	`LongTermLoansPayable`	$42.50M	USD	Point-in-time
SENIOR SECURED TERM LOAN (Note E)	`SecuredLongTermDebt`	$16.69M	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: 13,465,823 at March 31, 2014 and 12,777,407 at December 31, 2013	`CommonStockValue`	$136.00K	USD	Point-in-time
Common stock, $.01 par value, shares authorized: 25,000,000; shares issued and outstanding: 13,465,823 at March 31, 2014 and 12,777,407 at December 31, 2013	`CommonStockValue`	$128.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$156.57M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$146.27M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$38.22M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$34.77M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.72M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.01M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$188.46M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$180.91M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$419.25M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$336.74M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$98.66M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$118.41M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$74.08M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$62.34M	USD	1 Quarter
Gross margin	`GrossProfit`	$36.31M	USD	1 Quarter
Gross margin	`GrossProfit`	$44.33M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$10.80M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$12.35M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$34.18M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$25.63M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.20M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-115.00K	USD	1 Quarter
Interest expense (Note E)	`InterestExpense`	$1.16M	USD	1 Quarter
Interest expense (Note E)	`InterestExpense`	$1.39M	USD	1 Quarter
Loss on early retirement of debt (Note E)	`GainsLossesOnExtinguishmentOfDebt`	$-319.00K	USD	1 Quarter
Loss before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.28M	USD	1 Quarter
Loss before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.91M	USD	1 Quarter
Income tax benefit (Note H)	`IncomeTaxExpenseBenefit`	$-399.00K	USD	1 Quarter
Income tax benefit (Note H)	`IncomeTaxExpenseBenefit`	$-1.19M	USD	1 Quarter
Equity in (losses) earnings, net of taxes (Note C)	`IncomeLossFromEquityMethodInvestments`	$246.00K	USD	1 Quarter
Equity in (losses) earnings, net of taxes (Note C)	`IncomeLossFromEquityMethodInvestments`	$-208.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-632.00K	USD	1 Quarter
BASIC LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
BASIC LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareBasic`	$-0.22	USD	1 Quarter
DILUTED LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareDiluted`	$-0.22	USD	1 Quarter
DILUTED LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Cash dividends declared per common share (Note K)	`CommonStockDividendsPerShareDeclared`	$0.03	USD	1 Quarter
Cash dividends declared per common share (Note K)	`CommonStockDividendsPerShareDeclared`	$0.04	USD	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-632.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$32.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$50.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.52M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.61M	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$123.00K	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$149.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-274.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-199.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$-179.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$726.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$671.00K	USD	1 Quarter
Undistributed equity earnings	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-208.00K	USD	1 Quarter
Undistributed equity earnings	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$246.00K	USD	1 Quarter
Loss on retirement of debt	`GainsLossesOnExtinguishmentOfDebt`	$-319.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-35.19M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.22M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.07M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-541.00K	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.75M	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$94.00K	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-10.20M	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`	$-2.95M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$934.00K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$24.96M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.16M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.19M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.19M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-66.29M	USD	1 Quarter
Proceeds from Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$78.66M	USD	1 Quarter
Proceeds from Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$40.12M	USD	1 Quarter
Repayments of Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$43.46M	USD	1 Quarter
Repayments of Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$62.75M	USD	1 Quarter
Repayment of Senior Secured Term Loan	`RepaymentsOfSecuredDebt`	$20.62M	USD	1 Quarter
Proceeds from Credit Agreement Term Loan	`ProceedsFromIssuanceOfLongTermDebt`	$50.00M	USD	1 Quarter
Payment of financing costs	`PaymentsOfFinancingCosts`	$1.38M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$302.00K	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.20M	USD	1 Quarter
Cash dividend paid	`PaymentsOfDividends`	$319.00K	USD	1 Quarter
Cash dividend paid	`PaymentsOfDividends`	$501.00K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-22.65M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$63.90M	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$736.00K	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-572.00K	USD	1 Quarter
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$557.00K	USD	1 Quarter
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-724.00K	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.95M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.22M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.43M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.95M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.22M	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`	$1.87M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-632.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$690.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.12M	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$9.00K	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$13.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-13.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-7.00K	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$706.00K	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$1.15M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-2.22M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$519.00K	USD	1 Quarter

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