10-Q Filing

LIFETIME BRANDS, INC CIK: 874396 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001193125-15-179708`
Period End Date	20150331
Filing Date	20150508
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	lcut-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 30 Cash Flow Statement 62 Comprehensive Income 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.42M	USD	Point-in-time
Accounts receivable, less allowances of $6,375 at March 31, 2015 and $6,663 at December 31, 2014	`AccountsReceivableNetCurrent`	$107.21M	USD	Point-in-time
Accounts receivable, less allowances of $6,375 at March 31, 2015 and $6,663 at December 31, 2014	`AccountsReceivableNetCurrent`	$78.76M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$137.92M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.66M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.38M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$143.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.91M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.46M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred income taxes (Note H)	`DeferredTaxAssetsNetCurrent`	$420.00K	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$237.06M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$258.12M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$26.80M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$26.32M	USD	Point-in-time
INVESTMENTS (Note C)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$27.97M	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
INVESTMENTS (Note C)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$28.16M	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
INTANGIBLE ASSETS, net (Note D)	`IntangibleAssetsNetIncludingGoodwill`	$103.60M	USD	Point-in-time
INTANGIBLE ASSETS, net (Note D)	`IntangibleAssetsNetIncludingGoodwill`	$101.85M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.71M	shares	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$4.73M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.86M	shares	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$4.54M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$421.40M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.86M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$397.73M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.71M	shares	Point-in-time
Current maturity of Credit Agreement Term Loan (Note E)	`LoansPayableCurrent`	$10.00M	USD	Point-in-time
Current maturity of Credit Agreement Term Loan (Note E)	`LoansPayableCurrent`	$10.00M	USD	Point-in-time
Short term loan (Note E)	`LineOfCredit`	$765.00K	USD	Point-in-time
Short term loan (Note E)	`LineOfCredit`	$480.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$28.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$27.16M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$36.96M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$32.39M	USD	Point-in-time
Deferred income taxes (Note H)	`DeferredTaxLiabilitiesCurrent`	$2.55M	USD	Point-in-time
Deferred income taxes (Note H)	`DeferredTaxLiabilitiesCurrent`	$2.29M	USD	Point-in-time
Income taxes payable (Note H)	`AccruedIncomeTaxesCurrent`	$5.16M	USD	Point-in-time
Income taxes payable (Note H)	`AccruedIncomeTaxesCurrent`	$60.00K	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$83.87M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$72.64M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$20.30M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$20.16M	USD	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxLiabilitiesNoncurrent`	$1.49M	USD	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxLiabilitiesNoncurrent`	$1.49M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note E)	`LongTermLineOfCredit`	$85.28M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note E)	`LongTermLineOfCredit`	$92.66M	USD	Point-in-time
CREDIT AGREEMENT TERM LOAN (Note E)	`LongTermLoansPayable`	$32.50M	USD	Point-in-time
CREDIT AGREEMENT TERM LOAN (Note E)	`LongTermLoansPayable`	$35.00M	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: 13,859,121 at March 31, 2015 and 13,712,081 at December 31, 2014	`CommonStockValue`	$139.00K	USD	Point-in-time
Common stock, $.01 par value, shares authorized: 25,000,000; shares issued and outstanding: 13,859,121 at March 31, 2015 and 13,712,081 at December 31, 2014	`CommonStockValue`	$137.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$162.97M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$160.31M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$37.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$35.08M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.01M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.92M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.66M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$185.53M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$188.23M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$421.40M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$397.73M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$117.66M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$118.41M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$74.08M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$72.75M	USD	1 Quarter
Gross margin	`GrossProfit`	$44.33M	USD	1 Quarter
Gross margin	`GrossProfit`	$44.91M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$12.35M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$13.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$34.18M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$33.60M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.17M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.20M	USD	1 Quarter
Interest expense (Note E)	`InterestExpense`	$1.39M	USD	1 Quarter
Interest expense (Note E)	`InterestExpense`	$1.43M	USD	1 Quarter
Financing expense	`DebtRelatedCommitmentFeesAndDebtIssuanceCosts`	$154.00K	USD	1 Quarter
Loss on early retirement of debt	`GainsLossesOnExtinguishmentOfDebt`	$-319.00K	USD	1 Quarter
Loss before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.91M	USD	1 Quarter
Loss before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.76M	USD	1 Quarter
Income tax benefit (Note H)	`IncomeTaxExpenseBenefit`	$-1.19M	USD	1 Quarter
Income tax benefit (Note H)	`IncomeTaxExpenseBenefit`	$-1.36M	USD	1 Quarter
Equity in earnings (losses), net of taxes (Note C)	`IncomeLossFromEquityMethodInvestments`	$288.00K	USD	1 Quarter
Equity in earnings (losses), net of taxes (Note C)	`IncomeLossFromEquityMethodInvestments`	$-208.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
BASIC LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareBasic`	$-0.22	USD	1 Quarter
BASIC LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareBasic`	$-0.15	USD	1 Quarter
DILUTED LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareDiluted`	$-0.15	USD	1 Quarter
DILUTED LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareDiluted`	$-0.22	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.04	USD	1 Quarter
Cash dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.04	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$18.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$50.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.61M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.56M	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$149.00K	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$149.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-274.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$346.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-179.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$750.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$726.00K	USD	1 Quarter
Undistributed equity in (earnings) losses, net	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$288.00K	USD	1 Quarter
Undistributed equity in (earnings) losses, net	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-208.00K	USD	1 Quarter
Loss on early retirement of debt	`GainsLossesOnExtinguishmentOfDebt`	$-319.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.22M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-27.36M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$6.47M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.07M	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.59M	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.75M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-10.20M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-4.41M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-2.95M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-5.07M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$934.00K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$10.24M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.16M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.41M	USD	1 Quarter
Kitchen Craft acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$59.86M	USD	1 Quarter
Other acquisitions, net of cash acquired	`PaymentsToAcquireBusinessTwoNetOfCashAcquired`	$5.28M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.41M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-66.29M	USD	1 Quarter
Proceeds from Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$61.52M	USD	1 Quarter
Proceeds from Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$78.66M	USD	1 Quarter
Repayments of Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$43.46M	USD	1 Quarter
Repayments of Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$68.90M	USD	1 Quarter
Repayments of Senior Secured Term Loan	`RepaymentsOfSecuredDebt`	$20.62M	USD	1 Quarter
Proceeds from Credit Agreement Term Loan	`ProceedsFromIssuanceOfLongTermDebt`	$50.00M	USD	1 Quarter
Repayment of Credit Agreement Term Loan	`RepaymentsOfLongTermLinesOfCredit`	$2.50M	USD	1 Quarter
Proceeds from Short Term Loan	`ProceedsFromShortTermDebt`	$37.00K	USD	1 Quarter
Payments on Short Term Loan	`RepaymentsOfShortTermDebt`	$322.00K	USD	1 Quarter
Payment of financing costs	`PaymentsOfFinancingCosts`	$1.38M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.20M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$281.00K	USD	1 Quarter
Cash dividends paid (Note K)	`PaymentsOfDividends`	$514.00K	USD	1 Quarter
Cash dividends paid (Note K)	`PaymentsOfDividends`	$501.00K	USD	1 Quarter
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$63.90M	USD	1 Quarter
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-10.39M	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$736.00K	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-94.00K	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-724.00K	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.65M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.22M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.07M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.95M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.42M	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`	$5.07M	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`	$3.42M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$690.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.71M	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-54.00K	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$9.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-20.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-7.00K	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$-2.74M	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$706.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.22M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.84M	USD	1 Quarter

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