10-Q Filing

LIFETIME BRANDS, INC CIK: 874396 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001193125-16-585598`
Period End Date	20160331
Filing Date	20160510
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	lcut-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 30 Cash Flow Statement 60 Comprehensive Income 12

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.88M	USD	Point-in-time
Accounts receivable, less allowances of $4,436 at March 31, 2016 and $5,300 at December 31, 2015	`AccountsReceivableNetCurrent`	$74.20M	USD	Point-in-time
Accounts receivable, less allowances of $4,436 at March 31, 2016 and $5,300 at December 31, 2015	`AccountsReceivableNetCurrent`	$90.58M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$139.67M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.30M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.44M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$136.89M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.78M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.77M	USD	Point-in-time
Income taxes receivable (Note H)	`IncomeTaxesReceivable`	$4.03M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$243.38M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$234.56M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$24.88M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$24.44M	USD	Point-in-time
INVESTMENTS (Note B)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$24.97M	USD	Point-in-time
INVESTMENTS (Note B)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$24.36M	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
INTANGIBLE ASSETS, net (Note C)	`IntangibleAssetsNetIncludingGoodwill`	$96.59M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
INTANGIBLE ASSETS, net (Note C)	`IntangibleAssetsNetIncludingGoodwill`	$94.84M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.22M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.03M	shares	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxAssetsNetNoncurrent`	$6.83M	USD	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxAssetsNetNoncurrent`	$6.49M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$2.02M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.22M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.03M	shares	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$2.26M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$398.33M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$387.29M	USD	Point-in-time
Current maturity of Credit Agreement Term Loan (Note D)	`LoansPayableCurrent`	$19.65M	USD	Point-in-time
Current maturity of Credit Agreement Term Loan (Note D)	`LoansPayableCurrent`	$24.73M	USD	Point-in-time
Short term loan (Note D)	`LinesOfCreditCurrent`	$252.00K	USD	Point-in-time
Short term loan (Note D)	`LinesOfCreditCurrent`	$135.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$27.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$21.18M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$40.15M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$33.21M	USD	Point-in-time
Income taxes payable (Note H)	`AccruedIncomeTaxesCurrent`	$4.06M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$91.36M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$79.26M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$18.56M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$18.97M	USD	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxLiabilitiesNoncurrent`	$8.86M	USD	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxLiabilitiesNoncurrent`	$8.60M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$77.04M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$65.62M	USD	Point-in-time
CREDIT AGREEMENT TERM LOAN (Note D)	`LongTermLoansPayable`	$14.73M	USD	Point-in-time
CREDIT AGREEMENT TERM LOAN (Note D)	`LongTermLoansPayable`	$7.20M	USD	Point-in-time
Preferred stock, $1.00 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, $1.00 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: 14,219,192 at March 31, 2016 and 14,030,221 at December 31, 2015	`CommonStockValue`	$140.00K	USD	Point-in-time
Common stock, $.01 par value, shares authorized: 25,000,000; shares issued and outstanding: 14,219,192 at March 31, 2016 and 14,030,221 at December 31, 2015	`CommonStockValue`	$142.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$168.88M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$165.78M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$42.84M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$47.73M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.66M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.19M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.89M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$195.96M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$199.47M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$387.29M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$398.33M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$110.92M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$117.66M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$72.75M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$70.37M	USD	1 Quarter
Gross margin	`GrossProfit`	$40.55M	USD	1 Quarter
Gross margin	`GrossProfit`	$44.91M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$13.48M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$13.32M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$31.81M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$33.60M	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$641.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.21M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.17M	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$1.19M	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$1.43M	USD	1 Quarter
Financing expense	`DebtRelatedCommitmentFeesAndDebtIssuanceCosts`	$154.00K	USD	1 Quarter
Loss before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.41M	USD	1 Quarter
Loss before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.76M	USD	1 Quarter
Income tax benefit (Note H)	`IncomeTaxExpenseBenefit`	$-1.36M	USD	1 Quarter
Income tax benefit (Note H)	`IncomeTaxExpenseBenefit`	$-2.27M	USD	1 Quarter
Equity in earnings (losses), net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$288.00K	USD	1 Quarter
Equity in earnings (losses), net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$-150.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-4.29M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
BASIC LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareBasic`	$-0.15	USD	1 Quarter
BASIC LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareBasic`	$-0.31	USD	1 Quarter
DILUTED LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareDiluted`	$-0.31	USD	1 Quarter
DILUTED LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareDiluted`	$-0.15	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 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.29M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$2.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$18.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.56M	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$162.00K	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$149.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$346.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$20.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$113.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$750.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$803.00K	USD	1 Quarter
Undistributed equity in (earnings) losses, net	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$288.00K	USD	1 Quarter
Undistributed equity in (earnings) losses, net	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-150.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-27.36M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.73M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.51M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$6.47M	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`	$2.55M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-10.51M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-4.41M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$3.56M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-5.07M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-4.87M	USD	1 Quarter
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$10.24M	USD	1 Quarter
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-8.82M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.41M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$761.00K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.41M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-761.00K	USD	1 Quarter
Proceeds from Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$58.39M	USD	1 Quarter
Proceeds from Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$61.52M	USD	1 Quarter
Repayments of Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$68.90M	USD	1 Quarter
Repayments of Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$46.81M	USD	1 Quarter
Repayment of Credit Agreement Term Loan	`RepaymentsOfLongTermLinesOfCredit`	$2.50M	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`	$117.00K	USD	1 Quarter
Payments on Short Term Loan	`RepaymentsOfShortTermDebt`	$322.00K	USD	1 Quarter
Payments for capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$16.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$115.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$281.00K	USD	1 Quarter
Cash dividends paid (Note K)	`PaymentsOfDividends`	$594.00K	USD	1 Quarter
Cash dividends paid (Note K)	`PaymentsOfDividends`	$514.00K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-10.39M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$8.47M	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-139.00K	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-94.00K	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.65M	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.25M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.07M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.42M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.13M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.88M	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`	$3.42M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$7.13M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$5.88M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.29M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.71M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.68M	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-54.00K	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-43.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-20.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$-2.74M	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$-1.71M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.84M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.00M	USD	1 Quarter

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