10-Q Filing

LIFETIME BRANDS, INC CIK: 874396 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001193125-17-164340`
Period End Date	20170331
Filing Date	20170509
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	lcut-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 30 Cash Flow Statement 59 Comprehensive Income 12

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.29M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.88M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.88M	USD	Point-in-time
Accounts receivable, less allowances of $4,545 at March 31, 2017 and $5,725 at December 31, 2016	`AccountsReceivableNetCurrent`	$104.56M	USD	Point-in-time
Accounts receivable, less allowances of $4,545 at March 31, 2017 and $5,725 at December 31, 2016	`AccountsReceivableNetCurrent`	$61.76M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.54M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$135.21M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.72M	USD	Point-in-time
Inventory (Note A)	`InventoryNet`	$154.19M	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`	$9.84M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.80M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$256.45M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$232.07M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$21.13M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$19.89M	USD	Point-in-time
INVESTMENTS (Note B)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$24.33M	USD	Point-in-time
INVESTMENTS (Note B)	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$22.71M	USD	Point-in-time
INTANGIBLE ASSETS, net (Note C)	`IntangibleAssetsNetIncludingGoodwill`	$89.22M	USD	Point-in-time
INTANGIBLE ASSETS, net (Note C)	`IntangibleAssetsNetIncludingGoodwill`	$88.07M	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`	50.00M	shares	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxAssetsNetNoncurrent`	$8.47M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxAssetsNetNoncurrent`	$8.46M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$1.89M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$1.81M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.56M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.57M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.57M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.56M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$399.85M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$374.65M	USD	Point-in-time
Current maturity of Credit Agreement Term Loan (Note D)	`LoansPayableCurrent`	$6.89M	USD	Point-in-time
Current maturity of Credit Agreement Term Loan (Note D)	`LoansPayableCurrent`	$9.34M	USD	Point-in-time
Short term loan	`LinesOfCreditCurrent`	$233.00K	USD	Point-in-time
Short term loan	`LinesOfCreditCurrent`	$113.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$26.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$29.70M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$31.14M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$45.21M	USD	Point-in-time
Income taxes payable (Note H)	`AccruedIncomeTaxesCurrent`	$6.92M	USD	Point-in-time
Income taxes payable (Note H)	`AccruedIncomeTaxesCurrent`	$5.53M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$91.29M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$70.36M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$18.97M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$17.87M	USD	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxLiabilitiesNoncurrent`	$5.67M	USD	Point-in-time
DEFERRED INCOME TAXES (Note H)	`DeferredTaxLiabilitiesNoncurrent`	$5.78M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$81.93M	USD	Point-in-time
REVOLVING CREDIT FACILITY (Note D)	`LongTermLineOfCredit`	$86.20M	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: 50,000,000 at March 31, 2017 and December 31, 2016; shares issued and outstanding: 14,571,748 at March 31, 2017 and 14,555,936 at December 31, 2016	`CommonStockValue`	$146.00K	USD	Point-in-time
Common stock, $.01 par value, shares authorized: 50,000,000 at March 31, 2017 and December 31, 2016; shares issued and outstanding: 14,571,748 at March 31, 2017 and 14,555,936 at December 31, 2016	`CommonStockValue`	$146.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$174.57M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$173.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$58.98M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$60.98M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.89M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-37.00M	USD	Point-in-time
Accumulated other comprehensive loss (Note K)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-34.99M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$198.70M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$197.73M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$399.85M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$374.65M	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`	$113.36M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$70.37M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$69.42M	USD	1 Quarter
Gross margin	`GrossProfit`	$40.55M	USD	1 Quarter
Gross margin	`GrossProfit`	$43.94M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$13.43M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$13.32M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$32.38M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$31.81M	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$641.00K	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	-	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.21M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.87M	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$1.19M	USD	1 Quarter
Interest expense (Note D)	`InterestExpense`	$941.00K	USD	1 Quarter
Loss before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.81M	USD	1 Quarter
Loss before income taxes and equity in earnings	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.41M	USD	1 Quarter
Income tax benefit (Note H)	`IncomeTaxExpenseBenefit`	$-2.27M	USD	1 Quarter
Income tax benefit (Note H)	`IncomeTaxExpenseBenefit`	$-944.00K	USD	1 Quarter
Equity in earnings (losses), net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$-150.00K	USD	1 Quarter
Equity in earnings (losses), net of taxes (Note B)	`IncomeLossFromEquityMethodInvestments`	$540.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-4.29M	USD	1 Quarter
BASIC LOSS PER COMMON SHARE (NOTE G)	`EarningsPerShareBasic`	$-0.09	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`	$-0.09	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 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.48M	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$162.00K	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$217.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-140.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$20.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$113.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$803.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$804.00K	USD	1 Quarter
Undistributed equity in (earnings) losses, net	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$540.00K	USD	1 Quarter
Undistributed equity in (earnings) losses, net	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-150.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-43.04M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.73M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.51M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$18.65M	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.07M	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`	$-18.14M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$3.56M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$132.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.37M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-4.87M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$5.98M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-8.82M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$373.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$761.00K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-373.00K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-761.00K	USD	1 Quarter
Proceeds from Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$66.30M	USD	1 Quarter
Proceeds from Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$58.39M	USD	1 Quarter
Repayments of Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$70.62M	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`	$119.00K	USD	1 Quarter
Payments on Short Term Loan	`RepaymentsOfShortTermDebt`	$117.00K	USD	1 Quarter
Payment of financing costs	`PaymentsOfFinancingCosts`	$29.00K	USD	1 Quarter
Payments for capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$16.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$92.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$115.00K	USD	1 Quarter
Cash dividends paid (Note K)	`PaymentsOfDividends`	$594.00K	USD	1 Quarter
Cash dividends paid (Note K)	`PaymentsOfDividends`	$613.00K	USD	1 Quarter
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$8.47M	USD	1 Quarter
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-7.25M	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$53.00K	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-139.00K	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.25M	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.59M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.29M	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`	$7.88M	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`	$6.29M	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`	$7.88M	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`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.29M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.68M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$1.98M	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$13.00K	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-43.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-15.00K	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$-1.71M	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$2.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-6.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$673.00K	USD	1 Quarter

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