10-Q Filing

LIFETIME BRANDS, INC CIK: 874396 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001193125-18-157701`
Period End Date	20180331
Filing Date	20180509
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	lcut-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 30 Cash Flow Statement 61 Comprehensive Income 12

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.29M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.88M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.60M	USD	Point-in-time
Accounts receivable, less allowances of $6,164 at March 31, 2018 and $6,190 at December 31, 2017	`AccountsReceivableNetCurrent`	$108.03M	USD	Point-in-time
Accounts receivable, less allowances of $6,164 at March 31, 2018 and $6,190 at December 31, 2017	`AccountsReceivableNetCurrent`	$87.62M	USD	Point-in-time
Inventory	`InventoryNet`	$132.44M	USD	Point-in-time
Inventory	`InventoryNet`	$177.57M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.16M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.19M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.26M	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`	$10.35M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$293.36M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$258.42M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$27.05M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$23.07M	USD	Point-in-time
INVESTMENTS	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$24.52M	USD	Point-in-time
INVESTMENTS	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$23.98M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetIncludingGoodwill`	$88.48M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetIncludingGoodwill`	$371.09M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxAssetsNetNoncurrent`	$5.83M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxAssetsNetNoncurrent`	$8.89M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.61M	shares	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$2.02M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.90M	shares	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$1.75M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$401.52M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.90M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$726.91M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.61M	shares	Point-in-time
Current maturity of term loan	`LoansPayableCurrent`	$1.28M	USD	Point-in-time
Short term loan	`LinesOfCreditCurrent`	$69.00K	USD	Point-in-time
Short term loan	`LinesOfCreditCurrent`	$151.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$34.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.46M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$49.59M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$44.12M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.86M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$104.00K	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$71.52M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$85.25M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$20.25M	USD	Point-in-time
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$20.57M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxLiabilitiesNoncurrent`	$34.42M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxLiabilitiesNoncurrent`	$4.42M	USD	Point-in-time
INCOME TAXES PAYABLE, LONG-TERM	`AccruedIncomeTaxesNoncurrent`	$311.00K	USD	Point-in-time
INCOME TAXES PAYABLE, LONG-TERM	`AccruedIncomeTaxesNoncurrent`	$311.00K	USD	Point-in-time
REVOLVING CREDIT FACILITY	`LongTermLineOfCredit`	$94.74M	USD	Point-in-time
REVOLVING CREDIT FACILITY	`LongTermLineOfCredit`	$45.05M	USD	Point-in-time
TERM LOAN	`LongTermLoansPayable`	$263.58M	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, 2018 and December 31, 2017; shares issued and outstanding: 20,605,877 at March 31, 2018 and 14,902,527 at December 31, 2017	`CommonStockValue`	$206.00K	USD	Point-in-time
Common stock, $.01 par value, shares authorized: 50,000,000 at March 31, 2018 and December 31, 2017; shares issued and outstanding: 20,605,877 at March 31, 2018 and 14,902,527 at December 31, 2017	`CommonStockValue`	$149.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$178.91M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$255.41M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$60.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$48.07M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-29.32M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-25.94M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$277.74M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$210.28M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$401.52M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$726.91M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$118.17M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$113.36M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$73.08M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$69.42M	USD	1 Quarter
Gross margin	`GrossProfit`	$43.94M	USD	1 Quarter
Gross margin	`GrossProfit`	$45.09M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$17.82M	USD	1 Quarter
Distribution expenses	`DistributionExpenses`	$13.43M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$32.38M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$40.17M	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$406.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-13.32M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.87M	USD	1 Quarter
Interest expense	`InterestExpense`	$941.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.10M	USD	1 Quarter
Loss on early retirement of debt	`GainsLossesOnExtinguishmentOfDebt`	$-66.00K	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`	$-15.48M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-3.81M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-944.00K	USD	1 Quarter
Equity in earnings, net of taxes	`IncomeLossFromEquityMethodInvestments`	$77.00K	USD	1 Quarter
Equity in earnings, net of taxes	`IncomeLossFromEquityMethodInvestments`	$540.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-11.60M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
BASIC LOSS PER COMMON SHARE	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
BASIC LOSS PER COMMON SHARE	`EarningsPerShareBasic`	$-0.70	USD	1 Quarter
DILUTED LOSS PER COMMON SHARE	`EarningsPerShareDiluted`	$-0.70	USD	1 Quarter
DILUTED LOSS PER COMMON SHARE	`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 61 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-11.60M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.31M	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$217.00K	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$220.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$370.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-140.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$804.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$838.00K	USD	1 Quarter
Undistributed equity in earnings, net of taxes	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$540.00K	USD	1 Quarter
Undistributed equity in earnings, net of taxes	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$77.00K	USD	1 Quarter
Loss on early retirement of debt	`GainsLossesOnExtinguishmentOfDebt`	$-66.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-48.12M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-43.04M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$17.30M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$18.65M	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.48M	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.07M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-7.05M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-18.14M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$132.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-3.88M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.37M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$5.98M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$12.54M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$373.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.41M	USD	1 Quarter
Filament acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$217.93M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-220.34M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-373.00K	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$66.30M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$73.72M	USD	1 Quarter
Repayments of revolving credit facility	`RepaymentsOfLinesOfCredit`	$70.62M	USD	1 Quarter
Repayments of revolving credit facility	`RepaymentsOfLinesOfCredit`	$123.94M	USD	1 Quarter
Proceeds from Term Loan	`ProceedsFromLongTermLinesOfCredit`	$275.00M	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
Proceeds from short term loan	`ProceedsFromShortTermDebt`	$79.00K	USD	1 Quarter
Payment of financing costs	`PaymentsOfFinancingCosts`	$29.00K	USD	1 Quarter
Payment of financing costs	`PaymentsOfFinancingCosts`	$11.05M	USD	1 Quarter
Payment of equity issuance costs	`PaymentsOfStockIssuanceCosts`	$929.00K	USD	1 Quarter
Payments for capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$24.00K	USD	1 Quarter
Payments of tax withholding for stock based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$258.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$92.00K	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividends`	$652.00K	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividends`	$613.00K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$211.95M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) 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`	$152.00K	USD	1 Quarter
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.30M	USD	1 Quarter
INCREASE (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`	$11.90M	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`	$7.60M	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`	$11.90M	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`	$7.60M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-11.60M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$1.98M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$3.38M	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$13.00K	USD	1 Quarter
Derivative fair value adjustment	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-14.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-15.00K	USD	1 Quarter
Effect of retirement benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-18.00K	USD	1 Quarter
Other comprehensive income, net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$2.00M	USD	1 Quarter
Other comprehensive income, net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$3.38M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$673.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-8.21M	USD	1 Quarter

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