Lifetime Q4 Net Nearly Triples, Rises 48.9 Percent for Fiscal Year
GARDEN CITY, N.Y.-With sales making a healthy gain and a tightening of expenses, Lifetime Brands' fourth-quarter net income increased by 179.6 percent to $15.2 million--bringing its bottom-line total for the fiscal year ending on Dec. 31 to $20.9 million, up 48.9 percent.
The company's net sales in the quarter rose 12.5 percent to $154.8 million, and were up 9.5 percent for the year to $486.8 million. Selling, general and administrative expenses, while rising 7.1 percent in dollars, were cut by 95 basis points to 19 percent.
Interest expense was slashed by 35.7 percent, and the bottom line also benefited from $4.5 million equity in earnings, as opposed to $925,000 equity in earnings in the fourth quarter of one year ago. Gross margin in the quarter fell 63 basis points to 36.2 percent.
"Lifetime finished 2012 on a positive note," said Jeffrey Siegel, chairman, president and CEO. "While the U.S. and European economies remain troubled, we nevertheless foresee our overall business increasing by 4 to 6 percent in 2013."