Lifetime Brands, Inc. Reports Fourth Quarter 2024 Financial Results
Lifetime Brands (NASDAQ: LCUT) reported strong Q4 2024 results with sales reaching $215.2 million, a 6% increase year-over-year. The company saw U.S. sales grow by $10.8 million (5.8%) and International sales up by $0.8 million (4.4%) in constant currency.
Key financial highlights include gross margin expansion to 37.7% in Q4 and 38.2% for the full year. Q4 net income was $8.9 million ($0.41 per diluted share), while full-year results showed a net loss of $15.2 million. The company maintained strong liquidity of $111.7 million as of December 31, 2024.
Notable developments include the launch of Project Concord in January 2025, focusing on International business turnaround, and plans to relocate its east coast distribution facility from Robbinsville, NJ to Hagerstown, MD by Q2 2026. The company declared a quarterly dividend of $0.0425 per share, payable on May 15, 2025.
Lifetime Brands (NASDAQ: LCUT) ha riportato risultati solidi per il quarto trimestre del 2024, con vendite che hanno raggiunto 215,2 milioni di dollari, un aumento del 6% rispetto all'anno precedente. L'azienda ha registrato una crescita delle vendite negli Stati Uniti di 10,8 milioni di dollari (5,8%) e un incremento delle vendite internazionali di 0,8 milioni di dollari (4,4%) a valuta costante.
I principali punti finanziari includono un'espansione del margine lordo al 37,7% nel quarto trimestre e al 38,2% per l'intero anno. Il reddito netto del quarto trimestre è stato di 8,9 milioni di dollari (0,41 dollari per azione diluita), mentre i risultati dell'anno intero hanno mostrato una perdita netta di 15,2 milioni di dollari. L'azienda ha mantenuto una forte liquidità di 111,7 milioni di dollari al 31 dicembre 2024.
Sviluppi notevoli includono il lancio del Progetto Concord a gennaio 2025, focalizzato sul rilancio del business internazionale, e piani per trasferire la sua struttura di distribuzione della costa est da Robbinsville, NJ a Hagerstown, MD entro il secondo trimestre del 2026. L'azienda ha dichiarato un dividendo trimestrale di 0,0425 dollari per azione, pagabile il 15 maggio 2025.
Lifetime Brands (NASDAQ: LCUT) reportó resultados sólidos en el cuarto trimestre de 2024, con ventas que alcanzaron 215.2 millones de dólares, un aumento del 6% en comparación con el año anterior. La compañía vio crecer las ventas en EE. UU. en 10.8 millones de dólares (5.8%) y las ventas internacionales aumentaron en 0.8 millones de dólares (4.4%) en moneda constante.
Los aspectos financieros clave incluyen una expansión del margen bruto al 37.7% en el cuarto trimestre y al 38.2% para el año completo. La ganancia neta del cuarto trimestre fue de 8.9 millones de dólares (0.41 dólares por acción diluida), mientras que los resultados del año completo mostraron una pérdida neta de 15.2 millones de dólares. La compañía mantuvo una sólida liquidez de 111.7 millones de dólares al 31 de diciembre de 2024.
Desarrollos notables incluyen el lanzamiento del Proyecto Concord en enero de 2025, centrado en la reestructuración del negocio internacional, y planes para trasladar su instalación de distribución de la costa este de Robbinsville, NJ a Hagerstown, MD para el segundo trimestre de 2026. La compañía declaró un dividendo trimestral de 0.0425 dólares por acción, pagadero el 15 de mayo de 2025.
라이프타임 브랜드 (NASDAQ: LCUT)는 2024년 4분기 실적을 발표하며 매출이 2억 1,520만 달러에 달해 전년 대비 6% 증가했다고 보고했습니다. 이 회사는 미국에서 1,080만 달러(5.8%)의 매출 증가를, 국제 매출은 80만 달러(4.4%) 증가했습니다(상수 통화 기준).
주요 재무 하이라이트로는 4분기 총 마진이 37.7%, 연간 총 마진이 38.2%로 확대되었습니다. 4분기 순이익은 890만 달러(희석 주당 0.41달러)였으며, 연간 결과는 1,520만 달러의 순손실을 기록했습니다. 이 회사는 2024년 12월 31일 기준으로 1억 1,170만 달러의 강력한 유동성을 유지했습니다.
주목할 만한 발전으로는 2025년 1월에 컨코드 프로젝트를 시작하고, 국제 비즈니스 전환에 집중하며, 2026년 2분기까지 뉴저지주 로빈스빌에서 메릴랜드주 해거스타운으로 동부 해안 유통 시설을 이전할 계획이 포함됩니다. 이 회사는 주당 0.0425달러의 분기 배당금을 선언했으며, 2025년 5월 15일에 지급될 예정입니다.
Lifetime Brands (NASDAQ: LCUT) a annoncé de solides résultats pour le quatrième trimestre 2024, avec des ventes atteignant 215,2 millions de dollars, soit une augmentation de 6 % par rapport à l'année précédente. L'entreprise a constaté une croissance des ventes aux États-Unis de 10,8 millions de dollars (5,8 %) et une augmentation des ventes internationales de 0,8 million de dollars (4,4 %) en monnaie constante.
Les points financiers clés comprennent une expansion de la marge brute à 37,7 % au quatrième trimestre et à 38,2 % pour l'année entière. Le bénéfice net du quatrième trimestre s'élevait à 8,9 millions de dollars (0,41 dollar par action diluée), tandis que les résultats de l'année entière ont montré une perte nette de 15,2 millions de dollars. L'entreprise a maintenu une solide liquidité de 111,7 millions de dollars au 31 décembre 2024.
Parmi les développements notables, on trouve le lancement du Projet Concord en janvier 2025, axé sur le redressement des activités internationales, ainsi que des projets de relocalisation de son centre de distribution de la côte est de Robbinsville, NJ à Hagerstown, MD d'ici le deuxième trimestre 2026. L'entreprise a déclaré un dividende trimestriel de 0,0425 dollar par action, payable le 15 mai 2025.
Lifetime Brands (NASDAQ: LCUT) hat starke Ergebnisse für das vierte Quartal 2024 gemeldet, mit einem Umsatz von 215,2 Millionen Dollar, was einem Anstieg von 6 % im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete einen Anstieg der US-Umsätze um 10,8 Millionen Dollar (5,8 %) und der internationalen Umsätze um 0,8 Millionen Dollar (4,4 %) in konstanten Währungen.
Wichtige finanzielle Höhepunkte umfassen eine Erweiterung der Bruttomarge auf 37,7 % im vierten Quartal und 38,2 % für das gesamte Jahr. Der Nettogewinn im vierten Quartal betrug 8,9 Millionen Dollar (0,41 Dollar pro verwässerter Aktie), während die Ergebnisse des gesamten Jahres einen Nettverlust von 15,2 Millionen Dollar zeigten. Das Unternehmen hielt zum 31. Dezember 2024 eine starke Liquidität von 111,7 Millionen Dollar.
Bemerkenswerte Entwicklungen umfassen den Start des Projekt Concord im Januar 2025, das sich auf die Umstrukturierung des internationalen Geschäfts konzentriert, sowie Pläne, seine Vertriebsstätte an der Ostküste von Robbinsville, NJ, nach Hagerstown, MD, bis zum zweiten Quartal 2026 zu verlegen. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,0425 Dollar pro Aktie, die am 15. Mai 2025 zahlbar ist.
- Q4 sales increased 6% YoY to $215.2M
- Gross margin expanded to 37.7% in Q4 and 38.2% for full year
- Strong liquidity position of $111.7M as of December 31, 2024
- International sales grew for second consecutive quarter
- Dolly Parton program contributed $7M in sales in 2024
- Full-year net loss of $15.2M ($0.71 per share) vs $8.4M loss in 2023
- Full-year consolidated net sales decreased 0.5% to $683.0M
- SG&A expenses increased 11.6% in Q4 and 4.7% for full year
- Facility relocation to incur significant costs up to $24M through 2026
Insights
Lifetime Brands' Q4 2024 results demonstrate notable momentum amid challenging market conditions, with $215.2 million in quarterly revenue representing a 6% year-over-year increase. This performance was driven by successful e-commerce strategies and new product launches including Build·a·Board and the Dolly Parton program, which contributed $7 million in 2024 sales. The significant improvement in Q4 net income to $8.9 million ($0.41 per diluted share) from $2.7 million ($0.13 per diluted share) year-over-year signals strengthening operational efficiency.
Margin expansion is particularly encouraging, with gross margin improving to 37.7% in Q4 and 38.2% for the full year. The company maintains strong liquidity of $111.7 million, providing substantial financial flexibility despite ongoing macroeconomic challenges. While full-year results show a concerning net loss of $(15.2) million versus $(8.4) million in 2023, the Q4 performance suggests the company's strategies are gaining traction.
The launch of Project Concord represents a strategic pivot to address international performance issues, which have shown initial signs of improvement with two consecutive quarters of sales growth. The east coast distribution facility relocation will create short-term costs (up to $14 million between exit costs and capital expenditures) but should yield longer-term operational efficiencies, offset by approximately $13 million in tax incentives from Maryland. The continued quarterly dividend ($0.0425 per share) signals management's confidence in sustained cash flow generation.
Delivers Fourth Quarter Sales of
TTM Adjusted EBITDA of
Launches Project Concord: Focus on International Business Turnaround to Accelerate Global Growth
Declares Regular Quarterly Dividend
GARDEN CITY, N.Y., March 13, 2025 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today reported its financial results for the quarter and full year ended December 31, 2024.
Fourth Quarter & Full Year 2024 Highlights:
- Fourth quarter sales of
$215.2 million , exceeding fourth quarter 2023 sales by$12.1 million - U.S. sales up
$10.8 million , or5.8% , and International up$0.8 million , or4.4% (constant currency)
- U.S. sales up
- Trailing twelve-month Adjusted EBITDA of
$55.4 million versus$53.9 million from prior quarter - Gross Margin expanded in both the fourth quarter and full year to
37.7% and38.2% , respectively
Rob Kay, Lifetime’s Chief Executive Officer, commented, “Lifetime’s strong fourth quarter performance capped a solid 2024, as seasonal consumer demand accelerated in December. Fourth quarter sales grew by
Touching on the current economic environment, our team is well positioned thanks to significant experience navigating similar macro shifts to proactively adapt our operations to anticipated fluctuations. To this point, while the situation remains fluid, we continue to take prudent measures to mitigate our exposure to the imposed tariffs on affected products. These actions, which include the movement of production to various geographies, are designed to allow Lifetime flexibility as the rules of international trade continue to fluctuate. Additionally, our strong balance sheet and liquidity of
To that end, beginning in January 2025, Lifetime launched a transformation initiative designated as Project Concord. The strategic priorities of this comprehensive turnaround of our International business are expected to promote growth and streamline the cost structure of our International operations. As we execute the steps outlined in this project, the expectation is to generate continued incremental sales growth while identifying cost efficiencies that will produce a breakeven level of profitability in our International business at an accelerated pace.”
Fourth Quarter Financial Results:
Consolidated net sales for the three months ended December 31, 2024, were
Gross margin for the three months ended December 31, 2024 was
Selling, general and administrative expenses for the three months ended December 31, 2024 were
Income from operations was
Adjusted income from operations(1) was
Net income was
Adjusted net income(1) was
(1) A table reconciling this non-GAAP financial measure to its most comparable GAAP financial measure, as reported, is included below.
Full Year Financial Results:
Consolidated net sales for the year ended December 31, 2024, were
Gross margin for 2024 was
Selling, general and administrative expenses for 2024 were
Income from operations was
Adjusted income from operations(1) was
Net loss was
Adjusted net income(1) was
Adjusted EBITDA(1) was
(1) A table reconciling this non-GAAP financial measure to its most comparable GAAP financial measure, as reported, is included below.
Other Matters
In January 2025, the Company announced the relocation of the Company’s east coast distribution facility currently located in Robbinsville, NJ (the “Robbinsville Facility”) to a warehouse and distribution space in Hagerstown, Maryland (the “Hagerstown Facility”). In connection with the relocation, the Company will completely exit the Robbinsville Facility. Lifetime expects to incur one-time exit costs up to
The Hagerstown Facility will require capital expenditures for equipment and certain leasehold improvements of approximately
In January 2025, the Company implemented Project Concord, Lifetime’s comprehensive turnaround initiative of its International business. The strategic priorities of this comprehensive turnaround plan of the International business are expected to promote growth and streamline the cost structure of Lifetime's International operations.
Dividend
On March 11, 2025, the Board of Directors declared a quarterly dividend of
Full Year 2025 Guidance & Investor Day
The Company intends to provide detailed Full Year 2025 guidance in conjunction with its First Quarter 2025 results in mid-May, in-line with its historical cadence. In the Fourth Quarter of 2025, Lifetime will host an Investor Day to outline Management’s long-term vision and priorities for operational segments supporting its comprehensive global turnaround plan.
Conference Call
The Company has scheduled a conference call for Thursday, March 13, 2025 at 11:00 a.m (Eastern Time). The dial-in number for the conference call is 1 (877) 451-6152 (U.S.) or +1 (201) 389-0879 (International)
A live webcast of the conference call will be accessible through:
https://viavid.webcasts.com/starthere.jsp?ei=1706452&tp_key=1f3c441b7b
For those who cannot listen to the live broadcast, an audio replay of the webcast will be available for one year.
Non-GAAP Financial Measures
This earnings release contains non-GAAP financial measures, including constant currency net sales, adjusted income from operations, adjusted net income, adjusted diluted income per common share, adjusted EBITDA, adjusted EBITDA, before limitation, pro forma adjusted EBITDA, before limitation, and pro forma adjusted EBITDA. A non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flows of a company; or, includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. These non-GAAP financial measures are provided because the Company’s management uses these financial measures in evaluating the Company’s on-going financial results and trends, and management believes that exclusion of certain items allows for more accurate period-to-period comparison of the Company’s operating performance by investors and analysts. Management uses these non-GAAP financial measures as indicators of business performance. These non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, GAAP financial measures of performance. As required by SEC rules, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Forward-Looking Statements
In this press release, the use of the words “advance,” “believe,” “continue,” “could,” “deliver,” “drive,” “enable,” “expect,” “gain,” “goal,” “grow,” “intend,” “maintain,” “manage,” “may,” “outlook,” “plan,” “positioned,” “project,” “projected,” “should,” “take,” “target,” “unlock,” “will,” “would”, or similar expressions is intended to identify forward-looking statements. Such statements include all statements regarding the growth of the Company, the Company’s financial guidance, the Company’s ability to navigate the current environment and advance the Company’s strategy, the Company’s commitment to increasing investments in future growth initiatives, the Company’s initiatives to create value, the Company’s efforts to mitigate geopolitical factors and tariffs, the Company’s current and projected financial and operating performance, results, and profitability and all guidance related thereto, including forecasted exchange rates and effective tax rates, as well as the Company’s continued growth and success, future plans and intentions regarding the Company and its consolidated subsidiaries. Such statements represent the Company’s current judgments, estimates, and assumptions about possible future events. The Company believes these judgments, estimates, and assumptions are reasonable, but these statements are not guarantees of any events or financial or operational results, and actual results may differ materially due to a variety of important factors. Such factors might include, among others, the Company’s ability to comply with the requirements of its credit agreements; the availability of funding under such credit agreements; the Company’s ability to maintain adequate liquidity and financing sources and an appropriate level of debt, as well as to deleverage its balance sheet; the possibility of impairments to the Company’s goodwill; the possibility of impairments to the Company’s intangible assets; the highly seasonal nature of the Company’s business; the Company’s ability to drive future growth and profitability from its European operations; changes in U.S. or foreign trade or tax law and policy; changes in general economic conditions that could impact the Company’s customers and affect customer purchasing practices or consumer spending; customer ordering behavior; the performance of the Company’s newer products; expenses and other challenges relating to the integration of any future acquisitions; changes in demand for the Company’s products; changes in the Company’s management team; the significant influence of the Company’s largest stockholder; fluctuations in foreign exchange rates; changes in U.S. trade policy or the trade policies of nations in which the Company or the Company’s suppliers do business; shortages of and price volatility for certain commodities; global health epidemic; social unrest, including related protests and disturbances; the emergence, continuation and consequences of geopolitical conditions, including political instability in the U.S. and abroad, unrest and sanctions, war, conflict, including the ongoing conflicts between Russia and the Ukraine, conflicts in the Middle East, and increasing tensions between China and Taiwan; macro-economic challenges, including labor disputes, inflationary impacts and disruptions to the global supply chain; increase in supply chain costs; the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures and/or economic sanctions implemented by the U.S. and other governments; the Company’s ability to successfully integrate acquired businesses; the Company’s expectations regarding customer purchasing practices and the future level of demand for the Company’s products; the Company’s ability to execute on the goals and strategies set forth in the Company’s five-year plan; and significant changes in the competitive environment and the effect of competition on the Company’s markets, including on the Company’s pricing policies, financing sources and ability to maintain an appropriate level of debt. The Company undertakes no obligation to update these forward-looking statements other than as required by law.
Lifetime Brands, Inc.
Lifetime Brands is a leading global designer, developer and marketer of a broad range of branded consumer products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chef’n® Chicago™ Metallic, Copco®, Fred® & Friends, Houdini™, KitchenCraft®, Kamenstein®, La Cafetière®, MasterClass®, Misto®, Swing-A-Way®, Taylor® Kitchen, Rabbit®, and Dolly®; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and Floyd®, Empire Silver™, Gorham®, International® Silver, Towle® Silversmiths, Wallace®, Wilton Armetale®, V&A®, Royal Botanic Gardens Kew®, Year & Day®, Dolly®, Royal Leerdam®, and ONIS®; and valued home solutions brands, including BUILT NY®, S’well®, Taylor® Bath, Taylor® Kitchen, Taylor® Weather, Planet Box®, and Dolly®. The Company also provides exclusive private label products to leading retailers worldwide.
The Company’s corporate website is www.lifetimebrands.com.
Contacts:
Lifetime Brands, Inc.
Laurence Winoker, Chief Financial Officer
516-203-3590
investor.relations@lifetimebrands.com
or
MZ North America
Shannon Devine / Rory Rumore
Main: 203-741-8811
LCUT@mzgroup.us
| LIFETIME BRANDS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands - except per share data) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 215,207 | $ | 203,143 | $ | 682,952 | $ | 686,683 | |||||||
| Cost of sales | 134,018 | 129,288 | 422,249 | 432,044 | |||||||||||
| Gross margin | 81,189 | 73,855 | 260,703 | 254,639 | |||||||||||
| Distribution expenses | 22,543 | 19,452 | 73,810 | 69,194 | |||||||||||
| Selling, general and administrative expenses | 43,172 | 38,664 | 159,809 | 152,648 | |||||||||||
| Restructuring expenses | — | — | — | 856 | |||||||||||
| Income from operations | 15,474 | 15,739 | 27,084 | 31,941 | |||||||||||
| Interest expense | (5,603 | ) | (5,618 | ) | (22,208 | ) | (21,728 | ) | |||||||
| Mark to market gain (loss) on interest rate derivatives | 718 | (364 | ) | (466 | ) | (499 | ) | ||||||||
| (Loss) gain on extinguishments of debt, net | — | (759 | ) | — | 761 | ||||||||||
| Loss on equity securities | — | — | (14,152 | ) | — | ||||||||||
| Income (loss) before income taxes and equity in losses | 10,589 | 8,998 | (9,742 | ) | 10,475 | ||||||||||
| Income tax provision | (1,671 | ) | (3,313 | ) | (3,331 | ) | (6,222 | ) | |||||||
| Equity in losses, net of taxes | — | (2,978 | ) | (2,092 | ) | (12,665 | ) | ||||||||
| NET INCOME (LOSS) | $ | 8,918 | $ | 2,707 | $ | (15,165 | ) | $ | (8,412 | ) | |||||
| Weighted-average shares outstanding—basic | 21,562 | 21,216 | 21,481 | 21,195 | |||||||||||
| BASIC INCOME (LOSS) PER COMMON SHARE | $ | 0.41 | $ | 0.13 | $ | (0.71 | ) | $ | (0.40 | ) | |||||
| Weighted-average shares outstanding—diluted | 21,617 | 21,468 | 21,481 | 21,195 | |||||||||||
| DILUTED INCOME (LOSS) PER COMMON SHARE | $ | 0.41 | $ | 0.13 | $ | (0.71 | ) | $ | (0.40 | ) | |||||
| LIFETIME BRANDS, INC. CONSOLIDATED BALANCE SHEETS (in thousands - except share data) | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS | |||||||
| Cash and cash equivalents | $ | 2,929 | $ | 16,189 | |||
| Accounts receivable, less allowances of | 156,743 | 155,180 | |||||
| Inventory | 202,408 | 188,647 | |||||
| Prepaid expenses and other current assets | 11,488 | 16,339 | |||||
| TOTAL CURRENT ASSETS | 373,568 | 376,355 | |||||
| PROPERTY AND EQUIPMENT, net | 15,049 | 16,970 | |||||
| OPERATING LEASE RIGHT-OF-USE ASSETS | 59,571 | 69,756 | |||||
| INVESTMENTS | — | 1,826 | |||||
| INTANGIBLE ASSETS, net | 183,527 | 199,133 | |||||
| OTHER ASSETS | 2,595 | 3,102 | |||||
| TOTAL ASSETS | $ | 634,310 | $ | 667,142 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| CURRENT LIABILITIES | |||||||
| Current maturity of term loan | $ | 4,891 | $ | 4,742 | |||
| Accounts payable | 60,029 | 54,154 | |||||
| Accrued expenses | 70,848 | 78,356 | |||||
| Income taxes payable | 830 | 641 | |||||
| Current portion of operating lease liabilities | 15,145 | 14,075 | |||||
| TOTAL CURRENT LIABILITIES | 151,743 | 151,968 | |||||
| OTHER LONG-TERM LIABILITIES | 15,955 | 9,126 | |||||
| INCOME TAXES PAYABLE, LONG-TERM | 706 | 1,493 | |||||
| OPERATING LEASE LIABILITIES | 56,740 | 70,009 | |||||
| DEFERRED INCOME TAXES | 5,601 | 7,438 | |||||
| REVOLVING CREDIT FACILITY | 42,693 | 60,395 | |||||
| TERM LOAN | 130,949 | 135,834 | |||||
| STOCKHOLDERS’ EQUITY | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 222 | 218 | |||||
| Paid-in capital | 280,566 | 277,728 | |||||
| Accumulated deficit | (32,550 | ) | (13,568 | ) | |||
| Accumulated other comprehensive loss | (18,315 | ) | (33,499 | ) | |||
| TOTAL STOCKHOLDERS’ EQUITY | 229,923 | 230,879 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 634,310 | $ | 667,142 | |||
| LIFETIME BRANDS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||
| Year Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| OPERATING ACTIVITIES | |||||||
| Net loss | $ | (15,165 | ) | $ | (8,412 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 22,314 | 19,571 | |||||
| Amortization of financing costs | 2,859 | 1,968 | |||||
| Mark to market loss on interest rate derivatives | 466 | 499 | |||||
| Operating leases, net | (2,010 | ) | (1,889 | ) | |||
| Provision for doubtful accounts | 950 | 2,116 | |||||
| Deferred income taxes | (2,039 | ) | (2,130 | ) | |||
| Stock compensation expense | 3,920 | 3,687 | |||||
| Equity in losses, net of taxes | 2,092 | 12,665 | |||||
| Contingent consideration fair value adjustment | — | (650 | ) | ||||
| Gain on extinguishments of debt, net | — | (761 | ) | ||||
| Loss on equity securities | 14,152 | — | |||||
| Changes in operating assets and liabilities | |||||||
| Accounts receivable | (3,206 | ) | (14,972 | ) | |||
| Inventory | (14,557 | ) | 35,428 | ||||
| Prepaid expenses, other current assets and other assets | 5,200 | (1,833 | ) | ||||
| Accounts payable, accrued expenses and other liabilities | 4,185 | 10,846 | |||||
| Income taxes payable | (592 | ) | 298 | ||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 18,569 | 56,431 | |||||
| INVESTING ACTIVITIES | |||||||
| Purchases of property and equipment | (2,227 | ) | (2,801 | ) | |||
| NET CASH USED IN INVESTING ACTIVITIES | (2,227 | ) | (2,801 | ) | |||
| FINANCING ACTIVITIES | |||||||
| Proceeds from revolving credit facility | 268,209 | 162,391 | |||||
| Repayments of revolving credit facility | (285,264 | ) | (113,530 | ) | |||
| Proceeds from Term Loan | — | 55,991 | |||||
| Repayments of Term Loan | (7,500 | ) | (149,540 | ) | |||
| Payment of financing costs | — | (9,537 | ) | ||||
| Payments for finance lease obligations | (45 | ) | (27 | ) | |||
| Payments of tax withholding for stock based compensation | (1,081 | ) | (537 | ) | |||
| Payments for stock repurchase | — | (2,539 | ) | ||||
| Cash dividends paid | (3,809 | ) | (3,734 | ) | |||
| NET CASH USED IN FINANCING ACTIVITIES | (29,490 | ) | (61,062 | ) | |||
| Effect of foreign exchange on cash | (112 | ) | 23 | ||||
| DECREASE IN CASH AND CASH EQUIVALENTS | (13,260 | ) | (7,409 | ) | |||
| Cash and cash equivalents at beginning of year | 16,189 | 23,598 | |||||
| CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 2,929 | $ | 16,189 | |||
| LIFETIME BRANDS, INC. Supplemental Information (in thousands) Reconciliation of GAAP to Non-GAAP Operating Results | |||||||||||||||||||
| Adjusted EBITDA for the year ended December 31, 2024: | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | December 31, 2024 | |||||||||||||||
| (in thousands) | |||||||||||||||||||
| Net (loss) income as reported | $ | (6,260 | ) | $ | (18,167 | ) | $ | 344 | $ | 8,918 | $ | (15,165 | ) | ||||||
| Loss on equity securities | — | 14,152 | — | — | 14,152 | ||||||||||||||
| Equity in losses, net of taxes | 2,092 | — | — | — | 2,092 | ||||||||||||||
| Income tax provision (benefit) | 210 | (57 | ) | 1,507 | 1,671 | 3,331 | |||||||||||||
| Interest expense | 5,614 | 5,157 | 5,834 | 5,603 | 22,208 | ||||||||||||||
| Depreciation and amortization | 4,939 | 4,894 | 6,408 | 6,073 | 22,314 | ||||||||||||||
| Mark to market loss (gain) on interest rate derivatives | 174 | 82 | 928 | (718 | ) | 466 | |||||||||||||
| Stock compensation expense | 807 | 1,037 | 1,042 | 1,034 | 3,920 | ||||||||||||||
| Acquisition related expenses | 95 | 641 | 210 | 143 | 1,089 | ||||||||||||||
| Warehouse redesign expenses(1) | 18 | 35 | 662 | 249 | 964 | ||||||||||||||
| Adjusted EBITDA(2) | $ | 7,689 | $ | 7,774 | $ | 16,935 | $ | 22,973 | $ | 55,371 | |||||||||
| (1) For the year ended December 31, 2024, the warehouse redesign expenses were related to the U.S. segment. (2) Adjusted EBITDA is a non-GAAP financial measure that is defined in the Company’s debt agreements. Adjusted EBITDA is defined as net (loss) income, adjusted to exclude loss on equity securities, equity in losses, net of taxes, income tax provision (benefit), interest expense, depreciation and amortization, mark to market loss (gain) on interest rate derivatives, stock compensation expense, and other items detailed in the table above that are consistent with exclusions permitted by our debt agreements. | |||||||||||||||||||
| Adjusted EBITDA for the year ended December 31, 2023: | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | December 31, 2023 | |||||||||||||||
| (in thousands) | |||||||||||||||||||
| Net (loss) income as reported | $ | (8,805 | ) | $ | (6,520 | ) | $ | 4,206 | $ | 2,707 | $ | (8,412 | ) | ||||||
| Equity in losses, net of taxes | 2,777 | 5,863 | 1,047 | 2,978 | 12,665 | ||||||||||||||
| Income tax (benefit) provision | (1,348 | ) | 1,242 | 3,015 | 3,313 | 6,222 | |||||||||||||
| Interest expense | 5,336 | 5,528 | 5,246 | 5,618 | 21,728 | ||||||||||||||
| Depreciation and amortization | 4,870 | 4,925 | 4,821 | 4,955 | 19,571 | ||||||||||||||
| Mark to market loss (gain) on interest rate derivatives | 234 | (197 | ) | 98 | 364 | 499 | |||||||||||||
| Stock compensation expense | 861 | 1,011 | 898 | 917 | 3,687 | ||||||||||||||
| Contingent consideration fair value adjustment | — | (50 | ) | — | (600 | ) | (650 | ) | |||||||||||
| (Gain) loss on extinguishments of debt, net | — | (1,520 | ) | — | 759 | (761 | ) | ||||||||||||
| Acquisition related expenses | 490 | 242 | 186 | 407 | 1,325 | ||||||||||||||
| Restructuring expenses | 856 | — | — | — | 856 | ||||||||||||||
| Warehouse redesign expenses (1) | 194 | 157 | 176 | 51 | 578 | ||||||||||||||
| Adjusted EBITDA (2) | $ | 5,465 | $ | 10,681 | $ | 19,693 | $ | 21,469 | $ | 57,308 | |||||||||
| (1) For the year ended December 31, 2023, the warehouse redesign expenses related to the U.S. segment. (2) Adjusted EBITDA is a non-GAAP financial measure which is defined in the Company’s debt agreements. Adjusted EBITDA is defined as net (loss) income, adjusted to exclude equity in losses, net of taxes, income tax (benefit) provision, interest expense, depreciation and amortization, mark to market loss (gain) on interest rate derivatives, stock compensation expense, (gain) loss on extinguishments of debt, net, and other items detailed in the table above that are consistent with exclusions permitted by our debt agreements. | |||||||||||||||||||
| LIFETIME BRANDS, INC. Supplemental Information (in thousands - except per share data) Reconciliation of GAAP to Non-GAAP Operating Results (continued) | |||||||||||||||
| Adjusted net income and adjusted diluted income per common share (in thousands - except per share data): | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) as reported | $ | 8,918 | $ | 2,707 | $ | (15,165 | ) | $ | (8,412 | ) | |||||
| Adjustments: | |||||||||||||||
| Acquisition intangible amortization expense | 4,367 | 3,802 | 15,589 | 14,835 | |||||||||||
| Contingent consideration fair value adjustments | — | (600 | ) | — | (650 | ) | |||||||||
| Loss (gain) on extinguishments of debt, net | — | 759 | — | (761 | ) | ||||||||||
| Acquisition related expenses | 143 | 407 | 1,089 | 1,325 | |||||||||||
| Restructuring expenses | — | — | — | 856 | |||||||||||
| Warehouse redesign expenses(1) | 249 | 51 | 964 | 578 | |||||||||||
| Impairment of Grupo Vasconia investment | — | — | — | 6,834 | |||||||||||
| Mark to market (gain) loss on interest rate derivatives | (718 | ) | 364 | 466 | 499 | ||||||||||
| Loss on equity securities | — | — | 14,152 | — | |||||||||||
| Income tax effect on adjustments | (990 | ) | (1,163 | ) | (4,452 | ) | (4,094 | ) | |||||||
| Adjusted net income(2) | $ | 11,969 | $ | 6,327 | $ | 12,643 | $ | 11,010 | |||||||
| Adjusted diluted income per share(3) | $ | 0.55 | $ | 0.29 | $ | 0.58 | $ | 0.52 | |||||||
| (1) For the years ended December 31, 2024 and 2023, the warehouse redesign expenses were related to the U.S. segment. (2) Adjusted net income and adjusted diluted income per common share in the three months ended and year ended December 31, 2024 excludes acquisition intangible amortization expense, acquisition related expenses, warehouse redesign expenses, mark to market (gain) loss on interest rate derivatives, and loss on equity securities. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments. Adjusted net income and adjusted diluted income per common share in the three months ended and year ended December 31, 2023 excludes acquisition intangible amortization expense, contingent consideration fair value adjustments, loss (gain) on extinguishments of debt, net, acquisition related expenses, restructuring expenses, warehouse redesign expenses, impairment of Grupo Vasconia investment, and mark to market (gain) loss on interest rate derivatives. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments. (3) Adjusted diluted income per common share is calculated based on diluted weighted-average shares outstanding of 21,617 and 21,468 for the three month period ended December 31, 2024 and 2023, respectively, and 21,636 and 21,316 for the year ended December 31, 2024 and 2023, respectively. The diluted weighted-average shares outstanding for the three months ended and year ended December 31, 2024 include the effect of dilutive securities of 55 and 155 shares, respectively. The diluted weighted-average shares outstanding for the three months ended and year ended December 31, 2023 include the effect of dilutive securities of 252 and 121 shares, respectively. | |||||||||||||||
| Adjusted income from operations (in thousands): | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Income from operations | $ | 15,474 | $ | 15,739 | $ | 27,084 | $ | 31,941 | |||||||
| Adjustments: | |||||||||||||||
| Acquisition intangible amortization expense | 4,367 | 3,802 | 15,589 | 14,835 | |||||||||||
| Contingent consideration fair value adjustments | — | (600 | ) | — | (650 | ) | |||||||||
| Acquisition related expenses | 143 | 407 | 1,089 | 1,325 | |||||||||||
| Restructuring expenses | — | — | — | 856 | |||||||||||
| Warehouse redesign expenses(1) | 249 | 51 | 964 | 578 | |||||||||||
| Total adjustments | 4,759 | 3,660 | 17,642 | 16,944 | |||||||||||
| Adjusted income from operations(2) | $ | 20,233 | $ | 19,399 | $ | 44,726 | $ | 48,885 | |||||||
| (1) For the years ended December 31, 2024 and 2023, the warehouse redesign expenses were related to the U.S. segment. (2) Adjusted income from operations for the three months ended and year ended December 31, 2024 and December 31, 2023, excludes acquisition intangible amortization expense, contingent consideration fair value adjustments, acquisition related expenses, restructuring expenses, and warehouse redesign expenses. | |||||||||||||||
| LIFETIME BRANDS, INC. Supplemental Information (in thousands) Reconciliation of GAAP to Non-GAAP Operating Results (continued) | |||||||||||||||||||||||||||||||||||||||
| Constant Currency: | |||||||||||||||||||||||||||||||||||||||
| As Reported Three Months Ended December 31, | Constant Currency (1) Three Months Ended December 31, | Year-Over-Year Increase (Decrease) | |||||||||||||||||||||||||||||||||||||
| Net sales | 2024 | 2023 | Increase (Decrease) | 2024 | 2023 | Increase (Decrease) | Currency Impact | Excluding Currency | Including Currency | Currency Impact | |||||||||||||||||||||||||||||
| U.S. | $ | 195,997 | $ | 185,222 | $ | 10,775 | $ | 195,997 | $ | 185,134 | $ | 10,863 | $ | 88 | 5.9 | % | 5.8 | % | (0.1) | % | |||||||||||||||||||
| International | $ | 19,210 | $ | 17,921 | $ | 1,289 | $ | 19,210 | $ | 18,393 | $ | 817 | $ | (472 | ) | 4.4 | % | 7.2 | % | 2.8 | % | ||||||||||||||||||
| Total net sales | $ | 215,207 | $ | 203,143 | $ | 12,064 | $ | 215,207 | $ | 203,527 | $ | 11,680 | $ | (384 | ) | 5.7 | % | 5.9 | % | 0.2 | % | ||||||||||||||||||
| As Reported Year Ended December 31, | Constant Currency (1) Year Ended December 31, | Year-Over-Year Increase (Decrease) | |||||||||||||||||||||||||||||||||||||
| Net sales | 2024 | 2023 | Increase (Decrease) | 2024 | 2023 | Increase (Decrease) | Currency Impact | Excluding Currency | Including Currency | Currency Impact | |||||||||||||||||||||||||||||
| U.S. | $ | 627,202 | $ | 633,079 | $ | (5,877 | ) | $ | 627,202 | $ | 633,184 | $ | (5,982 | ) | $ | (105 | ) | (0.9) | % | (0.9) | % | — | % | ||||||||||||||||
| International | $ | 55,750 | $ | 53,604 | $ | 2,146 | $ | 55,750 | $ | 54,891 | $ | 859 | $ | (1,287 | ) | 1.6 | % | 4.0 | % | 2.4 | % | ||||||||||||||||||
| Total net sales | $ | 682,952 | $ | 686,683 | $ | (3,731 | ) | $ | 682,952 | $ | 688,075 | $ | (5,123 | ) | $ | (1,392 | ) | (0.7) | % | (0.5) | % | 0.2 | % | ||||||||||||||||
| (1) “Constant Currency” is determined by applying the 2024 average exchange rates to the prior year local currency sales amounts, with the difference between the change in “As Reported” net sales and “Constant Currency” net sales, reported in the table as “Currency Impact”. Constant currency sales growth is intended to exclude the impact of fluctuations in foreign currency exchange rates. | |||||||||||||||||||||||||||||||||||||||
FAQ
What were Lifetime Brands (LCUT) Q4 2024 financial results?
How much will LCUT's Hagerstown facility relocation cost?
What tax incentives will LCUT receive for the Hagerstown facility?
What is Project Concord and when was it launched by LCUT?
What is LCUT's latest quarterly dividend payment?
