Kitchenware,Tabletop Programs Fuel Lifetime Sales Growth
Thursday May 3rd, 2012 - 10:07AM
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Lifetime Brands today reported its financial results for the quarter ended March 31, in which its net sales increased 18.7% to $109 million. Also in its report, the company noted that its organic net sales increased 6.4% to $97.7 million, its gross margin increased 70 basis points to 37.1% and its EBITDA increased 128.8% to $6.2 million.
Lifetime's net increased to $1.344 million, as compared to a loss of $949 thousand for the same period in 2011, according to the company. Diluted Income per Common Share increased to $0.11, as compared to ($0.08) per diluted share in last year’s quarter.
“Lifetime’s financial results for the quarter provided a strong and an encouraging start to the year,” said Jeffrey Siegel, chairman, president and CEO. “Our performance in the quarter was driven by our core U.S. wholesale businesses, kitchenware and tabletop, which recorded an 11.1% increase in net sales, all of which was organic. These gains were primarily attributable to new programs with our key retailer partners."
“Outside the United States, Creative Tops, which we acquired in November 2011, Lifetime Brands Canada and our investee partner companies in Mexico, Canada, Brazil and China all performed to expectation," he added.
On March 6, 2012, the board of directors declared a quarterly dividend of $0.025 per share payable on May 15, 2012 to shareholders of record on May 1, 2012.
Tags: Housewares Cookware & Bakeware Home Décor Organization & Cleaning Tabletop Gadgets & Kitchen Tools Financials
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