{"id":454526,"date":"2021-03-10T07:03:15","date_gmt":"2021-03-10T12:03:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454526"},"modified":"2021-03-10T07:03:15","modified_gmt":"2021-03-10T12:03:15","slug":"lifetime-brands-inc-reports-fourth-quarter-and-full-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lifetime-brands-inc-reports-fourth-quarter-and-full-year-2020-financial-results\/","title":{"rendered":"Lifetime Brands, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results"},"content":{"rendered":"

\nDeclares Regular Quarterly Dividend
\n<\/h2>\n
\n

GARDEN CITY, N.Y., March 10, 2021 (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\u00a031, 2020.<\/p>\n

Robert Kay, Lifetime\u2019s Chief Executive Officer, commented, \u201cWe are pleased with our performance in the fourth quarter, which represents another quarter driving significant value for shareholders. Our core U.S. business delivered its sixth consecutive quarter of year-over-year growth driven by increased demand in our kitchenware products. We outperformed in the majority of our categories in both pure play and omnichannel e-commerce, where there was strong demand, and we continue to gain market share across most of our channels. We also achieved meaningful progress in our international business during the fourth quarter, which demonstrated the benefits from the turnaround plan for this business unit that we began executing against in 2019. On a consolidated basis, Lifetime grew sales by nearly 10% in the quarter, which favorably compares to a strong quarter a year ago.\u201d<\/p>\n

Mr. Kay continued, \u201cOur strong fourth quarter results capped a truly transformative year for Lifetime Brands, and I\u2019m incredibly proud of what our team accomplished in 2020. Despite the external challenges presented by the global pandemic, net income for the quarter was $15.2\u00a0million compared with a net loss of $(14.5)\u00a0million for the prior period. Correspondingly, we generated $77.3 million in Consolidated Adjusted EBITDA in 2020, an increase of approximately 21% over 2019, by demonstrating strong top line growth and remaining focused on disciplined cost control, which has contributed to making our company a leaner organization. The combination of substantially higher cash flow from operations and a more disciplined approach to managing the balance sheet has allowed us to de-leverage Lifetime to our target levels, notwithstanding meaningful investments in higher inventory levels that we have made over the past six months in order to drive competitive advantage. We have now substantially achieved our Lifetime 2.0 objectives and look forward to driving continued growth and profitability as we enter the next phase of our strategic plan.”<\/p>\n

\n
\n Fourth Quarter Financial Highlights:<\/em>
\n <\/strong>\n <\/p>\n

Consolidated net sales for the three months ended December\u00a031, 2020, were $249.2\u00a0million, representing an increase of $22.3\u00a0million or 9.8% as compared to $226.9\u00a0million for the corresponding period in 2019, led by 10.7% growth in our core U.S. business. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated net sales increased $21.5\u00a0million or 9.4% in the fourth quarter of 2020, as compared to consolidated net sales in the corresponding period in 2019.<\/p>\n

Gross margin was $88.1\u00a0million, or 35.4%, in 2020 as compared to $83.9\u00a0million, or 37.0%, for the corresponding period in 2019.<\/p>\n

Income from operations was $24.4\u00a0million, as compared to loss from operations of $(15.5)\u00a0million in the prior year’s quarter. Excluding a $33.2 million non-cash charge for goodwill impairment, income from operations would have been approximately $17.8 million, in 2019.<\/p>\n

Net income was $15.2\u00a0million, or $0.70 per diluted share, in the quarter ended December\u00a031, 2020, as compared to net loss of $(14.5)\u00a0million, or $(0.70) per diluted share, for the corresponding period in 2019.<\/p>\n

Adjusted net income was $15.2\u00a0million, or $0.70 per diluted share, in the quarter ended December\u00a031, 2020, as compared to adjusted net income of $11.3 million, or $0.54 per diluted share, for the corresponding period in 2019. A table which reconciles this\u00a0non-GAAP\u00a0financial measure to net income (loss), as reported, is included below.<\/p>\n

\n
\n Full Year Financial Highlights:<\/em>
\n <\/strong>\n <\/p>\n

Consolidated net sales for the year ended December\u00a031, 2020, were $769.2 million, an increase of $34.3 million, or 4.7%, as compared to consolidated net sales of $734.9 million for the corresponding period in 2019. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated net sales increased $33.6 million, or 4.6%, as compared to consolidated net sales in the corresponding period in 2019.<\/p>\n

Gross margin for 2020 was $274.0 million, or 35.6%, compared to $255.2 million, or 34.7%, for the corresponding period in 2019. Excluding the SKU Rationalization of $8.5 million, the gross margin in the 2019 period would have been 35.9%.<\/p>\n

Income from operations was $25.0\u00a0million in 2020, as compared to loss from operations of $(23.4)\u00a0million for the corresponding period in 2019. Income from operations, excluding the impact of certain non-cash charges, was $47.9\u00a0million, as compared to $28.1\u00a0million for the corresponding period in 2019. A table which reconciles this\u00a0non-GAAP\u00a0financial measure to income (loss) from operations, as reported, is included below.<\/p>\n

Net loss was $(3.0) million, or $(0.14) per diluted share, in the year ended December\u00a031, 2020, as compared to net loss of $(44.4) million, or $(2.16) per diluted share, in the corresponding period in 2019.<\/p>\n

Adjusted net income was $20.2 million, or $0.95 per diluted share, as compared to $9.2 million, or $0.44 per diluted share, in the corresponding period in 2019.<\/p>\n

Consolidated adjusted EBITDA, after giving effect to certain adjustments as permitted and defined under our debt agreements, was $77.3 million in the year ended December\u00a031, 2020. A table which reconciles this\u00a0non-GAAP\u00a0financial measure to net loss, as reported, is included below.<\/p>\n

\n
\n Dividend<\/em>
\n <\/strong>\n <\/p>\n

On March\u00a09, 2021, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on May\u00a017, 2021 to shareholders of record on May\u00a03, 2021.<\/p>\n

\n
\n Conference Call<\/em>
\n <\/strong>\n <\/p>\n

The Company has scheduled a conference call for Wednesday, March 10, 2021 at 11:00 a.m. The dial-in number for the conference call is (866) 610-1072 (U.S.) or (973) 935-2840 (International), Conference ID: 3185706.<\/p>\n

A live webcast of the conference call will be accessible through:
https:\/\/event.on24.com\/wcc\/r\/3043690\/F9E6F0057DE8E9600AAF23880AC539ED<\/p>\n

For those who cannot listen to the live broadcast, an audio replay of the webcast will be available.<\/p>\n

\n
\n Non-GAAP\u00a0Financial Measures<\/em>
\n <\/strong>\n <\/p>\n

This earnings release contains\u00a0non-GAAP\u00a0financial measures, including consolidated net sales in constant currency, income from operations excluding certain non-cash charges, adjusted net income, adjusted diluted income per common share, gross margin (excluding\u00a0non-recurring\u00a0charges) and consolidated adjusted EBITDA. A\u00a0non-GAAP\u00a0financial measure is a numerical measure of a company\u2019s 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. As required by SEC rules, the Company has provided reconciliations of the\u00a0non-GAAP\u00a0financial measures to the most directly comparable GAAP financial measures. These\u00a0non-GAAP\u00a0financial measures are provided because management of the Company uses these financial measures in evaluating the Company\u2019s\u00a0on-going\u00a0financial results and trends, and management believes that exclusion of certain items allows for more accurate comparison of the Company\u2019s operating performance by investors and analysts. Management uses these\u00a0non-GAAP\u00a0financial measures as indicators of business performance.\u00a0These\u00a0non-GAAP\u00a0financial measures should be viewed as a supplement to, and not a substitute for, GAAP financial measures of performance.<\/p>\n

\n
\n Forward-Looking Statements<\/em>
\n <\/strong>
\n
In this press release, the use of the words \u201cbelieve,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cmay,\u201d \u201cpositioned,\u201d \u201cproject,\u201d \u201cprojected,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould\u201d or similar expressions is intended to identify forward-looking statements. Such statements include all statements regarding the growth of the Company, our financial outlook, our initiatives to create value, our efforts to mitigate geopolitical factors and tariffs, our efforts to stabilize our international business, our 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 our future plans and intentions regarding the Company and its consolidated subsidiaries. Such statements represent the Company\u2019s 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\u2019s ability to comply with the requirements of its credit agreements; the availability of funding under such credit agreements; the Company\u2019s ability to maintain adequate liquidity and financing sources and an appropriate level of debt; the possibility of impairments to the Company\u2019s goodwill; the possibility of impairments to the Company\u2019s intangible assets; changes in U.S. or foreign trade or tax law and policy; the impact of tariffs on imported goods and materials; changes in general economic conditions which could affect customer payment practices or consumer spending; the impact of changes in general economic conditions on the Company\u2019s customers; customer ordering behavior; the performance of our newer products; the impact of our SKU rationalization initiative, expenses and other challenges relating to the integration of the Filament Brands business and future acquisitions; warehouse consolidation efforts performed by the business; the ongoing reorganization of our U.K. operations; changes in demand for the Company\u2019s products; changes in the Company\u2019s management team; the significant influence of the Company\u2019s largest stockholder; fluctuations in foreign exchange rates; changes in U.S. trade policy or the trade policies of nations in which we or our suppliers do business; uncertainty regarding the long-term ramifications of the U.K.\u2019s exit from the European Union; shortages of and price volatility for certain commodities; global health epidemics, such as the coronavirus outbreak; our expectations regarding the future level of demand for our products; and significant changes in the competitive environment and the effect of competition on the Company\u2019s markets, including on the Company\u2019s 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.<\/p>\n

\n
\n Lifetime Brands, Inc.<\/em>
\n <\/strong>\n <\/p>\n

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\u00ae, KitchenAid\u00ae, Sabatier\u00ae, Amco Houseworks\u00ae, Chef\u2019n\u00ae\u00a0Chicago\u2122\u00a0Metallic, Copco\u00ae, Fred\u00ae\u00a0& Friends, Houdini\u2122, KitchenCraft\u00ae, Kamenstein\u00ae, Kizmos\u2122, La Cafeti\u00e8re\u00ae, MasterClass\u00ae, Misto\u00ae,\u00a0Swing-A-Way\u00ae, Taylor\u00ae\u00a0Kitchen and Rabbit\u00ae; respected tableware and giftware brands, including Mikasa\u00ae, Pfaltzgraff\u00ae, Fitz and Floyd\u00ae, Creative Tops\u00ae, Empire Silver\u2122, Gorham\u00ae, International\u00ae\u00a0Silver, Kirk Stieff\u00ae, Towle\u00ae\u00a0Silversmiths, Wallace\u00ae, Wilton Armetale\u00ae, V&A\u00ae\u00a0and Royal Botanic Gardens Kew\u00ae; and valued home solutions brands, including BUILT NY\u00ae, Taylor\u00ae\u00a0Bath, Taylor\u00ae Weather and Planet Box\u00ae. The Company also provides exclusive private label products to leading retailers worldwide.<\/p>\n

The Company\u2019s corporate website is\u00a0www.lifetimebrands.com.<\/p>\n

\n Contacts:<\/strong>\n <\/p>\n

\n Lifetime Brands, Inc.<\/strong>
\n
Laurence Winoker, Chief Financial Officer
516-203-3590
investor.relations@lifetimebrands.com<\/p>\n

or<\/p>\n

\n Joele Frank, Wilkinson Brimmer Katcher<\/strong>
\n
Ed Trissel \/ Andrew Squire \/ Sophie Throsby
212-355-4449<\/p>\n

\n LIFETIME BRANDS, INC.<\/strong>
\n
\n CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong>
\n
(in thousands – except per share data)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Year Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n$<\/td>\n249,209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n226,938<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n769,169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n734,902<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of sales<\/td>\n161,105<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143,028<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n495,171<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n479,711<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross margin<\/td>\n88,104<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n83,910<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n273,998<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n255,191<\/td>\n\u00a0<\/td>\n<\/tr>\n
Distribution expenses<\/td>\n22,135<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,605<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n72,845<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n72,543<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative expenses<\/td>\n41,598<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43,239<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n155,872<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n161,618<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill and other impairments<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,242<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42,990<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring expenses (benefit)<\/td>\n(42<\/td>\n)<\/td>\n\u00a0<\/td>\n316<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n211<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,435<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) from operations<\/td>\n24,413<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15,492<\/td>\n)<\/td>\n\u00a0<\/td>\n24,970<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(23,395<\/td>\n)<\/td>\n<\/tr>\n
Interest expense<\/td>\n(4,183<\/td>\n)<\/td>\n\u00a0<\/td>\n(5,275<\/td>\n)<\/td>\n\u00a0<\/td>\n(17,277<\/td>\n)<\/td>\n\u00a0<\/td>\n(20,780<\/td>\n)<\/td>\n<\/tr>\n
Mark to market gain (loss) on interest rate derivatives<\/td>\n172<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(315<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,144<\/td>\n)<\/td>\n\u00a0<\/td>\n402<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) before income taxes and equity in earnings<\/td>\n20,402<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21,082<\/td>\n)<\/td>\n\u00a0<\/td>\n5,549<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(43,773<\/td>\n)<\/td>\n<\/tr>\n
Income tax (provision) benefit<\/td>\n(6,853<\/td>\n)<\/td>\n\u00a0<\/td>\n5,704<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,866<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,109<\/td>\n)<\/td>\n<\/tr>\n
Equity in earnings, net of taxes<\/td>\n1,672<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n862<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,310<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n467<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n NET INCOME (LOSS)<\/strong>\n <\/td>\n$<\/td>\n15,221<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(14,516<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,007<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(44,415<\/td>\n)<\/td>\n<\/tr>\n
Weighted-average\u00a0shares outstanding\u2014basic<\/td>\n20,936<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,660<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,860<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,597<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n BASIC INCOME (LOSS) PER COMMON SHARE <\/strong>\n <\/td>\n0.73<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.70<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.14<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2.16<\/td>\n)<\/td>\n<\/tr>\n
Weighted-average shares outstanding\u2014diluted<\/td>\n21,673<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,660<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,860<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,597<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n DILUTED INCOME (LOSS) PER COMMON SHARE <\/strong>\n <\/td>\n0.70<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.70<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.14<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2.16<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n LIFETIME BRANDS, INC.<\/strong>
\n
\n CONSOLIDATED BALANCE SHEETS<\/strong>
\n
(in thousands – except share data)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n December\u00a031,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CURRENT ASSETS<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n$<\/td>\n35,963<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n11,370<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable, less allowances of $17,013 at December\u00a031, 2020 and $9,681 at December\u00a031, 2019<\/td>\n170,037<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n128,639<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory<\/td>\n203,164<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n173,427<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n12,129<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,140<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes receivable<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,577<\/td>\n\u00a0<\/td>\n<\/tr>\n
TOTAL CURRENT ASSETS<\/td>\n421,293<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n329,153<\/td>\n\u00a0<\/td>\n<\/tr>\n
PROPERTY AND EQUIPMENT, net<\/td>\n23,120<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,168<\/td>\n\u00a0<\/td>\n<\/tr>\n
OPERATING LEASE RIGHT-OF-USE ASSETS<\/td>\n96,543<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n106,871<\/td>\n\u00a0<\/td>\n<\/tr>\n
INVESTMENTS<\/td>\n20,032<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,289<\/td>\n\u00a0<\/td>\n<\/tr>\n
INTANGIBLE ASSETS, net<\/td>\n244,025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n280,471<\/td>\n\u00a0<\/td>\n<\/tr>\n
OTHER ASSETS<\/td>\n2,468<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,071<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n TOTAL ASSETS<\/strong>\n <\/td>\n$<\/td>\n807,481<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n770,023<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CURRENT LIABILITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current maturity of term loan<\/td>\n$<\/td>\n17,657<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,413<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n66,095<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,173<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued expenses<\/td>\n80,050<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n52,060<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes payable<\/td>\n4,788<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current portion of operating lease liabilities<\/td>\n11,480<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,661<\/td>\n\u00a0<\/td>\n<\/tr>\n
TOTAL CURRENT LIABILITIES<\/td>\n180,070<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n107,307<\/td>\n\u00a0<\/td>\n<\/tr>\n
OTHER LONG-TERM LIABILITIES<\/td>\n16,483<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,214<\/td>\n\u00a0<\/td>\n<\/tr>\n
INCOME TAXES PAYABLE, LONG-TERM<\/td>\n1,444<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,217<\/td>\n\u00a0<\/td>\n<\/tr>\n
OPERATING LEASE LIABILITIES<\/td>\n102,355<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n112,180<\/td>\n\u00a0<\/td>\n<\/tr>\n
DEFERRED INCOME TAXES<\/td>\n10,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,685<\/td>\n\u00a0<\/td>\n<\/tr>\n
REVOLVING CREDIT FACILITY<\/td>\n27,302<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,822<\/td>\n\u00a0<\/td>\n<\/tr>\n
TERM LOAN<\/td>\n238,977<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n254,281<\/td>\n\u00a0<\/td>\n<\/tr>\n
STOCKHOLDERS\u2019 EQUITY<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
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<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, $0.01 par value, shares authorized: 50,000,000 at December\u00a031, 2020 and 2019; shares issued and outstanding: 21,755,195 at December\u00a031, 2020 and 21,255,660 at December\u00a031, 2019<\/td>\n218<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n213<\/td>\n\u00a0<\/td>\n<\/tr>\n
Paid-in capital<\/td>\n268,666<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n263,386<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n424<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,173<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n(39,172<\/td>\n)<\/td>\n\u00a0<\/td>\n(34,455<\/td>\n)<\/td>\n<\/tr>\n
TOTAL STOCKHOLDERS\u2019 EQUITY<\/td>\n230,136<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n236,317<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n TOTAL LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/strong>\n <\/td>\n$<\/td>\n807,481<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n770,023<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n LIFETIME BRANDS, INC.<\/strong>
\n
\n CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong>
\n
(in thousands)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Year ended December\u00a031,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n<\/tr>\n
\n OPERATING ACTIVITIES<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n$<\/td>\n(3,007<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(44,415<\/td>\n)<\/td>\n<\/tr>\n
Adjustments to reconcile net loss to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n24,664<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,115<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill and other impairments<\/td>\n20,100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42,990<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of financing costs<\/td>\n1,774<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,748<\/td>\n\u00a0<\/td>\n<\/tr>\n
Mark to market loss (gain) on interest rate derivatives<\/td>\n2,144<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(402<\/td>\n)<\/td>\n<\/tr>\n
Non-cash lease expense<\/td>\n2,379<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,047<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for doubtful accounts, net of (recoveries)<\/td>\n3,291<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(163<\/td>\n)<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n(1,861<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,073<\/td>\n)<\/td>\n<\/tr>\n
Stock compensation expense<\/td>\n5,951<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,041<\/td>\n\u00a0<\/td>\n<\/tr>\n
Undistributed equity (earnings), net of taxes<\/td>\n(1,258<\/td>\n)<\/td>\n\u00a0<\/td>\n(343<\/td>\n)<\/td>\n<\/tr>\n
SKU Rationalization<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,500<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in operating assets and liabilities (excluding the effects of business acquisitions)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n(43,760<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,096<\/td>\n)<\/td>\n<\/tr>\n
Inventory<\/td>\n(28,979<\/td>\n)<\/td>\n\u00a0<\/td>\n(7,455<\/td>\n)<\/td>\n<\/tr>\n
Prepaid expenses, other current assets and other assets<\/td>\n1,088<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,855<\/td>\n)<\/td>\n<\/tr>\n
Accounts payable, accrued expenses and other liabilities<\/td>\n55,721<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,108<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes receivable<\/td>\n1,577<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(135<\/td>\n)<\/td>\n<\/tr>\n
Income taxes payable<\/td>\n4,989<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n260<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n NET CASH PROVIDED BY OPERATING ACTIVITIES<\/strong>\n <\/td>\n44,813<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,872<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n INVESTING ACTIVITIES<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchases of property and equipment<\/td>\n(2,082<\/td>\n)<\/td>\n\u00a0<\/td>\n(9,169<\/td>\n)<\/td>\n<\/tr>\n
\n NET CASH USED IN INVESTING ACTIVITIES<\/strong>\n <\/td>\n(2,082<\/td>\n)<\/td>\n\u00a0<\/td>\n(9,169<\/td>\n)<\/td>\n<\/tr>\n
\n FINANCING ACTIVITIES<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from revolving credit facility<\/td>\n129,244<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n345,494<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayments of revolving credit facility<\/td>\n(135,463<\/td>\n)<\/td>\n\u00a0<\/td>\n(355,730<\/td>\n)<\/td>\n<\/tr>\n
Repayments of Term Loan<\/td>\n(7,583<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,750<\/td>\n)<\/td>\n<\/tr>\n
Cash dividends paid<\/td>\n(3,651<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,571<\/td>\n)<\/td>\n<\/tr>\n
Payment of finance lease obligations<\/td>\n(152<\/td>\n)<\/td>\n\u00a0<\/td>\n(92<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from the exercise of stock options<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n132<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payments of tax withholding for stock based compensation<\/td>\n(658<\/td>\n)<\/td>\n\u00a0<\/td>\n(399<\/td>\n)<\/td>\n<\/tr>\n
\n NET CASH USED IN FINANCING ACTIVITIES<\/strong>\n <\/td>\n(18,236<\/td>\n)<\/td>\n\u00a0<\/td>\n(16,916<\/td>\n)<\/td>\n<\/tr>\n
Effect of foreign exchange on cash<\/td>\n98<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(64<\/td>\n)<\/td>\n<\/tr>\n
\n INCREASE IN CASH AND CASH EQUIVALENTS<\/strong>\n <\/td>\n24,593<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,723<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents at beginning of year<\/td>\n11,370<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,647<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n CASH AND CASH EQUIVALENTS AT END OF YEAR<\/strong>\n <\/td>\n$<\/td>\n35,963<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n11,370<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n LIFETIME BRANDS, INC.<\/strong>
\n
\n Supplemental Information<\/strong>
\n
(in thousands)<\/p>\n

\n Reconciliation of GAAP to\u00a0Non-GAAP\u00a0Operating Results<\/strong>\n <\/p>\n

\n Consolidated adjusted EBITDA for the year ended December\u00a031, 2020:<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n March 31, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September 30, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031, 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031, 2020<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(in thousands)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income as reported<\/td>\n$<\/td>\n(28,164<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,977<\/td>\n)<\/td>\n\u00a0<\/td>\n13,913<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n15,221<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,007<\/td>\n)<\/td>\n<\/tr>\n
Subtract out:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Undistributed equity (earnings) losses, net<\/td>\n(339<\/td>\n)<\/td>\n\u00a0<\/td>\n848<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(147<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,620<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,258<\/td>\n)<\/td>\n<\/tr>\n
Add back:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax (benefit) provision<\/td>\n(3,729<\/td>\n)<\/td>\n\u00a0<\/td>\n3,031<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,711<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,853<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,866<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n4,736<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,230<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,128<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,183<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,277<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n6,234<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,061<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,090<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,279<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,664<\/td>\n\u00a0<\/td>\n<\/tr>\n
Mark to market loss (gain) on interest rate derivatives<\/td>\n2,251<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n164<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(99<\/td>\n)<\/td>\n\u00a0<\/td>\n(172<\/td>\n)<\/td>\n\u00a0<\/td>\n2,144<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill and other impairments<\/td>\n20,100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,100<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock compensation expense<\/td>\n1,326<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,420<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,575<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,630<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,951<\/td>\n\u00a0<\/td>\n<\/tr>\n
Acquisition related expenses<\/td>\n47<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n126<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n285<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring expenses (benefit)<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n253<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42<\/td>\n)<\/td>\n\u00a0<\/td>\n211<\/td>\n\u00a0<\/td>\n<\/tr>\n
Warehouse relocation expenses<\/td>\n790<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n303<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,093<\/td>\n\u00a0<\/td>\n<\/tr>\n
Consolidated adjusted EBITDA<\/td>\n$<\/td>\n3,252<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n12,388<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n29,228<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n32,458<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n77,326<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Consolidated adjusted EBITDA is a\u00a0non-GAAP\u00a0financial measure which is defined in the Company\u2019s debt agreements. Consolidated adjusted EBITDA is defined as net income (loss), adjusted to exclude undistributed equity in (earnings) losses, income tax (benefit) provision, interest expense, depreciation and amortization, mark to market loss (gain) on interest rate derivatives, goodwill and other impairments, stock compensation expense, and other items detailed in the table above that are consistent with exclusions permitted by our debt agreements.<\/p>\n

\n LIFETIME BRANDS, INC.<\/strong>
\n
\n Supplemental Information<\/strong>
\n
(in thousands – except per share data)<\/p>\n

\n Reconciliation of GAAP to\u00a0Non-GAAP\u00a0Operating Results (continued)<\/strong>\n <\/p>\n

\n Adjusted net income and adjusted diluted income per common share (in thousands – except per share data):<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year Ended December 31,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n<\/tr>\n
Net income (loss) as reported<\/td>\n$<\/td>\n15,221<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(14,516<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,007<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(44,415<\/td>\n)<\/td>\n<\/tr>\n
Adjustments:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Acquisition related expenses<\/td>\n126<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n285<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n206<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restructuring expenses (benefit)<\/td>\n(42<\/td>\n)<\/td>\n\u00a0<\/td>\n316<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n211<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,435<\/td>\n\u00a0<\/td>\n<\/tr>\n
Integration charges<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n159<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,263<\/td>\n\u00a0<\/td>\n<\/tr>\n
Warehouse relocation expenses<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,689<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,093<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,785<\/td>\n\u00a0<\/td>\n<\/tr>\n
Mark to market (gain) loss on interest rate derivatives<\/td>\n(172<\/td>\n)<\/td>\n\u00a0<\/td>\n315<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,144<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(402<\/td>\n)<\/td>\n<\/tr>\n
Goodwill and other impairments<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,242<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42,990<\/td>\n\u00a0<\/td>\n<\/tr>\n
SKU Rationalization<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,500<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign currency translation loss reclassified from Accumulated Other Comprehensive Loss<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n235<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax effect on adjustments<\/td>\n20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(156<\/td>\n)<\/td>\n\u00a0<\/td>\n(858<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,183<\/td>\n)<\/td>\n<\/tr>\n
Income tax provision adjustment(1)<\/sup><\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,790<\/td>\n)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted net income<\/td>\n$<\/td>\n15,153<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n11,314<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n20,203<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n9,179<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted diluted income per share (2)<\/sup><\/td>\n$<\/td>\n0.70<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.54<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.44<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Adjusted net income and adjusted diluted income per common share in the three months ended and year ended December\u00a031, 2020 excludes acquisition expenses, restructuring expenses (benefit), warehouse relocation expenses, mark to market (gain) loss on interest rate derivatives, goodwill and other impairments and foreign currency translation losses. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments.<\/p>\n

Adjusted net income and adjusted diluted income per common share in the three months ended and year ended December\u00a031, 2019 excludes acquisition expenses, restructuring expenses, integration charges, warehouse relocation expenses, mark to market (gain) loss on interest rate derivatives, goodwill and other impairments and SKU rationalization expenses. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments.<\/p>\n

\n (1)<\/sup> The income tax provision adjustment is calculated as the difference between the tax benefit of $5.7 million, recorded in net loss for the three month period ended December 31, 2019, and an adjusted tax provision of $(4.1)\u00a0million for the three month period ended December 31, 2019. The adjusted tax provision was calculated using an effective tax rate of 33.6% on Income before income taxes and equity in earnings excluding certain non-cash charges, for the three month period ended December 31, 2019. The effective tax rate of 33.6% is the effective rate for the three month period ended December 31, 2020 on Income before taxes and equity in earnings excluding certain non-cash charges for the three month period ended December 31, 2020. The income tax provision adjustment for the three month period ended December 31, 2019 provides important comparative analysis because the prior year effective tax method was unusual due to the timing of certain non deductible expenses, including goodwill impairment.<\/p>\n

\n (2)<\/sup>Adjusted diluted income per common share is calculated based on diluted weighted-average shares outstanding of 21,673 and 20,799 for the three month period ended December\u00a031, 2020 and 2019, respectively, and 21,179 and 20,695 for the year ended December\u00a031, 2020 and 2019, respectively. The diluted weighted-average shares outstanding for the three months ended and year ended December\u00a031, 2020 include the effect of dilutive securities of 737 and 319 shares, respectively. The diluted weighted-average shares outstanding for the three months ended and year ended December\u00a031, 2019 include the effect of dilutive securities of 139 and 98 shares, respectively.<\/p>\n

\n LIFETIME BRANDS, INC.<\/strong>
\n
\n Supplemental Information<\/strong>
\n
(in thousands)<\/p>\n

\n Reconciliation of GAAP to\u00a0Non-GAAP\u00a0Operating Results (continued)<\/strong>\n <\/p>\n

\n Constant Currency:<\/strong>\n <\/p>\n\n\n\n\n\n\n
\u00a0<\/td>\n\n As Reported<\/strong>
\n
\n Three Months Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Constant Currency<\/strong>
\n
\n (1)<\/strong>
\n <\/sup>
\n
\n Three Months Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Year-Over-Year<\/strong>
\n
\n Increase (Decrease)<\/strong>\n <\/td>\n<\/tr>\n
\n Net sales<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Increase<\/strong>
\n
\n (Decrease)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Increase<\/strong>
\n
\n (Decrease)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Currency<\/strong>
\n
\n Impact<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Excluding<\/strong>
\n
\n Currency<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Including<\/strong>
\n
\n Currency<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Currency<\/strong>
\n
\n Impact<\/strong>\n <\/td>\n<\/tr>\n
U.S.<\/td>\n$<\/td>\n220,201<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n198,845<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n21,356<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n220,201<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n198,957<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n21,244<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(112<\/td>\n)<\/td>\n\u00a0<\/td>\n10.7<\/td>\n%<\/td>\n\u00a0<\/td>\n10.7<\/td>\n%<\/td>\n\u00a0<\/td>\n0.0<\/td>\n%<\/td>\n<\/tr>\n
International<\/td>\n$<\/td>\n29,008<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n28,093<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n915<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n29,008<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n28,774<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n234<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(681<\/td>\n)<\/td>\n\u00a0<\/td>\n0.8<\/td>\n%<\/td>\n\u00a0<\/td>\n3.3<\/td>\n%<\/td>\n\u00a0<\/td>\n2.5<\/td>\n%<\/td>\n<\/tr>\n
Total net sales<\/td>\n$<\/td>\n249,209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n226,938<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n22,271<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n249,209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n227,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n21,478<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(793<\/td>\n)<\/td>\n\u00a0<\/td>\n9.4<\/td>\n%<\/td>\n\u00a0<\/td>\n9.8<\/td>\n%<\/td>\n\u00a0<\/td>\n0.4<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n As Reported<\/strong>
\n
\n Year Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Constant Currency <\/strong>
\n
\n (1)<\/strong>
\n <\/sup>
\n
\n Year Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Year-Over-Year<\/strong>
\n
\n Increase (Decrease)<\/strong>\n <\/td>\n<\/tr>\n
\n Net sales<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Increase<\/strong>
\n
\n (Decrease)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Increase<\/strong>
\n
\n (Decrease)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Currency<\/strong>
\n
\n Impact<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Excluding<\/strong>
\n
\n Currency<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Including<\/strong>
\n
\n Currency<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Currency<\/strong>
\n
\n Impact<\/strong>\n <\/td>\n<\/tr>\n
U.S.<\/td>\n$<\/td>\n683,539<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n644,171<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n39,368<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n683,539<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n644,183<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n39,356<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(12<\/td>\n)<\/td>\n\u00a0<\/td>\n6.1<\/td>\n%<\/td>\n\u00a0<\/td>\n6.1<\/td>\n%<\/td>\n\u00a0<\/td>\n0.0<\/td>\n%<\/td>\n<\/tr>\n
International<\/td>\n$<\/td>\n85,630<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n90,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(5,101<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n85,630<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n91,403<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(5,773<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(672<\/td>\n)<\/td>\n\u00a0<\/td>\n(6.3<\/td>\n)%<\/td>\n\u00a0<\/td>\n(5.6<\/td>\n)%<\/td>\n\u00a0<\/td>\n0.7<\/td>\n%<\/td>\n<\/tr>\n
Total net sales<\/td>\n$<\/td>\n769,169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n734,902<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34,267<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n769,169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n735,586<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n33,583<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(684<\/td>\n)<\/td>\n\u00a0<\/td>\n4.6<\/td>\n%<\/td>\n\u00a0<\/td>\n4.7<\/td>\n%<\/td>\n\u00a0<\/td>\n0.1<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n (1)<\/sup> \u201cConstant Currency\u201d is determined by applying the 2020 average exchange rates to the prior year local currency sales amounts, with the difference between the change in \u201cAs Reported\u201d net sales and \u201cConstant Currency\u201d net sales, reported in the table as \u201cCurrency Impact\u201d. Constant currency sales growth is intended to exclude the impact of fluctuations in foreign currency exchange rates.<\/p>\n

\n LIFETIME BRANDS, INC.<\/strong>
\n
\n Supplemental Information<\/strong>
\n
(in thousands)<\/p>\n

\n Reconciliation of GAAP to\u00a0Non-GAAP\u00a0Operating Results (continued)<\/strong>\n <\/p>\n

\n Income from operations excluding certain non-cash charges (in thousands):<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year Ended December 31,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n(in thousands)<\/td>\n\u00a0<\/td>\n(in thousands)<\/td>\n<\/tr>\n
Income (loss) from operations<\/td>\n$<\/td>\n24,413<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(15,492<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n24,970<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(23,395<\/td>\n)<\/td>\n<\/tr>\n
Excluded non-cash charges:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill and other impairments<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,242<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42,990<\/td>\n\u00a0<\/td>\n<\/tr>\n
SKU Rationalization<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,500<\/td>\n\u00a0<\/td>\n<\/tr>\n
Bad debt reserve related to COVID-19 pandemic (1)<\/sup><\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,844<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total excluded non-cash charges<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n33,242<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n22,944<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n51,490<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income from operations excluding certain non-cash charges<\/td>\n$<\/td>\n24,413<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n17,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n47,914<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n28,095<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n(4,183<\/td>\n)<\/td>\n\u00a0<\/td>\n(5,275<\/td>\n)<\/td>\n\u00a0<\/td>\n(17,277<\/td>\n)<\/td>\n\u00a0<\/td>\n(20,780<\/td>\n)<\/td>\n<\/tr>\n
Mark to market gain (loss) on interest rate derivatives<\/td>\n172<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(315<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,144<\/td>\n)<\/td>\n\u00a0<\/td>\n402<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income before income taxes and equity in earnings excluding certain non-cash charges<\/td>\n$<\/td>\n20,402<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n12,160<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n28,493<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n7,717<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n (1) <\/sup>Bad debt reserve recorded in the first quarter of fiscal 2020 to establish a provision against potential credit problems from certain retail customers who may have financial difficulty that has been caused or increased due to the COVID-19 pandemic. This reflects the Company’s assessment of risk of not being able to collect such receivables from certain customers in the U.S. that are at risk of seeking or have already obtained bankruptcy protection and our international customer base which has a higher proportion of small and independent brick-and-mortar retailers. This charge was taken in response to the Company’s assessment on the impact of the COVID-19 pandemic on these accounts<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Declares Regular Quarterly Dividend GARDEN CITY, N.Y., March 10, 2021 (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\u00a031, 2020. Robert Kay, Lifetime\u2019s Chief Executive Officer, commented, \u201cWe are pleased with our performance in the fourth quarter, which represents another quarter driving significant value for shareholders. Our core U.S. business delivered its sixth consecutive quarter of year-over-year growth driven by increased demand in our kitchenware products. We outperformed in the majority of our categories in both pure play and omnichannel e-commerce, where there was strong demand, and we continue … <\/p>\n

Continue reading “Lifetime Brands, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-454526","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nLifetime Brands, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/lifetime-brands-inc-reports-fourth-quarter-and-full-year-2020-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lifetime Brands, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Declares Regular Quarterly Dividend GARDEN CITY, N.Y., March 10, 2021 (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\u00a031, 2020. Robert Kay, Lifetime\u2019s Chief Executive Officer, commented, \u201cWe are pleased with our performance in the fourth quarter, which represents another quarter driving significant value for shareholders. Our core U.S. business delivered its sixth consecutive quarter of year-over-year growth driven by increased demand in our kitchenware products. We outperformed in the majority of our categories in both pure play and omnichannel e-commerce, where there was strong demand, and we continue … Continue reading "Lifetime Brands, Inc. 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