Lifetime Brands, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Lifetime Brands, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

LIFETIME BRANDS, INC (LCUT) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Lifetime Brands, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Lifetime Brands, Inc. is incorporated in Delaware. The company's SIC code is 3420 (Cutlery, Handtools & General Hardware).

Why It Matters

For investors and stakeholders tracking LIFETIME BRANDS, INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for Lifetime Brands, Inc., crucial for evaluating the company's performance and making investment decisions. Understanding the details within this report allows stakeholders to assess the company's financial health, operational efficiency, and potential risks and opportunities in the current market.

Risk Assessment

Risk Level: medium — LIFETIME BRANDS, INC shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various market and operational factors detailed within the 10-Q, which could impact its stock value.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to assess Lifetime Brands, Inc.'s current financial health and future prospects.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 3420 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 11530 — Business Zip Code (BUSINESS ADDRESS)

Key Players & Entities

• LIFETIME BRANDS, INC (company) — COMPANY CONFORMED NAME
• LCUT (company) — Ticker Symbol
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• 0000874396 (company) — CENTRAL INDEX KEY
• 3420 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (jurisdiction) — STATE OF INCORPORATION
• 11530 (location) — ZIP code

FAQ

Industry Context

Lifetime Brands operates within the Cutlery, Handtools & General Hardware industry, facing competition and market dynamics typical for consumer goods manufacturers.

Regulatory Implications

As a publicly traded company, Lifetime Brands, Inc. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and cash flow trends.
2. Examine any disclosed risk factors to understand potential challenges facing the company.
3. Compare the current quarter's performance to previous periods to identify significant changes or patterns.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending March 31, 2024, providing the latest financial and operational information since the previous filing.

Filing Documents

• lcut-20240331.htm (10-Q) — 1057KB
• ex31103312024.htm (EX-31.1) — 8KB
• ex-31203312024.htm (EX-31.2) — 9KB
• ex32103312024.htm (EX-32.1) — 5KB
• 0001628280-24-022257.txt (&nbsp;) — 7085KB
• lcut-20240331.xsd (EX-101.SCH) — 56KB
• lcut-20240331_cal.xml (EX-101.CAL) — 66KB
• lcut-20240331_def.xml (EX-101.DEF) — 286KB
• lcut-20240331_lab.xml (EX-101.LAB) — 683KB
• lcut-20240331_pre.xml (EX-101.PRE) — 493KB
• lcut-20240331_htm.xml (XML) — 957KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets – March 31, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations (unaudited) – Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Loss (unaudited) – Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) – Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 39

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 41

Signatures

Signatures 42 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LIFETIME BRANDS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,639 $ 16,189 Accounts receivable, less allowances of $ 15,177 at March 31, 2024 and $ 15,952 at December 31, 2023 113,645 155,180 Inventory 189,820 188,647 Prepaid expenses and other current assets 13,915 16,339 TOTAL CURRENT ASSETS 322,019 376,355 PROPERTY AND EQUIPMENT, net 16,356 16,970 OPERATING LEASE RIGHT-OF-USE ASSETS 66,662 69,756 INVESTMENTS — 1,826 INTANGIBLE ASSETS, net 195,343 199,133 OTHER ASSETS 2,286 3,102 TOTAL ASSETS $ 602,666 $ 667,142 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current maturity of term loan $ 10,652 $ 4,742 Accounts payable 32,855 54,154 Accrued expenses 64,697 78,356 Income taxes payable 567 641 Current portion of operating lease liabilities 14,251 14,075 TOTAL CURRENT LIABILITIES 123,022 151,968 OTHER LONG-TERM LIABILITIES 9,257 9,126 INCOME TAXES PAYABLE, LONG-TERM 1,493 1,493 OPERATING LEASE LIABILITIES 66,278 70,009 DEFERRED INCOME TAXES 7,429 7,438 REVOLVING CREDIT FACILITY 40,860 60,395 TERM LOAN 130,626 135,834 STOCKHOLDERS' EQUITY 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 — — Common stock, $ 0.01 par value, shares authorized: 50,000,000 at March 31, 2024 and December 31, 2023; shares issued and outstanding: 22,073,256 at March 31, 2024 and 21,813,266 at December 31, 2023 221 218 Paid-in capital 277,496 277,728 Accumulated deficit ( 20,771 ) ( 13,568 ) Accumulated other comprehensive loss ( 33,245 ) ( 33,499 ) TOTAL STOCKHOLDERS' EQUITY 223,701 230,879 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 602,666 $ 667,142 See accompanying notes to unaudited condensed consolidated financial statements. - 2 - Table of Contents LIFETIME BRANDS, INC. CON

View Full Filing

View this 10-Q filing on SEC EDGAR