Lifetime Brands 10-Q: Q2 2024 Financial Update

TL;DR

LIFETIME BRANDS 10-Q FILED: Q2 2024 FINANCIALS OUT. CHECK PERFORMANCE.

AI Summary

Lifetime Brands, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with crucial financial data and insights into Lifetime Brands' performance and financial health during the second quarter of 2024.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details within can reveal varying levels of risk.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240808 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• LIFETIME BRANDS, INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date
• GARDEN CITY, NY (location) — Company headquarters

FAQ

Filing Documents

• lcut-20240630.htm (10-Q) — 1305KB
• ex31106302024.htm (EX-31.1) — 8KB
• ex-31206302024.htm (EX-31.2) — 9KB
• ex32106302024.htm (EX-32.1) — 5KB
• 0001628280-24-036161.txt ( ) — 7910KB
• lcut-20240630.xsd (EX-101.SCH) — 57KB
• lcut-20240630_cal.xml (EX-101.CAL) — 69KB
• lcut-20240630_def.xml (EX-101.DEF) — 298KB
• lcut-20240630_lab.xml (EX-101.LAB) — 702KB
• lcut-20240630_pre.xml (EX-101.PRE) — 505KB
• lcut-20240630_htm.xml (XML) — 1196KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets – June 30, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations (unaudited) – Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Loss (unaudited) – Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) – Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) – Six Months Ended June 30, 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 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 41

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 43

Signatures

Signatures 44 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) June 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,396 $ 16,189 Accounts receivable, less allowances of $ 13,684 at June 30, 2024 and $ 15,952 at December 31, 2023 112,530 155,180 Inventory 208,480 188,647 Prepaid expenses and other current assets 15,344 16,339 Income taxes receivable 3,546 — TOTAL CURRENT ASSETS 343,296 376,355 PROPERTY AND EQUIPMENT, net 15,689 16,970 OPERATING LEASE RIGHT-OF-USE ASSETS 64,091 69,756 INVESTMENT — 1,826 INTANGIBLE ASSETS, net 191,624 199,133 OTHER ASSETS 2,264 3,102 TOTAL ASSETS $ 616,964 $ 667,142 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current maturity of term loan $ 6,822 $ 4,742 Accounts payable 59,523 54,154 Accrued expenses 64,974 78,356 Income taxes payable — 641 Current portion of operating lease liabilities 14,516 14,075 TOTAL CURRENT LIABILITIES 145,835 151,968 OTHER LONG-TERM LIABILITIES 13,401 9,126 INCOME TAXES PAYABLE, LONG-TERM 1,493 1,493 OPERATING LEASE LIABILITIES 62,937 70,009 DEFERRED INCOME TAXES 7,580 7,438 REVOLVING CREDIT FACILITY 32,635 60,395 TERM LOAN 133,278 135,834 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 June 30, 2024 and December 31, 2023; shares issued and outstanding: 22,157,912 at June 30, 2024 and 21,813,266 at December 31, 2023 222 218 Paid-in capital 278,484 277,728 Accumulated deficit ( 39,895 ) ( 13,568 ) Accumulated other comprehensive loss ( 19,006 ) ( 33,499 ) TOTAL STOCKHOLDERS' EQUITY 219,805 230,879 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 616,964 $ 667,142 See accompanying notes to unaudited condensed consolidated financial statements. - 2 - Table of Contents L

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