Lifetime Brands 10-Q Filed for Q3 2024

TL;DR

LCUT 10-Q is in: Q3 2024 results are out, check for key financial updates.

AI Summary

Lifetime Brands, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of 2024. Specific financial figures and operational details are provided within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Lifetime Brands, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but the specific financial performance and any disclosed risks would determine the actual risk level.

Key Numbers

• 2024-09-30 — Period End Date (The filing covers financial data up to this date.)
• 2024-11-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1000 STEWART AVENUE — Company Address (Primary business and mailing address for Lifetime Brands, Inc.)

Key Players & Entities

• LIFETIME BRANDS, INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241107 (date) — Filing Date
• GARDEN CITY, NY (location) — Business Address

FAQ

Filing Documents

• lcut-20240930.htm (10-Q) — 1331KB
• ex31109302024.htm (EX-31.1) — 8KB
• ex-31209302024.htm (EX-31.2) — 9KB
• ex32109302024.htm (EX-32.1) — 5KB
• 0001628280-24-046301.txt ( ) — 7984KB
• lcut-20240930.xsd (EX-101.SCH) — 58KB
• lcut-20240930_cal.xml (EX-101.CAL) — 69KB
• lcut-20240930_def.xml (EX-101.DEF) — 298KB
• lcut-20240930_lab.xml (EX-101.LAB) — 703KB
• lcut-20240930_pre.xml (EX-101.PRE) — 505KB
• lcut-20240930_htm.xml (XML) — 1216KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets – September 30, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations (unaudited) – Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) – Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) – Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8

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 42

Controls and Procedures

Item 4. Controls and Procedures 42

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 42

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) September 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,984 $ 16,189 Accounts receivable, less allowances of $ 13,237 at September 30, 2024 and $ 15,952 at December 31, 2023 142,238 155,180 Inventory 235,015 188,647 Prepaid expenses and other current assets 13,814 16,339 Income taxes receivable 2,894 — TOTAL CURRENT ASSETS 399,945 376,355 PROPERTY AND EQUIPMENT, net 16,562 16,970 OPERATING LEASE RIGHT-OF-USE ASSETS 62,007 69,756 INVESTMENT — 1,826 INTANGIBLE ASSETS, net 187,977 199,133 OTHER ASSETS 2,247 3,102 TOTAL ASSETS $ 668,738 $ 667,142 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current maturity of term loan $ 6,867 $ 4,742 Accounts payable 79,608 54,154 Accrued expenses 68,428 78,356 Income taxes payable — 641 Current portion of operating lease liabilities 14,818 14,075 TOTAL CURRENT LIABILITIES 169,721 151,968 OTHER LONG-TERM LIABILITIES 14,153 9,126 INCOME TAXES PAYABLE, LONG-TERM 1,493 1,493 OPERATING LEASE LIABILITIES 60,094 70,009 DEFERRED INCOME TAXES 7,700 7,438 REVOLVING CREDIT FACILITY 64,489 60,395 TERM LOAN 130,170 135,834 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 September 30, 2024 and December 31, 2023; shares issued and outstanding: 22,157,361 at September 30, 2024 and 21,813,266 at December 31, 2023 222 218 Paid-in capital 279,530 277,728 Accumulated deficit ( 40,510 ) ( 13,568 ) Accumulated other comprehensive loss ( 18,324 ) ( 33,499 ) TOTAL STOCKHOLDERS' EQUITY 220,918 230,879 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 668,738 $ 667,142 See accompanying notes to unaudited condensed consolidated financial statements. - 2 - T

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View this 10-Q filing on SEC EDGAR