Lifetime Brands Reports 11% Increase in Fourth Quarter Sales
For the year ended December 31, 2010, consolidated net sales were $443.2 million, an increase of 6.8%, compared to consolidated net sales of $415 million for 2009. Net income was $20.3 million in 2010, compared to $2.7 million in 2009. Excluding the items described and a loss on early retirement of debt during 2010, adjusted net income was $15.0 million in 2010, compared $5.2 million in 2009.
“We are pleased with our 2010 financial results, which were derived from strong sales growth, stability in margins and continuing focus on cost containment,” said Jeffrey Siegel, chairman, president and CEO. “We achieved these results through careful execution of our strategy during an uncertain and challenging period for the global economy. Given our positive outlook for 2011 and the company’s strong financial condition, we have decided to resume paying cash dividends on the company's common stock.”
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