Lifetime Brands 2013 Sales Rise 3%
Lifetime Brands Inc. recently reported its financial results for the fourth quarter and year ended December 31, 2013. Consolidated fourth quarter net sales were $164.9 million in the quarter ended December 31, 2013, an increase of $10.1 million, or 6.5%, compared to consolidated net sales of $154.8 million for the same period in 2012. Consolidated net sales in the 2013 period included $7.3 million of net sales from Fred® & Friends, which was acquired in December 2012.
Net income for the quarter was $9.4 million, vs. $15.2 million in the corresponding period in 2012. Adjusted net income was $10 million, compared to adjusted net income of $8.7 million in the corresponding period in 2012.
For the full year of 2013, consolidated net sales were $502.7 million, an increase of 3.3% or $15.9 million vs. net sales of $486.8 million for 2012. Net income was $9.3 million vs. $20.9 million in 2012.
“Lifetime’s results for 2013 were affected by a number of factors that masked fundamental improvements in our operating model and which we believe have positioned the company to achieve substantially higher sales and earnings in the years ahead,” said Jeffrey Siegel, chairman and CEO. “Among these negative factors were a struggling U.S. economy, as evidenced by weak growth in disposable personal income and personal consumption expenditures; the imposition of higher duties on ceramic products by the European Union; a write-down in the fair value of our investment in Grupo Vasconia SAB to the market price at September 30, 2013; overall weakness in the Mexican economy that affected Grupo Vasconia’s performance; and greater-than-expected expenses in connection with Grupo Vasconia’s integration of Almexa, the aluminum company it acquired in 2012.”
For more information, visit www.lifetimebrands.com.