Lifetime Brands Inc, a leading designer, developer and marketer of nationally branded consumer products for the home, today announced results for the three months ended June 30, 2006.
For the second quarter of 2006, Lifetime's net sales totaled $84.1 million, an increase of 82.1 percent, compared to net sales of $46.2 million for the same period in 2005.
Excluding approximately $33.8 million in net sales attributable to the Syratech, Pfaltzgraff and Salton businesses Lifetime acquired in the past year, and the net sales in the second quarter of 2005 of the Farberware Outlet stores the Company closed since June 30, 2005, net sales for the 2006 quarter rose 11.3 percent to $50.3 million.
The Company reported a net loss of $1.5 million, or $0.11 per diluted share, compared to net income of $1.3 million, or $0.12 per diluted share, for the second quarter of 2005. The 2006 period included a loss of approximately $0.02 per diluted share from stock option expense.
As previously announced, the three acquisitions Lifetime completed in 2005 and 2006 altered the seasonality of the Company's business by heavily weighting Lifetime's sales and operating profits to the second half of the year, resulting in negative quarter-to-quarter comparisons for the first two quarters of 2006.
The loss for the second quarter of 2006 is at the bottom of the range of earnings guidance provided on June 21, 2006, which estimated a loss of $0.11 to $0.16 per diluted share.
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