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Lifetime's net sales go up 26.4%

Mar '07
Lifetime Brands Inc announced results for the year ended December 31, 2006.

Net sales for the twelve months ended December 31, 2006 totaled $457.4 million, compared to $307.9 million for the same period in 2005, representing a 48.6% increase.

The Company reported net income for 2006 of $15.5 million, or $1.13 per diluted share, compared to net income of $14.1 million, or $1.23 per diluted share, for 2005. The 2006 year included a charge to earnings of approximately $0.06 per diluted share for stock option expense.

For the fourth quarter of 2006, Lifetime's net sales totaled $157.3 million, an increase of 26.4%, compared to net sales of $124.4 million for the same period in 2005. The Company reported net income of $9.5 million, or $0.62 per diluted share, for the fourth quarter of 2006 compared to net income of $7.2 million, or $0.60 per diluted share, for the 2005 period.

Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "2006 was a year of transition and significant growth for Lifetime.

"Net revenue from our wholesale businesses, which accounted for approximately 82% of net revenues, grew by approximately 55% over the prior year.

"Organic growth in our wholesale businesses was approximately 14%. This measure excludes net revenues for both 2005 and 2006 attributable to the wholesale businesses we acquired from The Pfaltzgraff Company, Salton, Inc. and Syratech Corporation.

"Our wholesale food prep business, comprising our kitchenware, cutlery & cutting boards, bakeware, cookware and pantryware lines, performed extremely well, benefiting from new products and expanded retail placement.

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