Interviews
News Flash
Lifetime's net sales go up 26.4%
07 Mar '07
3 min read
"Wholesale tabletop also recorded substantial increases, reflecting a full year's net revenues from the Pfaltzgraff and Salton dinnerware and glassware businesses we acquired in 2005, and eight months' net revenues from the flatware and other tabletop businesses we acquired from Syratech in 2006.
"2006 was also the first year in which we recorded net revenues from the wholesale home decor sector, reflecting the wall and garden decor, non-electric lighting and picture frame businesses we acquired from Syratech.
"Despite the strong overall gains we made in our wholesale businesses during 2006, we were disappointed by their performance in the fourth quarter. Although net revenues and income from operations for the quarter exceeded the prior year's levels, both were impacted by the cautious stance many retailers took with respect to the holiday selling season. I am pleased to note that business strengthened in the closing weeks of December, and we ended the year on a positive note.
"As previously forecast, our Direct to Consumer division was unprofitable for the year. The new management team we installed in the third quarter is aggressively working on a turnaround, the results of which should begin to be reflected in the second half of 2007.
"Overall, we believe Lifetime is well-positioned to grow in 2007. As a result of our traditional strengths - including our portfolio of powerful brands, outstanding innovation capabilities, advanced product sourcing and strong retail placement - we continue to expect net sales to increase to $540 - $575 million and diluted earnings per share to increase to $1.40 - $1.70. We expect to achieve these goals through organic growth, although, as previously stated, our fragmented industry also offers many promising acquisition opportunities."
A replay of the call will also be available through Monday, March 12, 2007. A live webcast of the call will be broadcast at the Company's web site. For those who cannot listen to the live broadcast, an audio replay of the call will also be available on the site.
"2006 was also the first year in which we recorded net revenues from the wholesale home decor sector, reflecting the wall and garden decor, non-electric lighting and picture frame businesses we acquired from Syratech.
"Despite the strong overall gains we made in our wholesale businesses during 2006, we were disappointed by their performance in the fourth quarter. Although net revenues and income from operations for the quarter exceeded the prior year's levels, both were impacted by the cautious stance many retailers took with respect to the holiday selling season. I am pleased to note that business strengthened in the closing weeks of December, and we ended the year on a positive note.
"As previously forecast, our Direct to Consumer division was unprofitable for the year. The new management team we installed in the third quarter is aggressively working on a turnaround, the results of which should begin to be reflected in the second half of 2007.
"Overall, we believe Lifetime is well-positioned to grow in 2007. As a result of our traditional strengths - including our portfolio of powerful brands, outstanding innovation capabilities, advanced product sourcing and strong retail placement - we continue to expect net sales to increase to $540 - $575 million and diluted earnings per share to increase to $1.40 - $1.70. We expect to achieve these goals through organic growth, although, as previously stated, our fragmented industry also offers many promising acquisition opportunities."
A replay of the call will also be available through Monday, March 12, 2007. A live webcast of the call will be broadcast at the Company's web site. For those who cannot listen to the live broadcast, an audio replay of the call will also be available on the site.
Lifetime Brands Inc, USA
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