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 September 30, 2006.
For the third quarter of 2006, Lifetime's net sales totaled $141.7 million, an increase of 50.3 percent, compared to net sales of $94.2 million for the same period in 2005.
Excluding approximately $42.6 million in net sales attributable to the Syratech and Salton businesses Lifetime acquired since September 2005, and the net sales in the third quarter of 2005 of the Farberware Outlet and Pfaltzgraff stores the Company closed after September 30, 2005, net sales for the 2006 quarter rose 9.3 percent to $98.5 million.
The Company reported net income of $6.7 million, or $0.45 per diluted share, for the third quarter of 2006 compared to net income of $4.5 million, or $0.40 per diluted share, for the 2005 period.
Net sales for the nine months ended September 30, 2006 totaled $300.1 million compared to $183.5 million for the same period in 2005, representing a 63.5 percent increase.
Excluding net sales for both the 2005 and 2006 periods attributable to the Syratech, Salton and Pfaltzgraff businesses Lifetime acquired after June 30, 2005 and excluding the net sales for the 2005 period of the closed Farberware stores, net sales for the 2006 nine-month period rose 19.1 percent.
The Company reported net income for the 2006 period of $6.1 million, or $0.45 per diluted share, compared to net income of $6.9 million, or $0.61 per diluted share, for the first nine months of 2005.
marketing@alchempro.com
