Home accessories retailer Lifetime Brands Inc announced results for the three months ended March 31, 2006.
For the first quarter of 2006, Lifetime's net sales totaled $74.4 million, an increase of 72.6 percent, compared to net sales of $43.1 million for the same period in 2005. Excluding approximately $19.2 million in net sales attributable to the Pfaltzgraff and Salton businesses, which Lifetime acquired in 2005, net sales for the quarter rose 28.1 percent to $55.2 million.
The Company reported net income of $0.9 million, or $0.07 per diluted share, compared to net income of $1.0 million, or $0.09 per diluted share, for the first quarter of 2005. As previously announced, the Company's July 2005 acquisition of Pfaltzgraff significantly increased the portion of the Company's sales and operating profits that are generated during the second half of the year, resulting in negative quarter to quarter comparisons for the first two quarters of 2006.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "We are very pleased with the strength of our business, and are especially gratified that the strong organic sales momentum we achieved in 2005 continued - and even accelerated - in the first quarter of 2006. Sales in our kitchenware and cutlery categories rose substantially, driven by increased distribution of KitchenAid(R) and Farberware(R) kitchen tools and gadgets, increased retail placement of our extensive lines of Farberware(R) and KitchenAid(R) cutlery and expanded distribution of our Cuisinart(R) cutlery. Our Roscho(R) bakeware products also enjoyed healthy growth during the period.
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