"We expect the Syratech business to contribute approximately $100 million in revenues in 2006 and to be nominally profitable for the year. As a result, we now anticipate the Company's 2006 net sales will total approximately $480 million to $500 million.
"As with Pfaltzgraff, the seasonality of the Syratech business is heavily weighted towards the second half of the year, which will increase the negative impact on Lifetime's earnings comparisons for the second quarter of 2006. In addition, we do not expect to begin to realize cost synergies from the Syratech acquisition until the third quarter. Consequently, it is likely that the Company will report a loss for the second quarter of 2006. Nevertheless, our outlook for 2006 remains extremely positive, and we continue to expect the Company's 2006 earnings per share to total approximately $1.45 to $1.70."
Lifetime is a leading designer, marketer and distributor of kitchenware, cutlery & cutting boards, bakeware & cookware, pantryware & spices, tabletop and bath accessories, marketing its products under various trade names, including Farberware, KitchenAid, Pfaltzgraff, Calvin Klein, Cuisinart, Hoffritz, Sabatier, Nautica, Joseph Abboud Environments, Roshco, Baker's Advantage, Kamenstein, CasaModa, and :USE. Lifetime's products are distributed through almost every major retailer in the United States.
marketing@alchempro.com
