New York based Lifetime Brands Inc, which is leading designer, marketer and distributor of nationally branded consumer products for the home, will announced results for the second quarter ended June 30, 2005.
For the second quarter of 2005, net sales increased 40 percent to $46.2 million from $33.0 million for the same period of 2004. Not including approximately $2.3 million in net sales attributable to the Excel business Lifetime acquired in July 2004, second-quarter net sales in 2005 rose 33 percent to $43.9 million. The Company reported net income of $1.3 million compared to $203,000 for the second quarter of 2004. On a diluted per share basis, net income rose to $0.12 per share from $0.02 per share for the same period last year.
Net sales for the six months ended June 30, 2005 totaled $89.3 million compared to $70.2 million for the same period in 2004, representing a 27 percent increase. Not including approximately $4.1 million in net sales attributable to the Excel business, net sales for the first six months of 2005 rose more than 21 percent to $85.2 million. Net income for the 2005 period was $2.3 million, or $0.21 per diluted share, compared to $548,000, or $0.05 per diluted share, last year.
Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "Lifetime Brands delivered another quarter of strong results, generating excellent growth in all of major product categories. The gains in cutlery category were particularly notable, reflecting both the successful introduction of new products under the Farberware and KitchenAid brands and increased placement with retailers. The growth initiatives they implemented in 2004, which included broadening our portfolio of brands, strengthening their overseas sourcing organization, and expanding the Company's infrastructure, also continued to have a positive impact on the Company's operations."
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