"In July, they closed their purchase of the business and certain assets of The Pfaltzgraff Co, one of America's leading designers and marketers of dinnerware and tabletop accessories. The acquisition of this premier national brand will greatly enhance the tabletop category of our business, an area Lifetime entered in July 2004 with the Excel acquisition. Equally exciting are the additional capabilities Pfaltzgraff's proven design staff brings to our product development capabilities, an area in which Lifetime already excels."
"The integration of the Pfaltzgraff business is proceeding as planned and they expect to complete the process by the end of the third quarter. They have estimated that the acquisition will contribute approximately $72 million in revenues in 2005 and will be nominally profitable for the year."
"As a result of these developments, their outlook for 2005 is more positive than ever. They now expect net sales to total approximately $290 million to $300 million, rather than $220 million to $230 million. They expect earnings per share to total approximately $1.05 to $1.15, rather than $0.95 to $1.15."
Lifetime has scheduled a conference call Wednesday, August 3, at 11:00 a.m. Eastern time to discuss second-quarter 2005 results and additional matters. The dial-in number for the call is (706) 634-1218. A replay of the call will also be available through Wednesday, August 10, and can be accessed by dialing (706) 645-9291, conferenceID #8039496. A live webcast of the call will be broadcast at the Company's web site, www.lifetimebrands.com. For those who cannot listen to the live broadcast, an audio replay of the call will also be available on the site.
marketing@alchempro.com
