Lifetime Brands Q4 Profit Down, But Adj. Profit Tops View - Quick Facts

(RTTNews) - Lifetime Brands Inc. (LCUT), a provider of branded kitchenware, tableware and other products used in the home, reported that its fourth quarter of 2013 net income was $9.4 million or $0.72 per share, down from $15.2 million or $1.19 per share, in the corresponding period in 2012.

Adjusted net income was $10.0 million, or $0.76 per share, compared to adjusted net income of $8.7 million, or $0.67 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales were $164.9 million in the quarter, an increase of $10.1 million, or 6.5%, as compared to consolidated net sales of $154.8 million for the corresponding period in 2012.

For 2014, the company believes that an improving U.S. economy, together with a significant number of major new product initiatives, should provide for further growth in its kitchenware business. This month, it will introduce a large number of new products and ten new brands at The International Home + Housewares Show.

On March 11, 2014, the Board of Directors declared a cash dividend of $0.0375 per share payable on May 15, 2014 to shareholders of record on May 1, 2014.