UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of the earliest event reported) April 29, 2004
Lifetime Hoan Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-19254 11-2682486
(Commission File Number) (IRS Employer Identification No.)
One Merrick Avenue, Westbury, New York 11590
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (516)683-6000
N/A
(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits
c) Exhibits
99 - Press Release, dated April 29, 2004
Item 12. Results of Operation and Financial Condition
On April 29, 2004, Lifetime Hoan Corporation ("the Company")
issued a press release setting forth the Company's first-
quarter 2004 earnings. A copy of the Company's press
release is attached hereto as Exhibit 99 and hereby
incorporated by reference.
Signature
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
Lifetime Hoan Corporation
By: /s/ Robert McNally
Robert McNally
Vice President of Finance and
Chief Financial Officer
Date: April 29, 2004
EXHIBIT 99
LIFETIME HOAN REPORTS 53% INCREASE IN FIRST-QUARTER NET
SALES; RAISES 2004 GUIDANCE
WESTBURY, N.Y., April 29, 2004 -- LIFETIME HOAN CORPORATION
(NASDAQ NM: LCUT), a leading designer, marketer and
distributor of housewares, today announced results for the
first quarter ended March 31, 2004.
For the first quarter of 2004, net sales increased 53% to
$37.1 million from $24.3 million in the same period of the
prior year. The Company reported net income of $345,000, or
$0.03 per diluted share, compared to a net loss of $602,000,
or $0.06 per diluted share, for the same period in 2003.
Jeffrey Siegel, president and chief executive officer,
commented, "The first quarter of 2004 was another period of
strong growth for Lifetime Hoan. The impressive increase in
the Company's net sales was fueled principally by growth of
our lines of KitchenAid(R) branded products. Since we
launched our KitchenAid program in 2001, it has gained
strength every year, and 2004 is already showing a
continuation of that very positive trend.
"Lifetime's business is driven by exciting new products,
innovative designs and great brands. One of the reasons we
expect 2004 to be a very successful year is that we plan to
launch more new lines than ever before in our history.
Among the additions we have already announced is KitchenAid(R)
branded kitchen cutlery, which is scheduled to roll out in
the third quarter. Another important contribution will come
from our expansion of the CasaModa(R) line, which is focused
on the growing market for casual home entertainment. In
fact, we plan to introduce new products in every major
category in our business during the year."
Lifetime Hoan noted that first-quarter 2004 sales
attributable to the :USE(R) - Tools for Civilization(R) and
Gemco Ware, Inc. businesses the Company acquired in the
fourth quarter of 2003 totaled $1.5 million. Without the
USE and Gemco sales, Lifetime's net sales for the period
would have increased 46.5% over last year's same quarter.
The Company raised its net sales guidance for 2004 to
approximately $195-$205 million from $190-$200 million. It
also raised its earnings per share estimate for 2004 to
approximately $0.98-$1.13 from $0.95-$1.10.
Lifetime Hoan has scheduled a conference call Thursday,
April 29 at 11:00 a.m. Eastern time to discuss first-quarter-
2004 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 Thursday, May 6, and can be accessed by
dialing (706) 645-9291, conference ID #6684178. A live
webcast of the call will be broadcast at the Company's web
site, www.lifetime.hoan.com. For those who cannot listen to
the live broadcast, an audio replay of the call will also be
available on the site.
Lifetime Hoan Corporation is a leading designer, marketer
and distributor of household cutlery, kitchenware, cutting
boards, pantryware and bakeware, marketing its products
under various trade names including Farberware(R) and
Hoffritz(R). Lifetime Hoan's KitchenAid branded products are
designed, manufactured and marketed under a license with
Whirlpool Corporation. The Company's Cuisinart branded
products are designed, manufactured and marketed under a
license with Cuisinart. Through the use of various brand
names, Lifetime Hoan's products are distributed through
almost every major retailer in the U.S.
The information herein contains certain forward-looking
statements including statements concerning the Company's
future prospects. These statements involve risks and
uncertainties, including risks relating to general economic
conditions and risks relating to the Company's operations,
such as the risk of loss of major customers and risks
relating to changes in demand for the Company's products, as
detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
Tables to follow
COMPANY CONTACT: INVESTOR RELATIONS:
Robert McNally Harriet Fried
Chief Financial Officer Lippert/Heilshorn &
(516) 683-6000 Associates, Inc.
(212) 838-3777 or
hfried@lhai.com
LIFETIME HOAN CORPORATION
INCOME STATEMENT
(in 000's, except per share data)
Three Months Ended
March 31,
(Unaudited)
2004 2003 % Increase
Net Sales $37,129 $24,284 52.9%
Cost of Sales 21,689 13,426 61.5%
Distribution Expenses 5,181 4,454 16.3%
SG&A 9,574 7,321 30.8%
Income (Loss) from
Operations 685 (917)
Interest Expense 127 111
Other Income (15) (17)
Income (Loss) Before
Taxes 573 (1,011)
Tax Provision (Benefit) 228 (409)
Net Income (Loss) $345 ($602)
Diluted Earnings (Loss)
Per Share from Net Income $0.03 ($0.06)
Weighted Average Shares 11,141 10,561
LIFETIME HOAN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, March 31,
2004 2003
(Unaudited) (Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 719 $ 108
Accounts receivable, net 22,579 12,680
Merchandise inventories 48,564 42,763
Prepaid expenses and other
current assets 7,357 6,646
TOTAL CURRENT ASSETS 79,219 62,197
PROPERTY AND EQUIPMENT, net 20,200 20,408
INTANGIBLES, net 25,543 23,855
OTHER ASSETS 2,093 2,119
TOTAL ASSETS $ 127,055 $ 108,579
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $ 13,000 $ 11,500
Accounts payable and trade
acceptances 6,859 3,871
Other current liabilities 16,281 13,752
TOTAL CURRENT LIABILITIES 36,140 29,123
DEFERRED RENT & OTHER LONG
TERM LIABILITIES 1,639 553
DEFERRED INCOME TAX LIABILITIES 3,128 1,857
STOCKHOLDERS' EQUITY 86,148 77,046
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 127,055 $ 108,579