Lifetime Brands income up 33% for fourth quarter
Lifetime Brands, which sells kitchenware, tableware and other products, ended 2016 "on a very strong note, reporting record revenues and income from operations," CEO Jeffrey Siegel said in a statement on Monday, March 13, 2017. Above, Siegel at the company's Garden City showroom on Nov. 16, 2010. Credit: Danny Ghitis
Garden City-based Lifetime Brands Inc. on Monday reported a 4.1 percent increase in revenue and a 33.6 percent increase in net income for the fourth quarter, boosted by acquisitions the company made in 2016.
Lifetime Brands, which sells kitchenware, tableware and other products, including Farberware and KitchenAid, posted net sales of $193.5 million for the quarter ended Dec. 31, compared with $185.9 million during the same quarter in 2015.
The company’s net income for the quarter was $14.7 million, compared with $11 million during the year-earlier period. Adjusted net income was $15.2 million, compared with adjusted net income of $10.8 million in the previous year.
Shares of Lifetime Brands rose $4.45, or 30.8 percent, to close at $18.90 on Monday on the Nasdaq Stock Market. The stock is up more than 47 percent in the past 12 months.
For the full year, Lifetime Brands reported net sales of $592.6 million, compared with $587.7 million in 2015.
Net income for the full year was $15.7 million, compared with $12.3 million in 2015. Adjusted net income was $19.2 million compared with adjusted net income of $14.2 million in 2015. Adjustments include acquisition-related expenses, restructuring expenses and investments.
“Lifetime finished 2016 on a very strong note, reporting record revenues and income from operations,” Lifetime chairman and CEO Jeffrey Siegel said in a statement. “The Wilton Armetale, Amco Houseworks, Chicago Metallic, Swing-A-Way and Copco brands that we acquired in 2016 all were accretive and contributed to our exceptional performance.”
'No one wants to pay more taxes than they need to' Nearly 20,000 Long Islanders work in town and city government. A Newsday investigation found a growing number of them are making more than $200,000 a year. NewsdayTV's Andrew Ehinger reports.
'No one wants to pay more taxes than they need to' Nearly 20,000 Long Islanders work in town and city government. A Newsday investigation found a growing number of them are making more than $200,000 a year. NewsdayTV's Andrew Ehinger reports.
