Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
17
Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
142
Lifetime Brands Inc (LCUT) has reported a 33.99 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $14.75 million, or $1 a share in the quarter, compared with $11.01 million, or $0.77 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $15.17 million, or $1.03 a share compared with $10.81 million or $0.75 a share, a year ago. Revenue during the quarter grew 4.11 percent to $193.52 million from $185.88 million in the previous year period. Gross margin for the quarter expanded 164 basis points over the previous year period to 38.77 percent. Total expenses were 88.74 percent of quarterly revenues, down from 90.52 percent for the same period last year. This has led to an improvement of 178 basis points in operating margin to 11.26 percent.
Operating income for the quarter was $21.80 million, compared with $17.63 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $25.10 million compared with $23.89 million in the prior year period. At the same time, adjusted EBITDA margin improved 12 basis points in the quarter to 12.97 percent from 12.85 percent in the last year period.
Jeffrey Siegel, Lifetime’s chairman and chief executive officer, commented,“Lifetime finished 2016 on a very strong note, reporting record revenues and income from operations. For the quarter, excluding the impact of foreign currency fluctuations, consolidated net sales rose 7.2% on an actual basis and 3.4% on an organic basis. 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.
Operating cash flow drops significantly
Lifetime Brands Inc has generated cash of $29.75 million from operating activities during the year, down 36.04 percent or $16.76 million, when compared with the last year. The company has spent $24.45 million cash to meet investing activities during the year as against cash outgo of $5.03 million in the last year.
The company has spent $4.16 million cash to carry out financing activities during the year as against cash outgo of $39.14 million in the last year period.
Cash and cash equivalents stood at $7.88 million as on Dec. 31, 2016, up 10.55 percent or $0.75 million from $7.13 million on Dec. 31, 2015.
Working capital increases
Lifetime Brands Inc has recorded an increase in the working capital over the last year. It stood at $165.16 million as at Dec. 31, 2016, up 8.90 percent or $13.50 million from $151.66 million on Dec. 31, 2015. Current ratio was at 2.81 as on Dec. 31, 2016, up from 2.65 on Dec. 31, 2015.
Debt comes down marginally Lifetime Brands Inc has recorded a decline in total debt over the last one year. It stood at $95.66 million as on Dec. 31, 2016, down 4.58 percent or $4.59 million from $100.25 million on Dec. 31, 2015. Total debt was 23.92 percent of total assets as on Dec. 31, 2016, compared with 25.13 percent on Dec. 31, 2015. Debt to equity ratio was at 0.48 as on Dec. 31, 2016, down from 0.50 as on Dec. 31, 2015. Interest coverage ratio improved to 17.34 for the quarter from 12.57 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
