Sales up at Lifetime brands
GARDEN CITY, N.Y. — Lifetime Brands, maker of houseware and kitchen products under such brand names as Kitchenaid, Farberware and Cuisineart, reported that consolidated net sales for the fourth quarter were $154.8 million, an increase of 12.5%, as compared with consolidated net sales of $137.6 million in the fourth quarter of 2011.
Net income was $15.2 million, or $1.19 per diluted share, in the 2012 period, as compared with $5.4 million, or 43 cents per diluted share, in the prior-year period.
Consolidated net sales for the year were $486.8 million, an increase of 9.5%, as compared to consolidated net sales of $444.4 million for 2011.
Net income was $20.9 million, or $1.64 per diluted share, in 2012, as compared with $14.1 million, or $1.12 per diluted share, in 2011.
Jeffrey Siegel, Lifetime's chairman, president and CEO commented, “Lifetime finished 2012 on a very positive note. For the quarter, consolidated net sales increased 12.5% on an actual basis and 8.6% on an organic basis. During the quarter, we acquired the business and assets of Fred & Friends, a line of innovative products featuring fun kitchen tools, tabletop accessories, party goods and giftware products."