Lifetime Brands Q2 net loss narrows

Mon. August 10, 2009; Posted: 09:43 AM

Aug 10, 2009 (Datamonitor via COMTEX) -- LCUT | Quote | Chart | News | PowerRating -- Lifetime Brands, a designer, developer and marketer of kitchenware, tabletop and home decor products, has reported a net loss of $1.3 million, or $0.10 per diluted share, for the second quarter ended June 30, 2009, compared to a net loss of $3.6 million, or $0.30 per diluted share, for the second quarter of 2008.

For the second quarter of 2009, net sales were $85.33 million, compared to $92.39 million for the same quarter of 2008.

For the first six months ended June 30, 2009, net sales were $175.55 million, compared to $190.59 million in the same period of 2008. Net loss was $7.21 million, or $0.60 per diluted share, compared to $9.91 million, or $0.83 per diluted share, in the same period of 2008.

Jeffrey Siegel, chairman, president and CEO of Lifetime Brands, said: "The substantial year-over-year improvement in our adjusted EBITDA is a clear indication that the steps we have taken to restructure our business have borne fruit. Our improved operating results, combined with the success of our on-going inventory reduction efforts, enabled us to reduce our bank borrowings by $38 million, as compared to June 30, 2008, and by $31.5 million, as compared to December 31, 2008."

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