Lifetime Brands Q4 income declines
Lifetime Brands reported fourth-quarter net income was $5.4 million, compared with $13.9 million in the prior-year period. Consolidated net sales for the quarter ended Dec. 31, 2011, totaled $137.6 million, down 3.5% from consolidated net sales of $142.6 million in the fourth quarter of 2010.
For the year ended Dec. 31, 2011, net income was $14.1 million, compared with $20.3 million in 2010. Consolidated net sales were $444.4 million, up 0.3% from consolidated net sales of $443.2 million for 2010.
"Despite the company’s financial results trailing those of the prior year, I am proud of Lifetime’s achievements in 2011,” said Jeffrey Siegel, Lifetime's chairman, president and CEO. “In 2011, we made several important investments that will accelerate our growth by broadening our product base and diversifying our geographic base. In January, we formed Housewares Corporation of Asia Limited, a Hong Kong-based joint venture that supplies direct import kitchenware programs to retailers in North, Central and South America.
"In November, we acquired Creative Tops Holdings Limited, a leading UK supplier of private-label and branded tableware and kitchenware products. In addition, in February 2012, we announced that we had entered into a joint venture to market Mikasa branded dinnerware, glassware and giftware products in China.“