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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/03/22 Lifetime Brands, Inc. 10-Q 9/30/22 87:9.3M Workiva Inc Wde… FA01/FA |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 1.94M
2: EX-10.3 Material Contract HTML 35K
3: EX-31.1 Certification -- §302 - SOA'02 HTML 28K
4: EX-31.2 Certification -- §302 - SOA'02 HTML 28K
5: EX-32.1 Certification -- §906 - SOA'02 HTML 25K
11: R1 Cover HTML 76K
12: R2 Condensed Consolidated Balance Sheets HTML 129K
13: R3 Condensed Consolidated Balance Sheets HTML 47K
(Parenthetical)
14: R4 Condensed Consolidated Statements of Operations HTML 91K
15: R5 Condensed Consolidated Statements of Comprehensive HTML 54K
Income (Loss)
16: R6 Condensed Consolidated Statements of Stockholders' HTML 135K
Equity
17: R7 Condensed Consolidated Statements of Stockholders' HTML 26K
Equity (Parenthetical)
18: R8 Condensed Consolidated Statements of Cash Flows HTML 130K
19: R9 Basis of Presentation and Summary of Accounting HTML 60K
Policies
20: R10 Revenue HTML 59K
21: R11 Acquisition HTML 38K
22: R12 Leases HTML 54K
23: R13 Investments HTML 62K
24: R14 Intangible Assets HTML 71K
25: R15 Debt HTML 61K
26: R16 Derivatives HTML 69K
27: R17 Stock Compensation HTML 92K
28: R18 Income (Loss) Per Common Share HTML 46K
29: R19 Income Taxes HTML 30K
30: R20 Business Segments HTML 66K
31: R21 Contingencies HTML 38K
32: R22 Other HTML 82K
33: R23 Basis of Presentation and Summary of Accounting HTML 85K
Policies (Policies)
34: R24 Basis of Presentation and Summary of Accounting HTML 32K
Policies (Tables)
35: R25 Revenue (Tables) HTML 53K
36: R26 Acquisitions (Tables) HTML 34K
37: R27 Leases (Tables) HTML 60K
38: R28 Investments (Tables) HTML 61K
39: R29 Intangible Assets (Tables) HTML 73K
40: R30 Debt (Tables) HTML 51K
41: R31 Derivatives (Tables) HTML 66K
42: R32 Stock Compensation (Tables) HTML 96K
43: R33 Income (Loss) Per Common Share (Tables) HTML 45K
44: R34 Business Segments (Tables) HTML 62K
45: R35 Other (Tables) HTML 84K
46: R36 BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING HTML 48K
POLICIES - Additional Information (Details)
47: R37 BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING HTML 33K
POLICIES - Components of Inventory (Details)
48: R38 REVENUE - Additional Information (Details) HTML 31K
49: R39 REVENUE - Summary of Company's Revenue HTML 48K
Disaggregated by Geographic Region and Revenue
(Details)
50: R40 ACQUISITION - Additional Information (Details) HTML 78K
51: R41 LEASES - Lease Cost (Details) HTML 31K
52: R42 LEASES - Supplemental Cash Flow Information HTML 30K
Related To Leases (Details)
53: R43 LEASES - Maturities of Operating Lease Liability HTML 45K
(Details)
54: R44 LEASES - Average Lease Terms And Discount Rates HTML 28K
(Details)
55: R45 INVESTMENTS - Additional Information (Details) HTML 65K
56: R46 INVESTMENTS - Summarized Exchange Rate Translation HTML 32K
from MXN to USD (Details)
57: R47 INVESTMENTS - Summarized Statement of Income HTML 63K
Information for Vasconia in USD and MXN (Details)
58: R48 INVESTMENTS - Amounts Due to and and Due from HTML 38K
Vasconia (Details)
59: R49 INTANGIBLE ASSETS - Components of Intangible HTML 66K
Assets (Details)
60: R50 INTANGIBLE ASSETS - Additional Information HTML 55K
(Details)
61: R51 DEBT - Additional Information (Details) HTML 111K
62: R52 DEBT - Total Availability Under ABL Agreement HTML 31K
(Details)
63: R53 DEBT - Schedule of Term Loan Facility (Details) HTML 40K
64: R54 DERIVATIVES - Additional Information (Details) HTML 46K
65: R55 DERIVATIVES - Fair Values of Derivative Financial HTML 47K
Instruments Included in Consolidated Balance
Sheets (Details)
66: R56 DERIVATIVES - Gains and Losses Related to HTML 32K
Derivative Financial Instruments Designated as
Hedging Instruments (Details)
67: R57 DERIVATIVES - Gains and Losses Related to HTML 33K
Derivative Financial Instruments Not Designated as
Hedging Instruments (Details)
68: R58 STOCK COMPENSATION - Summary of Stock Option HTML 72K
(Details)
69: R59 STOCK COMPENSATION - Summary of Restricted Stock HTML 53K
Activity (Details)
70: R60 STOCK COMPENSATION - Additional Information HTML 40K
(Details)
71: R61 STOCK COMPENSATION - Summary of Performance-based HTML 58K
Award Activity (Details)
72: R62 STOCK COMPENSATION - Stock Compensation Expense HTML 39K
(Details)
73: R63 Stock Compensation (Details) HTML 47K
74: R64 Income (LOSS) PER COMMON SHARE - Calculations of HTML 66K
Basic and Diluted Loss per Common Share (Details)
75: R65 Income TAXES - Additional Information (Details) HTML 33K
76: R66 BUSINESS SEGMENTS - Additional Information HTML 25K
(Details)
77: R67 BUSINESS SEGMENTS - Segment Reporting Information HTML 61K
(Details)
78: R68 CONTINGENCIES - Additional Information (Details) HTML 54K
79: R69 OTHER - Cash Dividends Declared (Details) HTML 26K
80: R70 OTHER - Additional Information (Details) HTML 54K
81: R71 OTHER - Supplemental Cash Flow Information HTML 32K
(Details)
82: R72 OTHER - Components of Accumulated Other HTML 54K
Comprehensive Loss, Net (Details)
85: XML IDEA XML File -- Filing Summary XML 156K
83: XML XBRL Instance -- lcut-20220930_htm XML 2.47M
84: EXCEL IDEA Workbook of Financial Reports XLSX 172K
7: EX-101.CAL XBRL Calculations -- lcut-20220930_cal XML 172K
8: EX-101.DEF XBRL Definitions -- lcut-20220930_def XML 750K
9: EX-101.LAB XBRL Labels -- lcut-20220930_lab XML 1.78M
10: EX-101.PRE XBRL Presentations -- lcut-20220930_pre XML 1.13M
6: EX-101.SCH XBRL Schema -- lcut-20220930 XSD 192K
86: JSON XBRL Instance as JSON Data -- MetaLinks 422± 658K
87: ZIP XBRL Zipped Folder -- 0001628280-22-028208-xbrl Zip 460K
| lcut-20220930 |
| i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| i Delaware | i 11-2682486 | ||||
| (State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| i Common Stock, $.01 par value | i LCUT | i The Nasdaq Global Select Market | ||||||||||||
| Large accelerated filer | ☐ | i Accelerated filer | ☒ | |||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | i ☒ | |||||||||||
| Emerging growth company | i ☐ | |||||||||||||
| Page No. | ||||||||
| Part I. | ||||||||
| Item 1. | ||||||||
Condensed Consolidated Statements of Operations (unaudited) – Three and Nine Months Ended September 30, 2022 and 2021 | ||||||||
Condensed
Consolidated Statements of Comprehensive (Loss) Income (unaudited) – Three and Nine Months Ended September 30, 2022 and 2021 | ||||||||
Condensed Consolidated Statements of Stockholders’ Equity (unaudited) –Three and Nine Months Ended September 30, 2022 and 2021 | ||||||||
Condensed
Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended September 30, 2022 and 2021 | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Part II. | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
| September
30, 2022 | December 31, 2021 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents | $ | i 5,930 | $ | i 27,982 | |||||||
Accounts
receivable, less allowances of $ i 13,984 at September 30, 2022 and $ i 16,544
at December 31, 2021 | i 135,343 | i 175,076 | |||||||||
| Inventory | i 269,723 | i 270,516 | |||||||||
| Prepaid expenses and other current assets | i 10,091 | i 11,499 | |||||||||
| Income taxes receivable | i 2,583 | i — | |||||||||
| TOTAL CURRENT ASSETS | i 423,670 | i 485,073 | |||||||||
| PROPERTY AND EQUIPMENT, net | i 17,737 | i 20,748 | |||||||||
| OPERATING LEASE RIGHT-OF-USE ASSETS | i 76,454 | i 86,487 | |||||||||
| INVESTMENTS | i 14,424 | i 22,295 | |||||||||
| INTANGIBLE ASSETS, net | i 217,526 | i 212,678 | |||||||||
| OTHER ASSETS | i 7,117 | i 1,793 | |||||||||
| TOTAL ASSETS | $ | i 756,928 | $ | i 829,074 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Current maturity of term loan | $ | i — | $ | i 5,771 | |||||||
| Accounts payable | i 42,960 | i 82,573 | |||||||||
| Accrued expenses | i 79,117 | i 112,241 | |||||||||
| Income taxes payable | i — | i 604 | |||||||||
| Current portion of operating lease liabilities | i 13,859 | i 12,612 | |||||||||
| TOTAL CURRENT LIABILITIES | i 135,936 | i 213,801 | |||||||||
| OTHER LONG-TERM LIABILITIES | i 16,656 | i 12,616 | |||||||||
| INCOME TAXES PAYABLE, LONG-TERM | i 1,472 | i 1,472 | |||||||||
| OPERATING LEASE LIABILITIES | i 78,534 | i 90,824 | |||||||||
| DEFERRED INCOME TAXES | i 12,981 | i 12,842 | |||||||||
| REVOLVING CREDIT FACILITY | i 32,545 | i — | |||||||||
| TERM LOAN | i 242,505 | i 241,873 | |||||||||
| STOCKHOLDERS’ EQUITY | |||||||||||
Preferred stock, $ i i i i 1.00 / / /
par value, shares authorized: i i 100 / shares of Series A and i i 2,000,000 /
shares of Series B; i i i i i i i i none / / / / / / /
issued and outstanding | i — | i — | |||||||||
Common
stock, $ i i 0.01 / par value, shares authorized: i i 50,000,000 /
at September 30, 2022 and December 31, 2021; shares issued and outstanding: i i 22,004,268 /
at September 30, 2022 and i i 22,018,016 /
at December 31, 2021 | i 220 | i 220 | |||||||||
| Paid-in capital | i 274,301 | i 271,556 | |||||||||
Retained
earnings | i 437 | i 17,419 | |||||||||
Accumulated
other comprehensive loss | ( i 38,659) | ( i 33,549) | |||||||||
| TOTAL STOCKHOLDERS’ EQUITY | i 236,299 | i 255,646 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | i 756,928 | $ | i 829,074 | |||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Net sales | $ | i 186,590 | $ | i 224,777 | $ | i 520,621 | $ | i 607,066 | ||||||||||||||||||
| Cost of sales | i 118,757 | i 141,662 | i 334,553 | i 391,790 | ||||||||||||||||||||||
| Gross margin | i 67,833 | i 83,115 | i 186,068 | i 215,276 | ||||||||||||||||||||||
| Distribution expenses | i 18,641 | i 18,893 | i 55,239 | i 56,470 | ||||||||||||||||||||||
| Selling, general and administrative expenses | i 36,462 | i 42,042 | i 114,208 | i 116,379 | ||||||||||||||||||||||
| Wallace facility remediation expense | i 5,140 | i 500 | i 5,140 | i 500 | ||||||||||||||||||||||
Income
from operations | i 7,590 | i 21,680 | i 11,481 | i 41,927 | ||||||||||||||||||||||
| Interest expense | ( i 4,581) | ( i 3,835) | ( i 12,080) | ( i 11,668) | ||||||||||||||||||||||
Mark
to market gain on interest rate derivatives | i 637 | i 120 | i 1,990 | i 664 | ||||||||||||||||||||||
Income
before income taxes and equity in (losses) earnings | i 3,646 | i 17,965 | i 1,391 | i 30,923 | ||||||||||||||||||||||
Income
tax provision | ( i 1,845) | ( i 5,589) | ( i 3,420) | ( i 9,837) | ||||||||||||||||||||||
Equity
in (losses) earnings, net of taxes | ( i 8,159) | i 195 | ( i 7,409) | i 341 | ||||||||||||||||||||||
NET
(LOSS) INCOME | $ | ( i 6,358) | $ | i 12,571 | $ | ( i 9,438) | $ | i 21,427 | ||||||||||||||||||
BASIC
(LOSS) INCOME PER COMMON SHARE | $ | ( i 0.30) | $ | i 0.58 | $ | ( i 0.44) | $ | i 1.00 | ||||||||||||||||||
DILUTED
(LOSS) INCOME PER COMMON SHARE | $ | ( i 0.30) | $ | i 0.57 | $ | ( i 0.44) | $ | i 0.98 | ||||||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net (loss) income | $ | ( i 6,358) | $ | i 12,571 | $ | ( i 9,438) | $ | i 21,427 | |||||||||||||||
Other
comprehensive (loss) income, net of taxes: | |||||||||||||||||||||||
| Translation adjustment | ( i 2,686) | i 240 | ( i 7,109) | i 4,463 | |||||||||||||||||||
| Net change in cash flow hedges | i 354 | i 992 | i 1,912 | i 1,055 | |||||||||||||||||||
| Effect of retirement benefit obligations | i 29 | i 33 | i 87 | i 101 | |||||||||||||||||||
Other
comprehensive (loss) income, net of taxes | ( i 2,303) | i 1,265 | ( i 5,110) | i 5,619 | |||||||||||||||||||
Comprehensive
(loss) income | $ | ( i 8,661) | $ | i 13,836 | $ | ( i 14,548) | $ | i 27,046 | |||||||||||||||
| Common stock | Paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | ||||||||||||||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||||||||||||||
BALANCE
AT DECEMBER 31, 2021 | i 22,018 | $ | i 220 | $ | i 271,556 | $ | i 17,419 | $ | ( i 33,549) | $ | i 255,646 | |||||||||||||||||||||||||||
Net
income | — | — | — | i 380 | — | i 380 | ||||||||||||||||||||||||||||||||
Other
comprehensive income, net of taxes | — | — | — | — | i 521 | i 521 | ||||||||||||||||||||||||||||||||
| Performance shares issued to employees | i 167 | i 2 | ( i 2) | — | — | — | ||||||||||||||||||||||||||||||||
| Net issuance of restricted shares granted to employees | i 207 | i 2 | ( i 2) | — | — | — | ||||||||||||||||||||||||||||||||
| Stock compensation expense | — | — | i 1,151 | — | — | i 1,151 | ||||||||||||||||||||||||||||||||
| Net exercise of stock options | i 22 | — | i 233 | — | — | i 233 | ||||||||||||||||||||||||||||||||
| Shares effectively repurchased for required employee withholding taxes | ( i 45) | i — | ( i 568) | — | — | ( i 568) | ||||||||||||||||||||||||||||||||
| Stock repurchase | ( i 51) | ( i 1) | ( i 670) | i — | — | ( i 671) | ||||||||||||||||||||||||||||||||
Dividends
(1) | — | — | — | ( i 960) | — | ( i 960) | ||||||||||||||||||||||||||||||||
BALANCE
AT MARCH 31, 2022 | i 22,318 | $ | i 223 | $ | i 271,698 | $ | i 16,839 | $ | ( i 33,028) | $ | i 255,732 | |||||||||||||||||||||||||||
Net
loss | — | — | — | ( i 3,460) | — | ( i 3,460) | ||||||||||||||||||||||||||||||||
Other
comprehensive loss, net of taxes | — | — | — | — | ( i 3,328) | ( i 3,328) | ||||||||||||||||||||||||||||||||
| Net issuance of restricted shares granted to employees and directors | i 54 | i 1 | ( i 1) | — | — | — | ||||||||||||||||||||||||||||||||
| Stock compensation expense | — | — | i 1,280 | — | — | i 1,280 | ||||||||||||||||||||||||||||||||
| Net exercise of stock options | i 3 | — | i — | — | — | i — | ||||||||||||||||||||||||||||||||
| Shares effectively repurchased for required employee withholding taxes | ( i 30) | ( i 1) | ( i 369) | — | — | ( i 370) | ||||||||||||||||||||||||||||||||
| Stock repurchase | ( i 286) | ( i 2) | i 671 | ( i 4,197) | — | ( i 3,528) | ||||||||||||||||||||||||||||||||
Dividends
(1) | — | — | — | ( i 958) | — | ( i 958) | ||||||||||||||||||||||||||||||||
BALANCE
AT JUNE 30, 2022 | i 22,059 | $ | i 221 | $ | i 273,279 | $ | i 8,224 | $ | ( i 36,356) | $ | i 245,368 | |||||||||||||||||||||||||||
Net
loss | — | — | — | ( i 6,358) | — | ( i 6,358) | ||||||||||||||||||||||||||||||||
Other
comprehensive loss, net of taxes | — | — | — | — | ( i 2,303) | ( i 2,303) | ||||||||||||||||||||||||||||||||
| Net issuance of restricted shares granted to employees and directors | ( i 1) | i — | i — | — | — | — | ||||||||||||||||||||||||||||||||
| Stock compensation expense | — | — | i 1,023 | — | — | i 1,023 | ||||||||||||||||||||||||||||||||
| Shares effectively repurchased for required employee withholding taxes | ( i 1) | i — | i — | — | — | i — | ||||||||||||||||||||||||||||||||
| Stock repurchase | ( i 53) | ( i 1) | ( i 1) | ( i 477) | — | ( i 479) | ||||||||||||||||||||||||||||||||
Dividends
(1) | — | — | — | ( i 952) | — | ( i 952) | ||||||||||||||||||||||||||||||||
BALANCE
AT SEPTEMBER 30, 2022 | i 22,004 | $ | i 220 | $ | i 274,301 | $ | i 437 | $ | ( i 38,659) | $ | i 236,299 | |||||||||||||||||||||||||||
| Common stock | Paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | ||||||||||||||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER
31, 2020 | i 21,755 | $ | i 218 | $ | i 268,666 | $ | i 424 | $ | ( i 39,172) | $ | i 230,136 | |||||||||||||||||||||||||||
Net
income | — | — | — | i 3,067 | — | i 3,067 | ||||||||||||||||||||||||||||||||
Other
comprehensive income, net of taxes | — | — | — | — | i 1,683 | i 1,683 | ||||||||||||||||||||||||||||||||
| Performance shares issued to employees | i 150 | i 1 | ( i 1) | — | — | — | ||||||||||||||||||||||||||||||||
| Net issuance of restricted shares granted to employees | i 177 | i 2 | ( i 2) | — | — | — | ||||||||||||||||||||||||||||||||
| Stock compensation expense | — | — | i 1,439 | — | — | i 1,439 | ||||||||||||||||||||||||||||||||
| Net exercise of stock options | i 44 | — | i 184 | — | — | i 184 | ||||||||||||||||||||||||||||||||
| Shares effectively repurchased for required employee withholding taxes | ( i 146) | ( i 1) | ( i 2,159) | — | — | ( i 2,160) | ||||||||||||||||||||||||||||||||
Dividends
(1) | — | — | — | ( i 943) | — | ( i 943) | ||||||||||||||||||||||||||||||||
BALANCE
AT MARCH 31, 2021 | i 21,980 | $ | i 220 | $ | i 268,127 | $ | i 2,548 | $ | ( i 37,489) | $ | i 233,406 | |||||||||||||||||||||||||||
Net
income | — | — | — | i 5,789 | — | i 5,789 | ||||||||||||||||||||||||||||||||
Other
comprehensive income, net of taxes | i 2,671 | i 2,671 | ||||||||||||||||||||||||||||||||||||
| Net issuance of restricted shares granted to employees and directors | i 44 | i 0 | i 0 | — | — | — | ||||||||||||||||||||||||||||||||
| Stock compensation expense | — | — | i 1,323 | — | — | i 1,323 | ||||||||||||||||||||||||||||||||
| Net exercise of stock options | i 50 | i 1 | i 550 | — | — | i 551 | ||||||||||||||||||||||||||||||||
| Shares effectively repurchased for required employee withholding taxes | ( i 67) | ( i 1) | ( i 1,024) | — | — | ( i 1,025) | ||||||||||||||||||||||||||||||||
Dividends
(1) | — | — | — | ( i 914) | — | ( i 914) | ||||||||||||||||||||||||||||||||
BALANCE
AT JUNE 30, 2021 | i 22,007 | $ | i 220 | $ | i 268,976 | $ | i 7,423 | $ | ( i 34,818) | $ | i 241,801 | |||||||||||||||||||||||||||
Net
income | — | — | — | i 12,571 | — | i 12,571 | ||||||||||||||||||||||||||||||||
Other
comprehensive income, net of taxes | i 1,265 | i 1,265 | ||||||||||||||||||||||||||||||||||||
| Stock compensation expense | — | — | i 1,192 | — | — | i 1,192 | ||||||||||||||||||||||||||||||||
| Net exercise of stock options | i 12 | — | i 142 | — | — | i 142 | ||||||||||||||||||||||||||||||||
| Shares effectively repurchased for required employee withholding taxes | ( i 1) | — | ( i 1) | i — | — | ( i 1) | ||||||||||||||||||||||||||||||||
Dividends
(1) | i — | i — | i — | ( i 995) | — | ( i 995) | ||||||||||||||||||||||||||||||||
| BALANCE AT SEPTEMBER 30, 2021 | i 22,018 | $ | i 220 | $ | i 270,309 | $ | i 18,999 | $ | ( i 33,553) | $ | i 255,975 | |||||||||||||||||||||||||||
| Nine
Months Ended September 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| OPERATING ACTIVITIES | |||||||||||
Net (loss) income | $ | ( i 9,438) | $ | i 21,427 | |||||||
Adjustments
to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||
| Depreciation and amortization | i 14,535 | i 17,560 | |||||||||
| Amortization of financing costs | i 1,305 | i 1,309 | |||||||||
Mark
to market (gain) on interest rate derivatives | ( i 1,990) | ( i 664) | |||||||||
| Non-cash lease expense | ( i 1,055) | ( i 1,089) | |||||||||
Recovery
for doubtful accounts | ( i 140) | ( i 166) | |||||||||
| Stock compensation expense | i 3,565 | i 3,973 | |||||||||
Undistributed
losses (earnings) from equity investment, net of taxes | i 7,409 | ( i 341) | |||||||||
| Changes in operating assets and liabilities (excluding the effects of business acquisitions) | |||||||||||
| Accounts receivable | i 38,765 | i 659 | |||||||||
| Inventory | ( i 3,694) | ( i 54,117) | |||||||||
| Prepaid expenses, other current assets and other assets | ( i 177) | i 4,733 | |||||||||
| Accounts payable, accrued expenses and other liabilities | ( i 66,062) | i 24,093 | |||||||||
| Income taxes receivable | ( i 2,583) | i — | |||||||||
| Income taxes payable | ( i 525) | ( i 2,779) | |||||||||
NET
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | ( i 20,085) | i 14,598 | |||||||||
| INVESTING ACTIVITIES | |||||||||||
| Purchases of property and equipment | ( i 1,975) | ( i 3,361) | |||||||||
| Proceeds from sale of shares of equity method investment | i — | i 3,061 | |||||||||
| Acquisitions | ( i 17,956) | ( i 178) | |||||||||
NET
CASH USED IN INVESTING ACTIVITIES | ( i 19,931) | ( i 478) | |||||||||
| FINANCING ACTIVITIES | |||||||||||
| Proceeds from revolving credit facility | i 264,184 | i 16,845 | |||||||||
| Repayments of revolving credit facility | ( i 230,365) | ( i 42,531) | |||||||||
| Repayments of term loan | ( i 6,216) | ( i 10,478) | |||||||||
| Payment of financing costs | ( i 882) | i — | |||||||||
| Payments for finance lease obligations | ( i 24) | ( i 71) | |||||||||
| Payments of tax withholding for stock based compensation | ( i 938) | ( i 3,186) | |||||||||
| Proceeds from the exercise of stock options | i 233 | i 877 | |||||||||
| Payments for stock repurchase | ( i 4,678) | i — | |||||||||
| Cash dividends paid | ( i 2,887) | ( i 2,913) | |||||||||
NET
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | i 18,427 | ( i 41,457) | |||||||||
| Effect of foreign exchange on cash | ( i 463) | i 56 | |||||||||
DECREASE
IN CASH AND CASH EQUIVALENTS | ( i 22,052) | ( i 27,281) | |||||||||
| Cash and cash equivalents at beginning of period | i 27,982 | i 35,963 | |||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | i 5,930 | $ | i 8,682 | |||||||
| September 30, 2022 | December 31, 2021 | ||||||||||
| Finished goods | $ | i 258,781 | $ | i 259,916 | |||||||
| Work in process | i 277 | i 159 | |||||||||
| Raw materials | i 10,665 | i 10,441 | |||||||||
| Total | $ | i 269,723 | $ | i 270,516 | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| U.S. segment | |||||||||||||||||||||||
| Kitchenware | $ | i 92,587 | $ | i 113,429 | $ | i 291,062 | $ | i 337,051 | |||||||||||||||
| Tableware | i 44,515 | i 51,667 | i 101,035 | i 119,188 | |||||||||||||||||||
| Home Solutions | i 35,716 | i 32,628 | i 84,130 | i 84,249 | |||||||||||||||||||
| Total U.S. segment | i 172,818 | i 197,724 | i 476,227 | i 540,488 | |||||||||||||||||||
| International segment | i 13,772 | i 27,053 | i 44,394 | i 66,578 | |||||||||||||||||||
| Total net sales | $ | i 186,590 | $ | i 224,777 | $ | i 520,621 | $ | i 607,066 | |||||||||||||||
| United States | $ | i 163,304 | $ | i 189,456 | $ | i 454,356 | $ | i 522,170 | |||||||||||||||
| United Kingdom | i 8,676 | i 15,741 | i 27,515 | i 38,376 | |||||||||||||||||||
| Rest of World | i 14,610 | i 19,580 | i 38,750 | i 46,520 | |||||||||||||||||||
| Total net sales | $ | i 186,590 | $ | i 224,777 | $ | i 520,621 | $ | i 607,066 | |||||||||||||||
| Cash paid | $ | i 17,956 | |||
| Value of contingent consideration | i 650 | ||||
| Total purchase price | $ | i 18,606 | |||
| Purchase Price Allocation | |||||
| Accounts receivable | $ | i 2,280 | |||
| Inventory | i 4,005 | ||||
| Fixed assets | i 40 | ||||
| Intangible assets | i 13,000 | ||||
| Goodwill | i 2,966 | ||||
| Accounts payable and accrued expenses | ( i 3,685) | ||||
| Total allocated value | $ | i 18,606 | |||
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Operating lease expenses(1): | |||||||||||||||||||||||||||||
| Fixed lease expense | $ | i 4,463 | $ | i 4,471 | $ | i 13,392 | $ | i 13,467 | |||||||||||||||||||||
| Variable lease expense | i 1,187 | i 917 | i 3,532 | i 2,844 | |||||||||||||||||||||||||
| Total | $ | i 5,650 | $ | i 5,388 | $ | i 16,924 | $ | i 16,311 | |||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash
paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
| Operating cash flows for operating leases | $ | i 14,447 | $ | i 14,556 | ||||||||||
| Nine
Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||
| Operating leases | $ | i 2,477 | $ | i 1,307 | ||||||||||
| Operating | |||||
2022 (excluding the nine months ended September 30, 2022) | $ | i 4,842 | |||
| 2023 | i 18,879 | ||||
| 2024 | i 18,349 | ||||
| 2025 | i 17,766 | ||||
| 2026 | i 17,063 | ||||
| 2027 | i 12,980 | ||||
| Thereafter | i 22,595 | ||||
| Total lease payments | i 112,474 | ||||
| Less: Interest | ( i 20,081) | ||||
| Present value of lease payments | $ | i 92,393 | |||
| September 30, 2022 | |||||
| Operating leases: | |||||
| Weighted-average remaining lease term (years) | i 6.5 | ||||
| Weighted-average discount rate | i 6.1 | % | |||
Three
Months Ended September 30, | Nine Months Ended | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Average exchange rate (USD to MXN) | i 20.22 | i 20.01 | i 20.02
- i 20.50 | i 20.01
- i 20.33 | |||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
| USD | MXN | USD | MXN | ||||||||||||||||||||
| Net sales | $ | i 56,488 | $ | i 1,142,171 | $ | i 61,783 | $ | i 1,236,289 | |||||||||||||||
Gross
profit | i 4,405 | i 89,061 | i 12,958 | i 259,285 | |||||||||||||||||||
(Loss)
income from operations | ( i 5,459) | ( i 110,380) | i 3,886 | i 77,756 | |||||||||||||||||||
Net
(loss) income | ( i 8,009) | ( i 161,936) | i 2,952 | i 59,063 | |||||||||||||||||||
| Nine
Months Ended September 30, | |||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
| USD | MXN | USD | MXN | ||||||||||||||||||||
| Net Sales | $ | i 187,001 | $ | i 3,785,921 | $ | i 174,468 | $ | i 3,508,858 | |||||||||||||||
Gross
profit | i 29,629 | i 600,976 | i 40,837 | i 821,125 | |||||||||||||||||||
(Loss)
income from operations | ( i 256) | ( i 3,974) | i 14,169 | i 284,799 | |||||||||||||||||||
Net
(loss) income | ( i 4,875) | ( i 98,366) | i 4,562 | i 91,063 | |||||||||||||||||||
| Vasconia due to and due from balances | Balance Sheet Location | September 30, 2022 | December 31, 2021 | ||||||||||||||
| Amounts due from Vasconia | Prepaid expenses and other current assets | $ | i 80 | $ | i 80 | ||||||||||||
| Amounts due to Vasconia | Accrued expenses and Accounts payable | ( i 1) | ( i 146) | ||||||||||||||
| September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
| Gross | Accumulated Amortization | Net | Gross | Impairment | Accumulated Amortization | Net | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | $ | i 33,237 | $ | — | $ | i 33,237 | $ | i 30,271 | $ | i — | $ | — | $ | i 30,271 | |||||||||||||||||||||||||||||||||
| Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||
| Trade names | i 49,600 | — | i 49,600 | i 49,600 | i — | — | i 49,600 | ||||||||||||||||||||||||||||||||||||||||
| Finite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||
| Licenses | i 15,847 | ( i 11,540) | i 4,307 | i 15,847 | i — | ( i 11,198) | i 4,649 | ||||||||||||||||||||||||||||||||||||||||
Trade
names(1) | i 54,619 | ( i 18,980) | i 35,639 | i 51,856 | ( i 2,546) | ( i 23,829) | i 25,481 | ||||||||||||||||||||||||||||||||||||||||
Customer
relationships(1) | i 143,155 | ( i 51,074) | i 92,081 | i 177,245 | ( i 11,766) | ( i 65,863) | i 99,616 | ||||||||||||||||||||||||||||||||||||||||
Other
(1) | i 5,827 | ( i 3,165) | i 2,662 | i 6,566 | ( i 448) | ( i 3,057) | i 3,061 | ||||||||||||||||||||||||||||||||||||||||
| Total | $ | i 302,285 | $ | ( i 84,759) | $ | i 217,526 | $ | i 331,385 | $ | ( i 14,760) | $ | ( i 103,947) | $ | i 212,678 | |||||||||||||||||||||||||||||||||
| Intangible Assets | Goodwill | Total Intangible Assets and Goodwill | |||||||||||||||
Goodwill and Intangible Assets, December 31, 2021 | $ | i 182,407 | $ | i 30,271 | $ | i 212,678 | |||||||||||
| Acquisition of goodwill | — | i 2,966 | i 2,966 | ||||||||||||||
| Acquisition of trade name | i 13,000 | — | i 13,000 | ||||||||||||||
| Foreign currency translation adjustment | ( i 369) | — | ( i 369) | ||||||||||||||
| Amortization | ( i 10,749) | — | ( i 10,749) | ||||||||||||||
Goodwill
and Intangible Assets, September 30, 2022 | $ | i 184,289 | $ | i 33,237 | $ | i 217,526 | |||||||||||
| Maximum aggregate principal allowed | $ | i 200,000 | $ | i 150,000 | ||||||||||
| Outstanding borrowings under the ABL Agreement | ( i 32,545) | i — | ||||||||||||
| Standby letters of credit | ( i 2,765) | ( i 3,659) | ||||||||||||
| Total availability under the ABL Agreement | $ | i 164,690 | $ | i 146,341 | ||||||||||
| September 30, 2022 | December 31, 2021 | |||||||||||||||||||
| Current portion of Term Loan facility: | ||||||||||||||||||||
| Estimated Excess Cash Flow principal payment | $ | i — | $ | i 7,200 | ||||||||||||||||
| Estimated unamortized debt issuance costs | i — | ( i 1,429) | ||||||||||||||||||
| Total Current portion of Term Loan facility | $ | i — | $ | i 5,771 | ||||||||||||||||
| Non-current portion of Term Loan facility: | ||||||||||||||||||||
| Term Loan facility, net of current portion | $ | i 245,911 | $ | i 244,927 | ||||||||||||||||
| Estimated unamortized debt issuance costs | ( i 3,406) | ( i 3,054) | ||||||||||||||||||
| Total Non-current portion of Term Loan facility | $ | i 242,505 | $ | i 241,873 | ||||||||||||||||
| Derivatives designated as hedging instruments | Balance Sheet Location | September 30, 2022 | December 31, 2021 | ||||||||||||||
| Interest rate swaps | Prepaid expenses and other current assets | $ | i 179 | $ | i — | ||||||||||||
| Accrued expenses | i — | i 288 | |||||||||||||||
| Other long-term liabilities | i — | i 292 | |||||||||||||||
| Foreign exchange contracts | Prepaid expenses and other current assets | i 663 | i 461 | ||||||||||||||
| Derivatives not designated as hedging instruments | Balance Sheet Location | September 30, 2022 | December 31, 2021 | ||||||||||||||
| Interest rate swaps | Other assets | $ | i 1,310 | $ | i — | ||||||||||||
| Other long-term liabilities | i — | i 680 | |||||||||||||||
| Three Months Ended September 30, | Nine
Months Ended September 30, | ||||||||||||||||||||||
| Derivatives designated as hedging instruments | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Interest rate swaps | $ | i 87 | $ | i 147 | $ | i 570 | $ | i 540 | |||||||||||||||
| Foreign exchange contracts | i 267 | i 845 | i 1,342 | i 515 | |||||||||||||||||||
| $ | i 354 | $ | i 992 | $ | i 1,912 | $ | i 1,055 | ||||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| Derivatives not designated as hedging instruments | Location of gain (loss) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||
| Interest rate swaps | Mark to market gain on interest rate derivatives | $ | i 637 | $ | i 120 | $ | i 1,990 | $ | i 664 | ||||||||||||||||||||
| Interest expense | i 18 | ( i 116) | ( i 165) | ( i 342) | |||||||||||||||||||||||||
| $ | i 655 | $ | i 4 | $ | i 1,825 | $ | i 322 | ||||||||||||||||||||||
| Options | Weighted- average exercise price | Weighted- average remaining contractual life (years) | Aggregate intrinsic value (in thousands) | ||||||||||||||||||||
Options outstanding, January 1, 2022 | i 1,094,575 | $ | i 13.64 | ||||||||||||||||||||
| Grants | i 56,000 | i 11.45 | |||||||||||||||||||||
| Exercises | ( i 60,000) | i 11.64 | |||||||||||||||||||||
| Cancellations | ( i 5,125) | i 10.60 | |||||||||||||||||||||
| Expirations | ( i 13,450) | i 13.99 | |||||||||||||||||||||
Options
outstanding, September 30, 2022 | i 1,072,000 | i 13.65 | i 4.7 | $ | i 13 | ||||||||||||||||||
Options
exercisable, September 30, 2022 | i 957,125 | $ | i 13.92 | i 4.2 | $ | i 6 | |||||||||||||||||
| Total unrecognized stock option expense remaining (in thousands) | $ | i 550 | |||||||||||||||||||||
| Weighted-average years expected to be recognized over | i 2.0 | ||||||||||||||||||||||
| Restricted Shares | Weighted- average grant date fair value | ||||||||||
Non-vested restricted shares, January 1, 2022 | i 429,601 | $ | i 11.47 | ||||||||
| Grants | i 266,713 | i 12.03 | |||||||||
| Vested | ( i 171,924) | i 11.89 | |||||||||
| Cancellations | ( i 6,881) | i 10.92 | |||||||||
Non-vested
restricted shares, September 30, 2022 | i 517,509 | $ | i 11.63 | ||||||||
| Total unrecognized compensation expense remaining (in thousands) | $ | i 4,771 | |||||||||
| Weighted-average years expected to be recognized over | i 1.7 | ||||||||||
Performance- based
stock awards (1) | Weighted- average grant date fair value | ||||||||||
Non-vested performance-based awards, January 1, 2022 | i 436,330 | $ | i 10.54 | ||||||||
| Grants | i 123,000 | i 12.19 | |||||||||
Achieved
performance over target (2) | i 12,035 | i 9.20 | |||||||||
| Vested | ( i 166,935) | i 9.20 | |||||||||
| Cancellations | ( i 4,128) | i 10.64 | |||||||||
Non-vested
performance-based awards, September 30, 2022 | i 400,302 | $ | i 11.56 | ||||||||
| Total unrecognized compensation expense remaining (in thousands) | $ | i 2,461 | |||||||||
| Weighted-average years expected to be recognized over | i 1.7 | ||||||||||
Cash-settled performance-based awards (1) | Weighted- average fair value | ||||||||||
Non-vested cash-settled performance-based awards, January 1, 2022 | i — | $ | i — | ||||||||
| Grants | i 87,825 | i 6.85 | |||||||||
| Cancellations | ( i 2,049) | i 10.39 | |||||||||
Non-vested
cash-settled performance-based awards, September 30, 2022 | i 85,776 | $ | i 6.77 | ||||||||
| Total unrecognized compensation expense remaining (in thousands) | $ | i 464 | |||||||||
| Weighted-average years expected to be recognized over | i 2.3 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| Stock Compensation Expense Components | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Equity based stock option expense | $ | i 51 | $ | i 95 | $ | i 231 | $ | i 321 | |||||||||||||||
| Restricted and performance-based stock awards expense | i 972 | i 1,097 | i 3,223 | i 3,633 | |||||||||||||||||||
| Stock compensation expense for equity based awards | $ | i 1,023 | $ | i 1,192 | $ | i 3,454 | $ | i 3,954 | |||||||||||||||
| Liability based stock option expense | ( i 11) | i 9 | ( i 17) | i 19 | |||||||||||||||||||
| Cash-settled performance-based awards expense | i 14 | i — | i 128 | i — | |||||||||||||||||||
| Total Stock Compensation Expense | $ | i 1,026 | $ | i 1,201 | $ | i 3,565 | $ | i 3,973 | |||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||||||||||
Net (loss) income – Basic and Diluted | $ | ( i 6,358) | $ | i 12,571 | $ | ( i 9,438) | $ | i 21,427 | |||||||||||||||
| Weighted-average shares outstanding – Basic | i 21,522 | i 21,549 | i 21,602 | i 21,343 | |||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||
Stock options and other stock awards | i — | i 536 | i — | i 621 | |||||||||||||||||||
| Weighted-average shares outstanding – Diluted | i 21,522 | i 22,085 | i 21,602 | i 21,964 | |||||||||||||||||||
Basic
(loss) income per common share | $ | ( i 0.30) | $ | i 0.58 | $ | ( i 0.44) | $ | i 1.00 | |||||||||||||||
Diluted
(loss) income per common share | $ | ( i 0.30) | $ | i 0.57 | $ | ( i 0.44) | $ | i 0.98 | |||||||||||||||
Antidilutive
Securities(1) | i 1,682 | i 337 | i 1,675 | i 394 | |||||||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| U.S. | $ | i 172,818 | $ | i 197,724 | $ | i 476,227 | $ | i 540,488 | |||||||||||||||
| International | i 13,772 | i 27,053 | i 44,394 | i 66,578 | |||||||||||||||||||
| Total net sales | $ | i 186,590 | $ | i 224,777 | $ | i 520,621 | $ | i 607,066 | |||||||||||||||
Income
from operations | |||||||||||||||||||||||
| U.S. | $ | i 19,548 | $ | i 30,958 | $ | i 41,404 | $ | i 66,339 | |||||||||||||||
| International | ( i 2,501) | ( i 2,402) | ( i 9,691) | ( i 6,168) | |||||||||||||||||||
| Unallocated corporate expenses | ( i 9,457) | ( i 6,876) | ( i 20,232) | ( i 18,244) | |||||||||||||||||||
Income
from operations | $ | i 7,590 | $ | i 21,680 | $ | i 11,481 | $ | i 41,927 | |||||||||||||||
| Depreciation and amortization | |||||||||||||||||||||||
| U.S. | $ | i 4,321 | $ | i 4,624 | $ | i 13,568 | $ | i 13,913 | |||||||||||||||
| International | i 277 | i 1,213 | i 967 | i 3,647 | |||||||||||||||||||
| Total depreciation and amortization | $ | i 4,598 | $ | i 5,837 | $ | i 14,535 | $ | i 17,560 | |||||||||||||||
| September
30, 2022 | December 31, 2021 | ||||||||||
| (in thousands) | |||||||||||
| Assets | |||||||||||
| U.S. | $ | i 661,145 | $ | i 706,000 | |||||||
| International | i 87,270 | i 95,092 | |||||||||
| Unallocated corporate | i 8,513 | i 27,982 | |||||||||
| Total Assets | $ | i 756,928 | $ | i 829,074 | |||||||
| Dividend per share | Date declared | Date of record | Payment date | |||||||||||||||||
| $ i 0.0425 | 3/8/2022 | 5/2/2022 | 5/16/2022 | |||||||||||||||||
| $ i 0.0425 | 6/23/2022 | 8/1/2022 | 8/15/2022 | |||||||||||||||||
| $ i 0.0425 | 8/2/2022 | 11/1/2022 | 11/15/2022 | |||||||||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| (in thousands) | |||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid for interest | $ | i 10,804 | $ | i 10,279 | |||||||
| Cash paid for taxes, net of refunds | i 6,527 | i 12,616 | |||||||||
| Non-cash investing activities: | |||||||||||
| Net (loss) on dilution and partial sale of Vasconia ownership | $ | i — | $ | ( i 1,673) | |||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Accumulated translation adjustment: | |||||||||||||||||||||||
| Balance at beginning of period | $ | ( i 36,175) | $ | ( i 31,623) | $ | ( i 31,752) | $ | ( i 35,846) | |||||||||||||||
| Translation adjustment during period | ( i 2,686) | ( i 1,122) | ( i 7,109) | i 1,059 | |||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive loss (1) | i — | i 1,362 | i — | i 3,404 | |||||||||||||||||||
| Translation Adjustment | ( i 2,686) | i 240 | ( i 7,109) | i 4,463 | |||||||||||||||||||
| Balance at end of period | $ | ( i 38,861) | $ | ( i 31,383) | $ | ( i 38,861) | $ | ( i 31,383) | |||||||||||||||
Accumulated
deferred gains (losses) on cash flow hedges: | |||||||||||||||||||||||
| Balance at beginning of period | $ | i 1,636 | $ | ( i 1,062) | $ | i 78 | $ | ( i 1,125) | |||||||||||||||
Change
in unrealized gains (losses) | i 624 | i 528 | i 2,201 | ( i 255) | |||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive loss: | |||||||||||||||||||||||
Settlement of cash flow hedge (2) | ( i 270) | i 464 | ( i 289) | i 1,310 | |||||||||||||||||||
Net
change in cash flow hedges, net of taxes of $ i 92, $( i 247), $ i 505,
$( i 301) | i 354 | i 992 | i 1,912 | i 1,055 | |||||||||||||||||||
| Balance at end of period | $ | i 1,990 | $ | ( i 70) | $ | i 1,990 | $ | ( i 70) | |||||||||||||||
| Accumulated effect of retirement benefit obligations: | |||||||||||||||||||||||
| Balance at beginning of period | $ | ( i 1,817) | $ | ( i 2,133) | $ | ( i 1,875) | $ | ( i 2,201) | |||||||||||||||
Amounts
reclassified from accumulated other comprehensive loss: (3) | |||||||||||||||||||||||
| Amortization of actuarial loss, net of taxes | i 29 | i 33 | i 87 | i 101 | |||||||||||||||||||
| Balance at end of period | $ | ( i 1,788) | $ | ( i 2,100) | $ | ( i 1,788) | $ | ( i 2,100) | |||||||||||||||
Total
accumulated other comprehensive loss at end of period | $ | ( i 38,659) | $ | ( i 33,553) | $ | ( i 38,659) | $ | ( i 33,553) | |||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||
| Cost of sales | 63.6 | 63.0 | 64.3 | 64.5 | ||||||||||||||||||||||
| Gross margin | 36.4 | 37.0 | 35.7 | 35.5 | ||||||||||||||||||||||
| Distribution expenses | 10.0 | 8.4 | 10.6 | 9.3 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 19.5 | 18.8 | 21.9 | 19.2 | ||||||||||||||||||||||
| Wallace facility remediation expense | 2.8 | 0.2 | 1.0 | 0.1 | ||||||||||||||||||||||
Income from operations | 4.1 | 9.6 | 2.2 | 6.9 | ||||||||||||||||||||||
| Interest expense | (2.5) | (1.7) | (2.3) | (1.9) | ||||||||||||||||||||||
Mark to market gain on interest rate derivatives | 0.4 | 0.1 | 0.4 | 0.1 | ||||||||||||||||||||||
Income
before income taxes and equity in (losses) earnings | 2.0 | 8.0 | 0.3 | 5.1 | ||||||||||||||||||||||
Income tax provision | (1.0) | (2.5) | (0.7) | (1.7) | ||||||||||||||||||||||
Equity
in (losses) earnings, net of taxes | (4.4) | 0.1 | (1.4) | 0.1 | ||||||||||||||||||||||
Net (loss) income | (3.4) | % | 5.6 | % | (1.8) | % | 3.5 | % | ||||||||||||||||||
| Maximum aggregate principal allowed | $ | 200,000 | $ | 150,000 | ||||||||||
| Outstanding borrowings under the ABL Agreement | (32,545) | — | ||||||||||||
| Standby letters of credit | (2,765) | (3,659) | ||||||||||||
| Total availability under the ABL Agreement | $ | 164,690 | $ | 146,341 | ||||||||||
| September 30, 2022 | December 31, 2021 | |||||||||||||||||||
| Current portion of Term Loan facility: | ||||||||||||||||||||
| Estimated Excess Cash Flow principal payment | $ | — | $ | 7,200 | ||||||||||||||||
| Estimated unamortized debt issuance costs | — | (1,429) | ||||||||||||||||||
| Total Current portion of Term Loan facility | $ | — | $ | 5,771 | ||||||||||||||||
| Non-current portion of Term Loan facility: | ||||||||||||||||||||
| Term Loan facility, net of current portion | $ | 245,911 | $ | 244,927 | ||||||||||||||||
| Estimated unamortized debt issuance costs | (3,406) | (3,054) | ||||||||||||||||||
| Total Non-current portion of Term Loan facility | $ | 242,505 | $ | 241,873 | ||||||||||||||||
| Quarter Ended | Twelve Months Ended September 30, 2022 | ||||||||||||||||||||||||||||
| December 31, 2021 | March 31, 2022 | June 30, 2022 | September 30, 2022 | ||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
Net (loss) income as reported | $ | (626) | $ | 380 | $ | (3,460) | $ | (6,358) | $ | (10,064) | |||||||||||||||||||
Undistributed
equity (earnings) losses, net | (466) | (416) | (334) | 8,159 | 6,943 | ||||||||||||||||||||||||
Income tax provision (benefit) | 6,704 | 1,673 | (98) | 1,845 | 10,124 | ||||||||||||||||||||||||
| Interest expense | 3,856 | 3,767 | 3,732 | 4,581 | 15,936 | ||||||||||||||||||||||||
Mark to market (gain) on interest rate derivatives | (398) | (1,049) | (304) | (637) | (2,388) | ||||||||||||||||||||||||
| Depreciation and amortization | 4,960 | 4,899 | 5,038 | 4,598 | 19,495 | ||||||||||||||||||||||||
| Intangible asset impairments | 14,760 | — | — | — | 14,760 | ||||||||||||||||||||||||
| Stock compensation expense | 1,244 | 1,174 | 1,365 | 1,026 | 4,809 | ||||||||||||||||||||||||
Acquisition
related expenses | 378 | 1,119 | 75 | 109 | 1,681 | ||||||||||||||||||||||||
Warehouse relocation and redesign expenses(1) | 450 | 497 | 73 | 59 | 1,079 | ||||||||||||||||||||||||
S'well
integration costs(2) | — | 781 | 864 | 250 | 1,895 | ||||||||||||||||||||||||
| Wallace facility remediation expense | — | — | — | 5,140 | 5,140 | ||||||||||||||||||||||||
| Adjusted EBITDA, before limitation | 30,862 | 12,825 | 6,951 | 18,772 | 69,410 | ||||||||||||||||||||||||
Permitted
non-recurring charge limitation (3) | (1,403) | ||||||||||||||||||||||||||||
Adjusted EBITDA(4) | $ | 68,007 | |||||||||||||||||||||||||||
Pro forma historical S'well and projected synergies
adjustment(5) | 1,250 | ||||||||||||||||||||||||||||
Pro forma Adjusted EBITDA(4) | $ | 30,862 | $ | 12,825 | $ | 6,951 | $ | 18,772 | $ | 69,257 | |||||||||||||||||||
| Period | Total number of shares purchased(1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or
programs(2) | Maximum approximate dollar value of shares that may yet be purchased under the plans or programs subsequent to end of period (2) | |||||||||||||||||||||||||
| August 1 - August 31, 2022 | 22,725 | 9.42 | 22,687 | 15,586,060 | |||||||||||||||||||||||||
| September 1 - September 30, 2022 | 30,265 | 8.69 | 30,265 | 15,322,269 | |||||||||||||||||||||||||
| Exhibit No. | ||||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32.1 | ||||||||
| 10.1 | ||||||||
| 10.2 | ||||||||
| 10.3 | ||||||||
| 10.4 | ||||||||
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL and contained in Exhibit 101 | |||||||
| Lifetime Brands, Inc. | ||||||||
| /s/ Robert B. Kay | November 3, 2022 | |||||||
| Robert B. Kay | ||||||||
| Chief Executive Officer and Director | ||||||||
| (Principal Executive Officer) | ||||||||
| /s/ Laurence Winoker | November 3, 2022 | |||||||
| Laurence Winoker | ||||||||
| Executive Vice President, Treasurer and Chief Financial Officer | ||||||||
| (Principal Financial and Accounting Officer) | ||||||||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 8/26/27 | ||||
| 2/28/25 | ||||
| 12/31/23 | ||||
| 3/31/23 | ||||
| 2/15/23 | ||||
| 2/1/23 | ||||
| 1/1/23 | ||||
| 12/31/22 | ||||
| 12/15/22 | ||||
| 11/15/22 | ||||
| Filed on: | 11/3/22 | 8-K | ||
| 11/1/22 | ||||
| 10/31/22 | ||||
| 10/18/22 | ||||
| For Period end: | 9/30/22 | |||
| 8/31/22 | ||||
| 8/26/22 | 8-K | |||
| 8/15/22 | ||||
| 8/1/22 | ||||
| 6/30/22 | 10-Q, S-8 | |||
| 6/23/22 | 4, 8-K, DEF 14A | |||
| 5/16/22 | ||||
| 5/2/22 | ||||
| 3/31/22 | 10-Q, 4 | |||
| 3/30/22 | ||||
| 3/14/22 | 8-K | |||
| 3/2/22 | ||||
| 2/14/22 | SC 13G/A | |||
| 1/31/22 | ||||
| 1/1/22 | ||||
| 12/31/21 | 10-K, 4, 5, SD | |||
| 10/12/21 | ||||
| 9/30/21 | 10-Q | |||
| 7/29/21 | ||||
| 6/30/21 | 10-Q, 4 | |||
| 3/31/21 | 10-Q | |||
| 2/26/21 | ||||
| 12/31/20 | 10-K, 4, SD | |||
| 10/15/20 | ||||
| 6/8/20 | ||||
| 3/12/20 | 4 | |||
| 2/5/20 | ||||
| 11/15/19 | ||||
| 9/30/19 | 10-Q | |||
| 9/10/19 | ||||
| 8/26/19 | ||||
| 6/27/19 | 4, 8-K, DEF 14A | |||
| 6/30/18 | 10-Q | |||
| 3/2/18 | 3, 4, 8-K/A | |||
| 12/11/15 | ||||
| 8/13/15 | ||||
| 8/26/14 | 4 | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/12/24 Lifetime Brands, Inc. 10-K 12/31/23 124:12M Workiva Inc Wde… FA01/FA 3/09/23 Lifetime Brands, Inc. 10-K 12/31/22 123:13M Workiva Inc Wde… FA01/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/29/22 Lifetime Brands, Inc. 8-K:1,9 8/26/22 11:2.6M Workiva Inc Wde… FA01/FA 8/04/22 Lifetime Brands, Inc. 10-Q 6/30/22 87:8.9M Workiva Inc Wde… FA01/FA 6/28/19 Lifetime Brands, Inc. 8-K:5,7,9 6/27/19 3:151K Donnelley … Solutions/FA |