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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/09/23 Lifetime Brands, Inc. 10-Q 9/30/23 90:8.5M Workiva Inc Wde… FA01/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.46M 2: EX-10.1 Material Contract HTML 31K 3: EX-10.2 Material Contract HTML 29K 4: EX-31.1 Certification -- §302 - SOA'02 HTML 28K 5: EX-31.2 Certification -- §302 - SOA'02 HTML 28K 6: EX-32.1 Certification -- §906 - SOA'02 HTML 26K 12: R1 Cover HTML 77K 13: R2 Condensed Consolidated Balance Sheets HTML 127K 14: R3 Condensed Consolidated Balance Sheets HTML 50K (Parenthetical) 15: R4 Condensed Consolidated Statements of Operations HTML 101K 16: R5 Condensed Consolidated Statements of Comprehensive HTML 55K Income (Loss) 17: R6 Condensed Consolidated Statements of Stockholders' HTML 133K Equity 18: R7 Condensed Consolidated Statements of Stockholders' HTML 27K Equity (Parenthetical) 19: R8 Condensed Consolidated Statements of Cash Flows HTML 128K 20: R9 Basis of Presentation and Summary of Accounting HTML 59K Policies 21: R10 Revenue HTML 60K 22: R11 Acquisition HTML 38K 23: R12 Leases HTML 56K 24: R13 Investments HTML 72K 25: R14 Intangible Assets HTML 61K 26: R15 Debt HTML 62K 27: R16 Derivatives HTML 69K 28: R17 Stock Compensation HTML 95K 29: R18 Income (Loss) Per Common Share HTML 48K 30: R19 Income Taxes HTML 31K 31: R20 Business Segments HTML 67K 32: R21 Contingencies HTML 39K 33: R22 Other HTML 79K 34: R23 Pay vs Performance Disclosure HTML 37K 35: R24 Insider Trading Arrangements HTML 26K 36: R25 Basis of Presentation and Summary of Accounting HTML 83K Policies (Policies) 37: R26 Basis of Presentation and Summary of Accounting HTML 33K Policies (Tables) 38: R27 Revenue (Tables) HTML 54K 39: R28 Acquisitions (Tables) HTML 35K 40: R29 Leases (Tables) HTML 61K 41: R30 Investments (Tables) HTML 73K 42: R31 Intangible Assets (Tables) HTML 58K 43: R32 Debt (Tables) HTML 52K 44: R33 Derivatives (Tables) HTML 67K 45: R34 Stock Compensation (Tables) HTML 98K 46: R35 Income (Loss) Per Common Share (Tables) HTML 47K 47: R36 Business Segments (Tables) HTML 63K 48: R37 Other (Tables) HTML 80K 49: R38 BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING HTML 63K POLICIES - Additional Information (Details) 50: R39 BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING HTML 34K POLICIES - Components of Inventory (Details) 51: R40 REVENUE - Additional Information (Details) HTML 34K 52: R41 REVENUE - Summary of Company's Revenue HTML 50K Disaggregated by Geographic Region and Revenue (Details) 53: R42 ACQUISITION - Additional Information (Details) HTML 65K 54: R43 LEASES - Lease Cost (Details) HTML 31K 55: R44 LEASES - Supplemental Cash Flow Information HTML 31K Related To Leases (Details) 56: R45 LEASES - Maturities of Operating Lease Liability HTML 45K (Details) 57: R46 LEASES - Average Lease Terms And Discount Rates HTML 29K (Details) 58: R47 INVESTMENTS - Additional Information (Details) HTML 47K 59: R48 INVESTMENTS - Summarized Equity in Earnings, Net HTML 34K of Taxes (Details) 60: R49 INVESTMENTS - Summarized Exchange Rate Translation HTML 34K from MXN to USD (Details) 61: R50 INVESTMENTS - Summarized Statement of Income HTML 64K Information for Vasconia in USD and MXN (Details) 62: R51 INVESTMENTS - Amounts Due to and and Due from HTML 34K Vasconia (Details) 63: R52 INTANGIBLE ASSETS - Components of Intangible HTML 71K Assets (Details) 64: R53 DEBT - Additional Information (Details) HTML 116K 65: R54 DEBT - Total Availability Under ABL Agreement HTML 42K (Details) 66: R55 DEBT - Schedule of Term Loan Facility (Details) HTML 46K 67: R56 DERIVATIVES - Additional Information (Details) HTML 46K 68: R57 DERIVATIVES - Fair Values of Derivative Financial HTML 43K Instruments Included in Consolidated Balance Sheets (Details) 69: R58 DERIVATIVES - Gains and Losses Related to HTML 33K Derivative Financial Instruments Designated as Hedging Instruments (Details) 70: R59 DERIVATIVES - Gains and Losses Related to HTML 34K Derivative Financial Instruments Not Designated as Hedging Instruments (Details) 71: R60 STOCK COMPENSATION - Summary of Stock Option HTML 69K (Details) 72: R61 STOCK COMPENSATION - Summary of Restricted Stock HTML 55K Activity (Details) 73: R62 STOCK COMPENSATION - Additional Information HTML 47K (Details) 74: R63 STOCK COMPENSATION - 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lcut-20230930 |
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, 2023 and 2022 | ||||||||
Condensed
Consolidated Statements of Comprehensive Income (Loss) (unaudited) – Three and Nine Months Ended September 30, 2023 and 2022 | ||||||||
Condensed Consolidated Statements of Stockholders’ Equity (unaudited) –Three and Nine Months Ended September 30, 2023 and 2022 | ||||||||
Condensed
Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended September 30, 2023 and 2022 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September
30, 2023 | December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | i 6,318 | $ | i 23,598 | |||||||
Accounts
receivable, less allowances of $ i 16,810 at September 30, 2023 and $ i 14,606 at December 31,
2022 | i 153,456 | i 141,195 | |||||||||
Inventory | i 217,696 | i 222,209 | |||||||||
Prepaid expenses and other current assets | i 12,139 | i 13,254 | |||||||||
Income taxes receivable | i 1,254 | i — | |||||||||
TOTAL CURRENT ASSETS | i 390,863 | i 400,256 | |||||||||
PROPERTY AND EQUIPMENT, net | i 16,824 | i 18,022 | |||||||||
OPERATING LEASE RIGHT-OF-USE ASSETS | i 71,834 | i 74,869 | |||||||||
INVESTMENTS | i 3,963 | i 12,516 | |||||||||
INTANGIBLE ASSETS, net | i 202,872 | i 213,887 | |||||||||
OTHER ASSETS | i 5,312 | i 6,338 | |||||||||
TOTAL ASSETS | $ | i 691,668 | $ | i 725,888 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Current maturity of term loan | $ | i 13,866 | $ | i — | |||||||
Accounts payable | i 57,188 | i 38,052 | |||||||||
Accrued expenses | i 69,320 | i 77,602 | |||||||||
Income taxes payable | i — | i 224 | |||||||||
Current portion of operating lease liabilities | i 13,585 | i 14,028 | |||||||||
TOTAL CURRENT LIABILITIES | i 153,959 | i 129,906 | |||||||||
OTHER LONG-TERM LIABILITIES | i 14,796 | i 14,995 | |||||||||
INCOME TAXES PAYABLE, LONG-TERM | i 1,589 | i 1,591 | |||||||||
OPERATING LEASE LIABILITIES | i 72,808 | i 76,420 | |||||||||
DEFERRED INCOME TAXES | i 9,560 | i 9,607 | |||||||||
REVOLVING CREDIT FACILITY | i 29,305 | i 10,424 | |||||||||
TERM LOAN | i 183,234 | i 242,857 | |||||||||
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, 2023 and December 31, 2022; shares issued and outstanding: i i 21,814,236 /
at September 30, 2023 and i i 21,779,799 / at December 31,
2022 | i 218 | i 218 | |||||||||
Paid-in capital | i 276,813 | i 274,579 | |||||||||
(Accumulated
deficit) retained earnings | ( i 15,333) | i 1,145 | |||||||||
Accumulated
other comprehensive loss | ( i 35,281) | ( i 35,854) | |||||||||
TOTAL STOCKHOLDERS’ EQUITY | i 226,417 | i 240,088 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | i 691,668 | $ | i 725,888 | |||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net sales | $ | i 191,669 | $ | i 186,590 | $ | i 483,540 | $ | i 520,621 | ||||||||||||||||||
Cost of sales | i 120,718 | i 118,757 | i 302,756 | i 334,553 | ||||||||||||||||||||||
Gross margin | i 70,951 | i 67,833 | i 180,784 | i 186,068 | ||||||||||||||||||||||
Distribution expenses | i 17,125 | i 18,641 | i 49,742 | i 55,239 | ||||||||||||||||||||||
Selling, general and administrative expenses | i 40,214 | i 36,462 | i 113,984 | i 114,208 | ||||||||||||||||||||||
Restructuring expenses | i — | i — | i 856 | i — | ||||||||||||||||||||||
Wallace facility remediation expense | — | i 5,140 | — | i 5,140 | ||||||||||||||||||||||
Income
from operations | i 13,612 | i 7,590 | i 16,202 | i 11,481 | ||||||||||||||||||||||
Interest expense | ( i 5,246) | ( i 4,581) | ( i 16,110) | ( i 12,080) | ||||||||||||||||||||||
Mark
to market (loss) gain on interest rate derivatives | ( i 98) | i 637 | ( i 135) | i 1,990 | ||||||||||||||||||||||
Gain on early retirement of debt | i — | — | i 1,520 | — | ||||||||||||||||||||||
Income
before income taxes and equity in losses | i 8,268 | i 3,646 | i 1,477 | i 1,391 | ||||||||||||||||||||||
Income
tax provision | ( i 3,015) | ( i 1,845) | ( i 2,909) | ( i 3,420) | ||||||||||||||||||||||
Equity
in losses, net of taxes | ( i 1,047) | ( i 8,159) | ( i 9,687) | ( i 7,409) | ||||||||||||||||||||||
NET
INCOME (LOSS) | $ | i 4,206 | $ | ( i 6,358) | $ | ( i 11,119) | $ | ( i 9,438) | ||||||||||||||||||
BASIC
INCOME (LOSS) PER COMMON SHARE | $ | i 0.20 | $ | ( i 0.30) | $ | ( i 0.52) | $ | ( i 0.44) | ||||||||||||||||||
DILUTED
INCOME (LOSS) PER COMMON SHARE | $ | i 0.20 | $ | ( i 0.30) | $ | ( i 0.52) | $ | ( i 0.44) | ||||||||||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | i 4,206 | $ | ( i 6,358) | $ | ( i 11,119) | $ | ( i 9,438) | |||||||||||||||
Other
comprehensive (loss) income, net of taxes: | |||||||||||||||||||||||
Translation adjustment | ( i 1,242) | ( i 2,686) | i 1,556 | ( i 7,109) | |||||||||||||||||||
Net change in cash flow hedges | i 435 | i 354 | ( i 1,018) | i 1,912 | |||||||||||||||||||
Effect of retirement benefit obligations | i 12 | i 29 | i 35 | i 87 | |||||||||||||||||||
Other
comprehensive (loss) income, net of taxes | ( i 795) | ( i 2,303) | i 573 | ( i 5,110) | |||||||||||||||||||
Comprehensive
income (loss) | $ | i 3,411 | $ | ( i 8,661) | $ | ( i 10,546) | $ | ( i 14,548) | |||||||||||||||
Common stock | Paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive loss | Total | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
BALANCE
AT DECEMBER 31, 2022 | i 21,780 | $ | i 218 | $ | i 274,579 | $ | i 1,145 | $ | ( i 35,854) | $ | i 240,088 | |||||||||||||||||||||||||||
Net
loss | — | — | — | ( i 8,805) | — | ( i 8,805) | ||||||||||||||||||||||||||||||||
Other
comprehensive income, net of taxes | — | — | — | — | i 420 | i 420 | ||||||||||||||||||||||||||||||||
Performance shares issued to employees | i 120 | i 1 | ( i 1) | — | — | — | ||||||||||||||||||||||||||||||||
Net issuance of restricted shares granted to employees | i 185 | i 2 | ( i 2) | — | — | — | ||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | i 866 | — | — | i 866 | ||||||||||||||||||||||||||||||||
Shares effectively repurchased for required employee withholding taxes | ( i 74) | ( i 1) | ( i 438) | — | — | ( i 439) | ||||||||||||||||||||||||||||||||
Stock repurchase | ( i 320) | ( i 3) | i — | ( i 2,536) | — | ( i 2,539) | ||||||||||||||||||||||||||||||||
Dividends
(1) | — | — | — | ( i 930) | — | ( i 930) | ||||||||||||||||||||||||||||||||
BALANCE
AT MARCH 31, 2023 | i 21,691 | $ | i 217 | $ | i 275,004 | $ | ( i 11,126) | $ | ( i 35,434) | $ | i 228,661 | |||||||||||||||||||||||||||
Net
loss | — | — | — | ( i 6,520) | — | ( i 6,520) | ||||||||||||||||||||||||||||||||
Other
comprehensive income, net of taxes | — | — | — | — | i 948 | i 948 | ||||||||||||||||||||||||||||||||
Net issuance of restricted shares granted to employees and directors | i 141 | i 1 | ( i 1) | — | — | — | ||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | i 1,010 | — | — | i 1,010 | ||||||||||||||||||||||||||||||||
Shares effectively repurchased for required employee withholding taxes | ( i 18) | — | ( i 98) | — | — | ( i 98) | ||||||||||||||||||||||||||||||||
Dividends
(1) | — | — | — | ( i 950) | — | ( i 950) | ||||||||||||||||||||||||||||||||
BALANCE
AT JUNE 30, 2023 | i 21,814 | $ | i 218 | $ | i 275,915 | $ | ( i 18,596) | $ | ( i 34,486) | $ | i 223,051 | |||||||||||||||||||||||||||
Net
income | — | — | — | i 4,206 | — | i 4,206 | ||||||||||||||||||||||||||||||||
Other
comprehensive loss, net of taxes | — | — | — | — | ( i 795) | ( i 795) | ||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | i 898 | — | — | i 898 | ||||||||||||||||||||||||||||||||
Dividends
(1) | — | — | — | ( i 943) | — | ( i 943) | ||||||||||||||||||||||||||||||||
BALANCE
AT SEPTEMBER 30, 2023 | i 21,814 | $ | i 218 | $ | i 276,813 | $ | ( i 15,333) | $ | ( i 35,281) | $ | i 226,417 |
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 — | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Nine
Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net loss | $ | ( i 11,119) | $ | ( i 9,438) | |||||||
Adjustments
to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | i 14,616 | i 14,535 | |||||||||
Amortization of financing costs | i 1,397 | i 1,305 | |||||||||
Mark
to market loss (gain) on interest rate derivatives | i 135 | ( i 1,990) | |||||||||
Non-cash lease adjustment | ( i 1,617) | ( i 1,055) | |||||||||
Provision
(recovery) for doubtful accounts | i 2,193 | ( i 140) | |||||||||
Deferred income taxes | i 5 | i — | |||||||||
Stock compensation expense | i 2,770 | i 3,565 | |||||||||
Undistributed
losses from equity investment, net of taxes | i 9,687 | i 7,409 | |||||||||
Contingent consideration fair value adjustments | ( i 50) | — | |||||||||
Gain on early retirement of debt | ( i 1,520) | i — | |||||||||
Changes in operating assets and liabilities (excluding the effects of business acquisitions) | |||||||||||
Accounts receivable | ( i 14,279) | i 38,765 | |||||||||
Inventory | i 4,828 | ( i 3,694) | |||||||||
Prepaid expenses, other current assets and other assets | i 1,784 | ( i 177) | |||||||||
Accounts payable, accrued expenses and other liabilities | i 9,615 | ( i 66,062) | |||||||||
Income taxes receivable | ( i 1,254) | ( i 2,583) | |||||||||
Income taxes payable | ( i 230) | ( i 525) | |||||||||
NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | i 16,961 | ( i 20,085) | |||||||||
INVESTING ACTIVITIES | |||||||||||
Purchases of property and equipment | ( i 1,765) | ( i 1,975) | |||||||||
Acquisition | i — | ( i 17,956) | |||||||||
NET
CASH USED IN INVESTING ACTIVITIES | ( i 1,765) | ( i 19,931) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from revolving credit facility | i 69,954 | i 264,184 | |||||||||
Repayments of revolving credit facility | ( i 51,123) | ( i 230,365) | |||||||||
Repayments of term loan | ( i 44,866) | ( i 6,216) | |||||||||
Payment of financing costs | ( i 433) | ( i 882) | |||||||||
Payments for finance lease obligations | ( i 20) | ( i 24) | |||||||||
Payments of tax withholding for stock based compensation | ( i 537) | ( i 938) | |||||||||
Proceeds from the exercise of stock options | i — | i 233 | |||||||||
Payments for stock repurchase | ( i 2,539) | ( i 4,678) | |||||||||
Cash dividends paid | ( i 2,832) | ( i 2,887) | |||||||||
NET
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | ( i 32,396) | i 18,427 | |||||||||
Effect of foreign exchange on cash | ( i 80) | ( i 463) | |||||||||
DECREASE
IN CASH AND CASH EQUIVALENTS | ( i 17,280) | ( i 22,052) | |||||||||
Cash and cash equivalents at beginning of period | i 23,598 | i 27,982 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | i 6,318 | $ | i 5,930 | |||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Finished goods | $ | i 208,775 | $ | i 213,450 | |||||||
Work in process | i 165 | i 70 | |||||||||
Raw materials | i 8,756 | i 8,689 | |||||||||
Total | $ | i 217,696 | $ | i 222,209 | |||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
U.S. segment | |||||||||||||||||||||||
Kitchenware | $ | i 97,656 | $ | i 92,587 | $ | i 267,403 | $ | i 291,062 | |||||||||||||||
Tableware | i 48,881 | i 44,515 | i 99,029 | i 101,035 | |||||||||||||||||||
Home Solutions | i 32,856 | i 35,716 | i 81,425 | i 84,130 | |||||||||||||||||||
Total U.S. segment | i 179,393 | i 172,818 | i 447,857 | i 476,227 | |||||||||||||||||||
International segment | i 12,276 | i 13,772 | i 35,683 | i 44,394 | |||||||||||||||||||
Total net sales | $ | i 191,669 | $ | i 186,590 | $ | i 483,540 | $ | i 520,621 | |||||||||||||||
United States | $ | i 166,917 | $ | i 163,304 | $ | i 421,458 | $ | i 454,356 | |||||||||||||||
United Kingdom | i 8,129 | i 8,676 | i 24,420 | i 27,515 | |||||||||||||||||||
Rest of World | i 16,623 | i 14,610 | i 37,662 | i 38,750 | |||||||||||||||||||
Total net sales | $ | i 191,669 | $ | i 186,590 | $ | i 483,540 | $ | i 520,621 | |||||||||||||||
Cash paid(1) | $ | 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, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Operating lease expenses(1): | |||||||||||||||||||||||||||||
Fixed lease expense | $ | i 4,256 | $ | i 4,463 | $ | i 12,662 | $ | i 13,392 | |||||||||||||||||||||
Variable lease expense | i 1,444 | i 1,187 | i 4,194 | i 3,532 | |||||||||||||||||||||||||
Total | $ | i 5,700 | $ | i 5,650 | $ | i 16,856 | $ | i 16,924 |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows for operating leases | $ | i 14,279 | $ | i 14,447 |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||
Operating leases | $ | i 5,582 | $ | i 2,477 |
Operating | |||||
2023 (excluding the nine months ended September 30, 2023) | $ | i 4,500 | |||
2024 | i 18,853 | ||||
2025 | i 18,614 | ||||
2026 | i 18,236 | ||||
2027 | i 14,110 | ||||
2028 | i 12,724 | ||||
Thereafter | i 18,002 | ||||
Total lease payments | i 105,039 | ||||
Less: Interest | ( i 18,646) | ||||
Present value of lease payments | $ | i 86,393 |
September 30, 2023 | |||||
Operating leases: | |||||
Weighted-average remaining lease term (years) | i 6.1 | ||||
Weighted-average discount rate | i 6.4 | % |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Vasconia equity in losses, net of taxes | $ | ( i 707) | $ | ( i 1,991) | $ | ( i 2,853) | $ | ( i 1,241) | |||||||||||||||
Impairment on investment in Vasconia | ( i 340) | ( i 6,168) | ( i 6,834) | ( i 6,168) | |||||||||||||||||||
Equity
in losses, net of taxes | $ | ( i 1,047) | $ | ( i 8,159) | $ | ( i 9,687) | $ | ( i 7,409) |
Three
Months Ended September 30, | Nine Months Ended | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Average exchange rate (USD to MXN) | i 17.06 | i 20.22 | i 17.06
- i 18.66 | i 20.02 - i 20.50 |
Three
Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
USD | MXN | USD | MXN | ||||||||||||||||||||
Net sales | $ | i 38,745 | $ | i 660,991 | $ | i 56,488 | $ | i 1,142,171 | |||||||||||||||
Gross
profit | i 10,994 | i 187,559 | i 4,405 | i 89,061 | |||||||||||||||||||
Loss
from operations | ( i 1,060) | ( i 18,081) | ( i 5,459) | ( i 110,380) | |||||||||||||||||||
Net
loss | ( i 2,858) | ( i 48,771) | ( i 8,009) | ( i 161,936) |
Nine
Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
USD | MXN | USD | MXN | ||||||||||||||||||||
Net sales | $ | i 121,537 | $ | i 2,164,683 | $ | i 187,001 | $ | i 3,785,921 | |||||||||||||||
Gross
profit | i 29,330 | i 520,224 | i 29,629 | i 600,976 | |||||||||||||||||||
Loss
from operations | ( i 1,874) | ( i 33,464) | ( i 256) | ( i 3,974) | |||||||||||||||||||
Net
loss | ( i 11,544) | ( i 205,204) | ( i 4,875) | ( i 98,366) |
Vasconia due to and due from balances | Balance Sheet Location | September 30, 2023 | December 31, 2022 | ||||||||||||||
Amounts due from Vasconia | Prepaid expenses and other current assets | $ | i 42 | $ | i 48 | ||||||||||||
Amounts due to Vasconia | Accrued expenses and Accounts payable | ( i 220) | ( i 16) |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||||||||||||
Goodwill(1) | $ | i 33,237 | $ | — | $ | i 33,237 | $ | i 33,237 | $ | — | $ | i 33,237 | |||||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Trade names(1) | i 49,600 | — | i 49,600 | i 49,600 | — | i 49,600 | |||||||||||||||||||||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Licenses | i 15,847 | ( i 11,996) | i 3,851 | i 15,847 | ( i 11,654) | i 4,193 | |||||||||||||||||||||||||||||||||||||||||
Trade
names(2) | i 54,802 | ( i 22,790) | i 32,012 | i 54,785 | ( i 20,030) | i 34,755 | |||||||||||||||||||||||||||||||||||||||||
Customer
relationships(2) | i 143,157 | ( i 61,119) | i 82,038 | i 143,157 | ( i 53,586) | i 89,571 | |||||||||||||||||||||||||||||||||||||||||
Other
(2) | i 5,858 | ( i 3,724) | i 2,134 | i 5,856 | ( i 3,325) | i 2,531 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | i 302,501 | $ | ( i 99,629) | $ | i 202,872 | $ | i 302,482 | $ | ( i 88,595) | $ | i 213,887 | |||||||||||||||||||||||||||||||||||
Maximum aggregate principal allowed | $ | i 200,000 | $ | i 189,411 | ||||||||||
Outstanding borrowings under the ABL Agreement | ( i 29,305) | ( i 10,424) | ||||||||||||
Standby letters of credit | ( i 2,974) | ( i 2,765) | ||||||||||||
Total availability under the ABL Agreement | $ | i 167,721 | $ | i 176,222 | ||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Current portion of Term Loan: | ||||||||||||||||||||
Estimated Excess Cash Flow principal payment | $ | i 15,000 | $ | i — | ||||||||||||||||
Estimated unamortized debt issuance costs | ( i 1,134) | i — | ||||||||||||||||||
Total Current portion of Term Loan | $ | i 13,866 | $ | i — | ||||||||||||||||
Non-current portion of Term Loan: | ||||||||||||||||||||
Term Loan, net of current portion | $ | i 183,684 | $ | i 245,911 | ||||||||||||||||
Estimated unamortized debt issuance costs | ( i 450) | ( i 3,054) | ||||||||||||||||||
Total Non-current portion of Term Loan | $ | i 183,234 | $ | i 242,857 | ||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | September 30, 2023 | December 31, 2022 | ||||||||||||||
Interest rate swaps | Prepaid expenses and other current assets | $ | i — | $ | i 122 | ||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | i 152 | — | ||||||||||||||
Other Assets | i 33 | — | |||||||||||||||
Accrued expenses | i 39 | i 260 |
Derivatives not designated as hedging instruments | Balance Sheet Location | September 30, 2023 | December 31, 2022 | ||||||||||||||
Interest rate swaps | Other assets | $ | i 1,156 | $ | i 1,292 | ||||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Derivatives designated as hedging instruments | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Interest rate swaps | $ | i — | $ | i 87 | $ | ( i 120) | $ | i 570 | |||||||||||||||
Foreign exchange contracts | i 435 | i 267 | ( i 898) | i 1,342 | |||||||||||||||||||
$ | i 435 | $ | i 354 | $ | ( i 1,018) | $ | i 1,912 | ||||||||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Location of gain (loss) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Interest rate swaps | Mark to market (loss) gain on interest rate derivatives | $ | ( i 98) | $ | i 637 | $ | ( i 135) | $ | i 1,990 | ||||||||||||||||||||
Interest expense | i 218 | i 18 | i 579 | ( i 165) | |||||||||||||||||||||||||
$ | i 120 | $ | i 655 | $ | i 444 | $ | i 1,825 | ||||||||||||||||||||||
Options | Weighted- average exercise price | Weighted- average remaining contractual life (years) | Aggregate intrinsic value (in thousands) | ||||||||||||||||||||
Options outstanding, January 1, 2023 | i 1,065,750 | $ | i 13.66 | ||||||||||||||||||||
Grants | i 50,000 | i 5.92 | |||||||||||||||||||||
Cancellations | ( i 4,375) | i 11.27 | |||||||||||||||||||||
Expirations | ( i 111,875) | i 13.38 | |||||||||||||||||||||
Options
outstanding, September 30, 2023 | i 999,500 | i 13.31 | i 4.4 | $ | i — | ||||||||||||||||||
Options
exercisable, September 30, 2023 | i 883,875 | $ | i 13.85 | i 3.8 | $ | i — | |||||||||||||||||
Total unrecognized stock option expense remaining (in thousands) | $ | i 405 | |||||||||||||||||||||
Weighted-average years expected to be recognized over | i 1.7 |
Restricted Shares | Weighted- average grant date fair value | ||||||||||
Non-vested restricted shares, January 1, 2023 | i 484,143 | $ | i 11.79 | ||||||||
Grants | i 333,300 | i 5.37 | |||||||||
Vested | ( i 212,162) | i 11.20 | |||||||||
Cancellations | ( i 6,783) | i 11.07 | |||||||||
Non-vested
restricted shares, September 30, 2023 | i 598,498 | $ | i 8.44 | ||||||||
Total unrecognized compensation expense remaining (in thousands) | $ | i 3,967 | |||||||||
Weighted-average years expected to be recognized over | i 1.5 |
Performance- based stock awards (1) | Weighted- average grant date fair value | ||||||||||
Non-vested performance-based awards, January 1, 2023 | i 400,302 | $ | i 11.56 | ||||||||
Grants | i 191,075 | i 5.92 | |||||||||
Achieved
performance over target (2) | i 16,942 | i 6.36 | |||||||||
Vested | ( i 119,739) | i 6.36 | |||||||||
Cancellations | ( i 858) | i 14.18 | |||||||||
Non-vested
performance-based awards, September 30, 2023 | i 487,722 | $ | i 10.44 | ||||||||
Total
unrecognized compensation expense remaining (in thousands)(3) | $ | i 1,030 | |||||||||
Weighted-average years expected to be recognized over | i 1.9 |
Cash-settled performance-based awards (1) | Weighted- average fair value | ||||||||||
Non-vested cash-settled performance-based awards, January 1,
2023 | i 85,776 | $ | i 7.59 | ||||||||
Cancellations | ( i 1,790) | i 5.63 | |||||||||
Non-vested
cash-settled performance-based awards, September 30, 2023 | i 83,986 | $ | i 5.63 | ||||||||
Total
unrecognized compensation expense remaining (in thousands)(2) | $ | i — | |||||||||
Weighted-average years expected to be recognized over | i 0.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Stock Compensation Expense Components | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Equity based stock option expense | $ | i 46 | $ | i 51 | $ | i 225 | $ | i 231 | |||||||||||||||
Restricted and performance-based stock awards expense | i 852 | i 972 | i 2,549 | i 3,223 | |||||||||||||||||||
Stock compensation expense for equity based awards | $ | i 898 | $ | i 1,023 | $ | i 2,774 | $ | i 3,454 | |||||||||||||||
Liability based stock option expense | i — | ( i 11) | ( i 4) | ( i 17) | |||||||||||||||||||
Cash-settled performance-based awards expense | i — | i 14 | i — | i 128 | |||||||||||||||||||
Total Stock Compensation Expense | $ | i 898 | $ | i 1,026 | $ | i 2,770 | $ | i 3,565 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||
Net income (loss) – Basic and Diluted | $ | i 4,206 | $ | ( i 6,358) | $ | ( i 11,119) | $ | ( i 9,438) | |||||||||||||||
Weighted-average shares outstanding – Basic | i 21,216 | i 21,522 | i 21,188 | i 21,602 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Stock options and other stock awards | i 77 | i — | i — | i — | |||||||||||||||||||
Weighted-average shares outstanding – Diluted | i 21,293 | i 21,522 | i 21,188 | i 21,602 | |||||||||||||||||||
Basic
income (loss) per common share | $ | i 0.20 | $ | ( i 0.30) | $ | ( i 0.52) | $ | ( i 0.44) | |||||||||||||||
Diluted
income (loss) per common share | $ | i 0.20 | $ | ( i 0.30) | $ | ( i 0.52) | $ | ( i 0.44) | |||||||||||||||
Antidilutive
Securities(1) | i 1,237 | i 1,682 | i 1,600 | i 1,675 | |||||||||||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net sales | |||||||||||||||||||||||
U.S. | $ | i 179,393 | $ | i 172,818 | $ | i 447,857 | $ | i 476,227 | |||||||||||||||
International | i 12,276 | i 13,772 | i 35,683 | i 44,394 | |||||||||||||||||||
Total net sales | $ | i 191,669 | $ | i 186,590 | $ | i 483,540 | $ | i 520,621 | |||||||||||||||
Income
from operations | |||||||||||||||||||||||
U.S. | $ | i 21,480 | $ | i 19,548 | $ | i 39,170 | $ | i 41,404 | |||||||||||||||
International | ( i 2,995) | ( i 2,501) | ( i 7,716) | ( i 9,691) | |||||||||||||||||||
Unallocated corporate expenses | ( i 4,873) | ( i 9,457) | ( i 15,252) | ( i 20,232) | |||||||||||||||||||
Income
from operations | $ | i 13,612 | $ | i 7,590 | $ | i 16,202 | $ | i 11,481 | |||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
U.S. | $ | i 4,549 | $ | i 4,321 | $ | i 13,813 | $ | i 13,568 | |||||||||||||||
International | i 272 | i 277 | i 803 | i 967 | |||||||||||||||||||
Total depreciation and amortization | $ | i 4,821 | $ | i 4,598 | $ | i 14,616 | $ | i 14,535 | |||||||||||||||
September
30, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Assets | |||||||||||
U.S. | $ | i 596,787 | $ | i 608,496 | |||||||
International | i 87,309 | i 93,794 | |||||||||
Unallocated corporate | i 7,572 | i 23,598 | |||||||||
Total Assets | $ | i 691,668 | $ | i 725,888 | |||||||
Dividend per share | Date declared | Date of record | Payment date | |||||||||||||||||
$ i 0.0425 | 3/8/2023 | 5/1/2023 | 5/15/2023 | |||||||||||||||||
$ i 0.0425 | 6/22/2023 | 8/1/2023 | 8/15/2023 | |||||||||||||||||
$ i 0.0425 | 8/2/2023 | 11/1/2023 | 11/15/2023 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | i 15,204 | $ | i 10,804 | |||||||
Cash paid for taxes, net of refunds | i 4,388 | i 6,527 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Accumulated translation adjustment: | |||||||||||||||||||||||
Balance at beginning of period | $ | ( i 33,274) | $ | ( i 36,175) | $ | ( i 36,072) | $ | ( i 31,752) | |||||||||||||||
Translation adjustment during period | ( i 1,242) | ( i 2,686) | i 1,556 | ( i 7,109) | |||||||||||||||||||
Balance at end of period | $ | ( i 34,516) | $ | ( i 38,861) | $ | ( i 34,516) | $ | ( i 38,861) | |||||||||||||||
Accumulated
deferred (losses) gains on cash flow hedges: | |||||||||||||||||||||||
Balance at beginning of period | $ | ( i 530) | $ | i 1,636 | $ | i 923 | $ | i 78 | |||||||||||||||
Change
in unrealized gains (losses) | i 254 | i 624 | ( i 257) | i 2,201 | |||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive loss: | |||||||||||||||||||||||
Settlement of cash flow hedge (1) | i 181 | ( i 270) | ( i 761) | ( i 289) | |||||||||||||||||||
Net
change in cash flow hedges, net of taxes of $ i 0, $ i 92, $( i 2),
$ i 505 | i 435 | i 354 | ( i 1,018) | i 1,912 | |||||||||||||||||||
Balance at end of period | $ | ( i 95) | $ | i 1,990 | $ | ( i 95) | $ | i 1,990 | |||||||||||||||
Accumulated effect of retirement benefit obligations: | |||||||||||||||||||||||
Balance at beginning of period | $ | ( i 682) | $ | ( i 1,817) | $ | ( i 705) | $ | ( i 1,875) | |||||||||||||||
Amounts
reclassified from accumulated other comprehensive loss: (2) | |||||||||||||||||||||||
Amortization of actuarial loss, net of taxes of $( i 4), $( i 10),
$( i 12), $( i 29) | i 12 | i 29 | i 35 | i 87 | |||||||||||||||||||
Balance at end of period | $ | ( i 670) | $ | ( i 1,788) | $ | ( i 670) | $ | ( i 1,788) | |||||||||||||||
Total
accumulated other comprehensive loss at end of period | $ | ( i 35,281) | $ | ( i 38,659) | $ | ( i 35,281) | $ | ( i 38,659) | |||||||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||
Cost of sales | 63.0 | 63.6 | 62.6 | 64.3 | ||||||||||||||||||||||
Gross margin | 37.0 | 36.4 | 37.4 | 35.7 | ||||||||||||||||||||||
Distribution expenses | 8.9 | 10.0 | 10.3 | 10.6 | ||||||||||||||||||||||
Selling, general and administrative expenses | 21.0 | 19.5 | 23.6 | 21.9 | ||||||||||||||||||||||
Wallace facility remediation expense | — | 2.8 | — | 1.0 | ||||||||||||||||||||||
Restructuring expenses | — | — | 0.1 | — | ||||||||||||||||||||||
Income
from operations | 7.1 | 4.1 | 3.4 | 2.2 | ||||||||||||||||||||||
Interest expense | (2.7) | (2.5) | (3.4) | (2.3) | ||||||||||||||||||||||
Mark
to market (loss) gain on interest rate derivatives | (0.1) | 0.4 | — | 0.4 | ||||||||||||||||||||||
Gain on early retirement of debt | — | — | 0.3 | — | ||||||||||||||||||||||
Income
before income taxes and equity in losses | 4.3 | 2.0 | 0.3 | 0.3 | ||||||||||||||||||||||
Income tax provision | (1.6) | (1.0) | (0.6) | (0.7) | ||||||||||||||||||||||
Equity
in losses, net of taxes | (0.5) | (4.4) | (2.0) | (1.4) | ||||||||||||||||||||||
Net income (loss) | 2.2 | % | (3.4) | % | (2.3) | % | (1.8) | % | ||||||||||||||||||
Maximum aggregate principal allowed | $ | 200,000 | $ | 189,411 | ||||||||||
Outstanding borrowings under the ABL Agreement | (29,305) | (10,424) | ||||||||||||
Standby letters of credit | (2,974) | (2,765) | ||||||||||||
Total availability under the ABL Agreement | $ | 167,721 | $ | 176,222 | ||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Current portion of Term Loan: | ||||||||||||||||||||
Estimated Excess Cash Flow principal payment | $ | 15,000 | $ | — | ||||||||||||||||
Estimated unamortized debt issuance costs | (1,134) | — | ||||||||||||||||||
Total Current portion of Term Loan | $ | 13,866 | $ | — | ||||||||||||||||
Non-current portion of Term Loan: | ||||||||||||||||||||
Term Loan, net of current portion | $ | 183,684 | $ | 245,911 | ||||||||||||||||
Estimated unamortized debt issuance costs | (450) | (3,054) | ||||||||||||||||||
Total Non-current portion of Term Loan | $ | 183,234 | $ | 242,857 | ||||||||||||||||
Quarter Ended | Twelve Months Ended September 30, 2023 | ||||||||||||||||||||||||||||
December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Net
income (loss) as reported | $ | 3,272 | $ | (8,805) | $ | (6,520) | $ | 4,206 | $ | (7,847) | |||||||||||||||||||
Undistributed equity losses, net | 2,058 | 2,777 | 5,863 | 1,047 | 11,745 | ||||||||||||||||||||||||
Income
tax provision (benefit) | 2,308 | (1,348) | 1,242 | 3,015 | 5,217 | ||||||||||||||||||||||||
Interest expense | 5,125 | 5,336 | 5,528 | 5,246 | 21,235 | ||||||||||||||||||||||||
Depreciation and amortization | 5,001 | 4,870 | 4,925 | 4,821 | 19,617 | ||||||||||||||||||||||||
Mark to market loss (gain) on interest rate derivatives | 19 | 234 | (197) | 98 | 154 | ||||||||||||||||||||||||
Stock compensation expense | 281 | 861 | 1,011 | 898 | 3,051 | ||||||||||||||||||||||||
Contingent consideration fair value adjustments | — | — | (50) | — | (50) | ||||||||||||||||||||||||
Gain on early retirement of debt | — | — | (1,520) | — | (1,520) | ||||||||||||||||||||||||
Acquisition
related expenses | 170 | 490 | 242 | 186 | 1,088 | ||||||||||||||||||||||||
Restructuring expenses | 1,420 | 856 | — | — | 2,276 | ||||||||||||||||||||||||
Warehouse
redesign expenses(1) | — | 194 | 157 | 176 | 527 | ||||||||||||||||||||||||
Adjusted EBITDA | 19,654 | 5,465 | 10,681 | 19,693 | 55,493 | ||||||||||||||||||||||||
Pro forma projected synergies adjustment(2) | $ | 323 | |||||||||||||||||||||||||||
Pro
forma Adjusted EBITDA(3) | $ | 19,654 | $ | 5,465 | $ | 10,681 | $ | 19,693 | $ | 55,816 | |||||||||||||||||||
Exhibit No. | ||||||||
10.1* | ||||||||
10.2* | ||||||||
10.3* | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
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 9, 2023 | |||||||
Robert B. Kay | ||||||||
Chief Executive Officer and Director | ||||||||
(Principal Executive Officer) | ||||||||
/s/ Laurence Winoker | November 9, 2023 | |||||||
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 | ||||
2/15/24 | ||||
2/1/24 | ||||
12/31/23 | ||||
11/15/23 | ||||
Filed on: | 11/9/23 | 8-K | ||
11/8/23 | ||||
11/7/23 | ||||
11/1/23 | ||||
10/31/23 | ||||
10/25/23 | 8-K | |||
10/1/23 | ||||
For Period end: | 9/30/23 | |||
9/6/23 | ||||
8/15/23 | ||||
8/1/23 | ||||
7/26/23 | ||||
7/19/23 | ||||
6/30/23 | 10-Q | |||
6/8/23 | 8-K | |||
5/15/23 | ||||
5/1/23 | ||||
4/7/23 | ||||
3/31/23 | 10-Q | |||
3/8/23 | 4 | |||
2/15/23 | ||||
2/1/23 | ||||
1/1/23 | ||||
12/31/22 | 10-K, 4, ARS, SD | |||
12/29/22 | 8-K | |||
11/1/22 | ||||
10/1/22 | ||||
9/30/22 | 10-Q | |||
8/26/22 | 8-K | |||
6/30/22 | 10-Q, S-8 | |||
3/31/22 | 10-Q, 4 | |||
3/14/22 | 8-K | |||
3/2/22 | ||||
12/31/21 | 10-K, 4, 5, SD | |||
10/15/20 | ||||
6/8/20 | ||||
2/5/20 | ||||
9/30/19 | 10-Q | |||
8/26/19 | ||||
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 |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/20/23 Lifetime Brands, Inc. 8-K:1 10/19/23 11:170K Workiva Inc Wde… FA01/FA |