Lifetime Brands moves to loss in 1st quarter
GARDEN CITY, N.Y. (AP) — Appliance and housewares company Lifetime Brands Inc. on Thursday posted a loss for its first quarter, as revenue declined on weakness in the U.K. and higher duties on ceramic products.
The company's stock dropped more than 10 percent in morning trading, then recovered a portion of that decline.
The maker of KitchenAid, Farberware, Cuisinart, and other brand names said for the three months ended March 31, it lost $632,000, or 5 cents per share. It earned $1.3 million, or 11 cents per share, in the 2012 first quarter.
Revenue dropped nearly 10 percent to $98.7 million from $109 million.
Sales of Creative Tops, which makes tableware and kitchen utensils, fell because of the soft economy in the U.K. and increased duties on ceramic products by the European Union.
Lifetime Brands reiterated its full-year forecast for revenue to increase 4 percent to 6 percent. Based on 2012's revenue of $486.8 million, this implies approximately $507 million to $516 million.
The Garden City, N.Y. company's board also approved a buyback of up to $10 million of its common stock.
Lifetime Brands shares fell $1.27, or 9.4 percent, to $12.30 in morning trading, after earlier dropping as low as $12.11. The stock has changed hands between $9 and $13.75 in the past 52 weeks.