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LCUT > SEC Filings for LCUT > Form 8-K on 14-Mar-2013All Recent SEC Filings

Show all filings for LIFETIME BRANDS, INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for LIFETIME BRANDS, INC


14-Mar-2013

Results of Operations and Financial Condition, Financial Statements and Exhi


Item 2.02. Results of Operations and Financial Condition.

On March 14, 2013, Lifetime Brands, Inc. (the "Company") issued a press release announcing the Company's results for the fourth quarter and year ended December 31, 2012. A copy of the Company's press release is attached as Exhibit 99.1.

The press release attached as Exhibit 99.1 contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement the Company's results of operations presented in accordance with GAAP, the Company is presenting non-GAAP information regarding net income, adjusted to exclude undistributed earnings of investments, income taxes, interest, depreciation and amortization, stock compensation expense, loss on early retirement of debt, intangible asset impairment and acquisition related expenses. The Company is also presenting non-GAAP information regarding adjusted net income and adjusted diluted income per share regarding net income, adjusted to exclude the bargain purchase gain included in equity in earnings, a tax benefit recorded in equity in earnings, a write down in the Vasconia investment to fair value, intangible asset impairment, a loss on early retirement of debt related to the repayment of the Company's Term Loan, an expense related to retirement benefit obligations, acquisition related expenses, a reduction of the Company's deferred tax liability related to the prior period and includes an adjustment to reflect a normalized annual tax rate.

These non-GAAP measures are provided to enhance the user's overall understanding of the Company's current financial performance. Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by excluding certain items that may not be indicative of the Company's core operating results. These measures should be considered in addition to results prepared in accordance with GAAP, but are not a substitute for or superior to GAAP results. The non-GAAP measures included in the attached press release have been reconciled to the equivalent GAAP measure.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release dated March 14, 2013


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