Sales up at Lifetime brands

GARDEN CITY, N.Y. —Lifetime Brands, maker of houseware and kitchen products under such brand names as Kitchenaid, Farberware and Cuisineart, reported that consolidated net sales for the fourth quarter were $154.8 million, an increase of 12.5%, as compared with consolidated net sales of $137.6 million in the fourth quarter of 2011.

Net income was $15.2 million, or $1.19 per diluted share, in the 2012 period, as compared with $5.4 million, or 43 cents per diluted share, in the prior-year period.

Consolidated net sales for the year were $486.8 million, an increase of 9.5%, as compared to consolidated net sales of $444.4 million for 2011.

Net income was $20.9 million, or $1.64 per diluted share, in 2012, as compared with $14.1 million, or $1.12 per diluted share, in 2011.

Jeffrey Siegel, Lifetime's chairman, president and CEO commented,“Lifetime finished 2012 on a very positive note. For the quarter, consolidated net sales increased 12.5% on an actual basis and 8.6% on an organic basis. During the quarter, we acquired the business and assets of Fred & Friends, a line of innovative products featuring fun kitchen tools, tabletop accessories, party goods and giftware products."

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