GARDEN CITY, N.Y. (AP) -- Lifetime Brands Inc. said Thursday that its fourth-quarter net income slid 61 percent, weighed down in part by acquisition-related costs and softer demand for its products.
The company, whose brands include Farberware and Kitchenaid, earned $5.4 million, or 43 cents per share, for the three months ended Dec. 31. That's down from $13.9 million, or $1.07 per share, a year earlier.
Removing acquisition-related costs and other items, earnings were 52 cents per share compared with 62 cents per share in the prior-year period.
Revenue slipped 4 percent to $137.6 million from $142.6 million.
Wholesale sales of kitchenware products climbed 3.5 percent to $215.7 million. Tabletop products, which includes creative tops, reported a 14.5 percent increase in wholesale sales to $141.3 million.
The U.S. wholesale kitchenware and tabletop businesses make up about 80 percent of Lifetime's revenue.
Chairman, President and CEO Jeffrey Siegel said in a statement that consumer demand for items that are not necessities, particularly home décor, fell in 2011 as consumers focused their spending on food, clothing, gasoline and other basics.
Siegel said demand is expected to rise as the economy improves in the U.S.
For the year, Lifetime Brands earned $14.1 million, or $1.12 per share. That compares with earnings of $20.3 million, or $1.64 per share, in 2010.
Adjusted earnings were $1.16 per share compared with $1.18 per share.
Annual revenue rose less than 1 percent to $444.4 million from $443.2 million.
Shares of Lifetime Brands, which is based in Garden City, N.Y., fell 39 cents, or 3.5 percent, to $10.78 in afternoon trading. Over the past year, the stock has traded between $8.46 and $16.40.