Lifetime Brands 4Q profit more than doubles
Lifetime Brands 4Q profit more than doubles, helped by acquisition; raises dividend 25 percent
GARDEN CITY, N.Y. (AP) -- Lifetime Brands' fourth-quarter net income more than doubled, helped by a recent acquisition, and the appliance and housewares company lifted its dividend 25 percent.
Lifetime Brands' products include knives under the Cuisinart, KitchenAid and Faberware brands and Mikasa plates and glasses.
For the October-December quarter, Lifetime Brands Inc. said Thursday that it earned $15.2 million, or $1.19 per share. That's up sharply from $5.4 million, or 43 cents per share, the year before. Revenue rose 13 percent, to $154.8 million from $137.6 million.
Lifetime Brands acquired Fred & Friends, which makes kitchen tools, party goods and other items, in December.
For all of 2012, profit rose 48 percent to $20.9 million, or $1.64 per share. Revenue increased 10 percent, to $486.8 million.
The Garden City, N.Y., company increased its quarterly dividend to 3.125 cents from 2.5 cents. The dividend will be paid on May 15 to shareholders of record on May 1.
