Lifetime Brands, Inc (LCUT) saw its loss narrow to $1.33 million, or $0.09 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.29 million, or $0.31 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.54 million, or $0.11 a share from a loss of $3.38 million or $0.24 a share, a year ago. Revenue during the quarter went up marginally by 2.19 percent to $113.36 million from $110.92 million in the previous year period. Gross margin for the quarter expanded 221 basis points over the previous year period to 38.76 percent. Operating margin for the quarter stood at negative 1.65 percent as compared to a negative 4.70 percent for the previous year period.
Operating loss for the quarter was $1.87 million, compared with an operating loss of $5.22 million in the previous year period.
Jeffrey Siegel, Lifetime’s Chairman and Chief Executive Officer, commented, “Lifetime’s excellent first-quarter results were in line with our expectations and reflect the ability of our portfolio of businesses to perform well in a challenging and rapidly evolving retailing environment.
Operating cash flow turns positive
Lifetime Brands, Inc has generated cash of $5.98 million from operating activities during the quarter as against cash outgo of $8.82 million in the last year period. The company has spent $0.37 million cash to meet investing activities during the quarter as against cash outgo of $0.76 million in the last year period.
The company has spent $7.25 million cash to carry out financing activities during the quarter as against cash inflow of $8.47 million in the last year period.
Cash and cash equivalents stood at $6.29 million as on Mar. 31, 2017, up 6.99 percent or $0.41 million from $5.88 million on Mar. 31, 2016.
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