Lifetime Brands, Inc. Announces Launch of an Amendment and Extension of the Company's Existing Term Loan B and Preliminary Results for Third Quarter 2023

GARDEN CITY, N.Y., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, announced plans today to launch an Amendment & Extension of the Company’s existing Term Loan B facility due 2025 through an extended maturity of August 2027. The transaction will be approximately net leverage neutral on a pro-forma basis.

The Company is also providing preliminary, estimated third quarter fiscal results.

Preliminary Estimated Results for Third Quarter 2023:

For the quarter ended September 30, 2023, net sales are estimated to be approximately $191.7 million and gross margin is estimated to be approximately $71.0 million, or 37%.

Adjusted EBITDA for the quarter ended September 30, 2023 is estimated to be approximately $19.7 million. Adjusted EBITDA for the trailing twelve months ended September 30, 2023 is estimated to be approximately $55.5 million. Adjusted EBITDA is a non-GAAP financial measure, which is defined in the Company’s debt agreements.⁽¹⁾

At September 30, 2023, the Company has cash and cash equivalents of $6.3 million, and borrowings outstanding under the ABL Agreement and the Term Loan Agreement were $29.3 million and $198.7 million, respectively. Liquidity, which includes cash and cash equivalents, availability under the ABL Agreement, and available funding under the Receivables Purchase Agreement, is estimated to be approximately $198.8 million at September 30, 2023.

The Company anticipates announcing final earnings results for the quarter ended September 30, 2023 on Thursday, November 9, 2023. The preliminary estimated financial results are subject to the completion of the Company’s financial closing procedures and any adjustments that may result from the completion of the quarterly review of the Company’s consolidated financial statements. As a result, such preliminary estimates may differ from the actual results that will be reflected in the Company’s consolidated financial statements for the quarter when they are completed and publicly disclosed. These preliminary estimates may change and those changes may be material. The Company’s expectations with respect to its unaudited results for the period discussed above are based upon management estimates. The Company’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these preliminary estimates and, accordingly, does not express an opinion or any other form of assurance about them.