LIFETIME PRODUCTS, INC. CORPORATE UPDATE
LIFETIME PRODUCTS, INC. CORPORATE UPDATE DALLAS, Aug. 24 /PRNewswire/ -- Lifetime Products, Inc. (AMEX: LPI)
today reported that the company had settled litigation with a noteholder seeking in excess of $5 million representing amounts due under defautled promissory notes. Pursuant to the settlement agreement the company purchased for $165,000 a warrant held by the noteholder to obtain 10 percent of the outstanding common stock of the company's automotive products subsidiary. Lifetime also agreed to pay the noteholder approximately $100,000 over the next 90 days representing attorneys fees and past due contractual payments.
In conjunction with the settlement the company restructured an aggregate of approximately $15,178,000 of debt to the noteholder and other parties to which the company is indebted. Under the terms of the restructuring the company is required to make payments of principal and interest only as the available cash flow of the company will allow until August of 1995, when such debt is due and payable in full. The company also reported a net loss for the second quarter ended June 30, 1992 of $3,521,819 or $.87 per share on net sales of $3,195,222. In the second quarter of 1991 the company earned $2,315,389 or $.27 per share on net sales of $11,834,733. Management attributes the dramatic decline in sales to a significant decrease in the sales of the company's automotive products subsidiary. LIFETIME PRODUCTS INC.
Comparative information for the three and six month periods follows:
Three Months Ended Six Months Ended June 30, June 30, 1992 1991 1992 1991 (restated) (restated) Net sales $ 3,195,222 $11,834,733 $ 5,070,831 $24,444,027 Earnings (loss) from continuing operations before income taxes (3,521,819) 2,628,366 (7,061,157) 4,900,183 Income tax expense -- 284,118 -- 284,118 Earnings (loss) from continuing operations (3,521,819) 2,344,248 (7,061,157) 4,616,065 Gain (loss) on discontinued operations -- (28,859) -- 8,856,561 Net earnings (loss) $(3,521,819) $2,315,389 $(7,061,157)$13,472,626 Earnings (loss) per share, primary: From continuing operations $ (.87) $ .27 $ (1.75) $ .54 From discontinued operations -- -- -- 1.16 Total $ (.87) $ .27 $ (1.75) $ 1.70 Average common shares and common stock equivalents: 4,031,732 7,619,051 4,031,732 7,597,031 Lifetime Products, Inc. is a Dallas, Texas based manufacturer and marketer of premium consumer products including the TRIPLEDGE(R) Lifetime Wipers. -0- 8/24/92 /CONTACT: Vince White, director, investor relations, Lifetime Products, Inc., 214-980-2886/ (LPI) CO: Lifetime Products, Inc. ST: Texas IN: AUT SU :
DC -- NY020 -- 2497 08/24/92 10:17 EDT
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|Date:||Aug 24, 1992|
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