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LIFETIME PRODUCTS ANNOUNCES RECORD THIRD QUARTER EARNINGS

       LIFETIME PRODUCTS ANNOUNCES RECORD THIRD QUARTER EARNINGS
    DALLAS, Nov. 8 /PRNewswire/ -- Lifetime Products, Inc. (AMEX: LPI) today reported record third quarter net earnings for the three months ended Sept. 30, 1991 of $1,630,454 or $.24 per share, primary, as compared to a loss of ($1,784,899) or ($.70) per share for the third quarter of 1990.  Net earnings for the three months ended Sept. 30, 1991 includes an extraordinary credit of $608,421 from the utilization of tax loss carryforwards. Sales climbed over 500 percent to $11,742,825 in the third quarter of 1991 from $1,697,108 in the third quarter of 1990.
    For the nine months ended Sept. 30, 1991, the company reported net earnings of $15,103,080 or $2.07 per share, primary, as compared to a loss of ($2,605,821) or ($1.02) per share for the first nine months of 1990.  Net earnings for the nine months ended Sept. 30, 1991 includes an after-tax gain on discontinued operations of $5,845,331 resulting from the disposition of Standun, Inc. and an extraordinary credit of $5,154,312 from the utilization of tax loss carryforwards.
                          LIFETIME PRODUCTS, INC.
      Three months ended Sept. 30:      1991              1990
                                                        (restated)
    Net sales                       $11,742,825        $ 1,697,108
    Earnings (loss) from continuing
     operations before income taxes   1,668,633         (1,047,979)
    Income tax expense                  646,600                 --
    Earnings (loss) from continuing
     operations                       1,022,033         (1,047,979)
    Gain (loss) on discontinued
     operations, net of tax                  --           (736,920)
    Extraordinary credit - tax
     benefit from utilization of net
     operating loss carryforward        608,421                 --
    Net earnings (loss)               1,630,454         (1,784,899)
    Earnings (loss) per share, primary:
      From continuing operations           $.15              $(.41)
      From discontinued operations
       net of tax benefit                    --               (.29)
      Extraordinary credit - tax
       benefit from utilization of
       net operating loss carryforward      .09                 --
      Total                                $.24              $(.70)
    Earnings per share, assuming
     full dilution:
      From continuing operations           $.13               N.A.
      From discontinued operations
       net of tax benefit                    --               N.A.
      Extraordinary credit - tax
       benefit from utilization of
       net operating loss carryforward      .09               N.A.
    Total                                  $.22               N.A.
    Average common shares and
     common stock equivalents:
      Primary                         6,689,060          2,544,488
      Assuming full dilution          6,726,907               N.A.
      Nine months ended Sept. 30:       1991             1990
                                                       (restated)
    Net sales                       $36,186,852        $3,766,848
    Earnings (loss) from continuing
     operations before income taxes   6,568,816          (416,989)
    Income tax expense                2,465,379                --
    Earnings (loss) from continuing
     operations                       4,103,437          (416,989)
    Gain (loss) on discontinued
     operations, net of tax           5,845,331        (2,188,832)
    Extraordinary credit - tax
     benefit from utilization of net
     operating loss carryforward      5,154,312                --
    Net earnings (loss)              15,103,080        (2,605,821)
    Earnings (loss) per share, primary:
      From continuing operations           $.56              $(.16)
      From discontinued operations
       net of tax benefit                   .80               (.86)
      Extraordinary credit - tax
       benefit from utilization of
       net operating loss carryforward      .71                 --
      Total                               $2.07             $(1.02)
    Earnings per share, assuming
     full dilution:
      From continuing operations           $.50               N.A.
      From discontinued operations
       net of tax benefit                   .80               N.A.
      Extraordinary credit - tax
       benefit from utilization of
       net operating loss carryforward      .70               N.A.
    Total                                 $2.00               N.A.
    Average common shares and
     common stock equivalents:
      Primary                         7,293,884          2,548,163
      Assuming full dilution          7,325,501               N.A.
    Lifetime Products, Inc. is a Dallas-based manufacturer and marketer of premium automotive products including the TRIPLEDGE(R) Lifetime Wipers.
    -0-        11/8/91
    /CONTACT:  Vince White, director-investor relations of Lifetime Products, 214-980-2886/
    (LPI) CO:  Lifetime Products Inc. ST:  Texas IN:  AUT SU:  ERN TS -- NY010 -- 2500 11/08/91 09:45 EST
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Publication:PR Newswire
Date:Nov 8, 1991
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