UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of the earliest event reported) May 5, 2005 Lifetime Hoan Corporation (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 1-19254 11-2682486 (Commission File Number) (IRS Employer Identification No.) One Merrick Avenue, Westbury, New York 11590 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (516)683-6000 N/A (Former name or former address, if changed since last report) Item 2.02. Results of Operation and Financial Condition On May 5, 2005, Lifetime Hoan Corporation ("the Company") issued a press release setting forth the Company's first- quarter 2005 earnings. A copy of the Company's press release is attached hereto as Exhibit 99 and hereby incorporated by reference. Item 9.01. Financial Statements and Exhibits c) Exhibits 99 - Press Release, dated May 5, 2005 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Lifetime Hoan Corporation By: /s/ Robert McNally Robert McNally Vice President of Finance and Chief Financial Officer Date: May 5, 2005 EXHIBIT 99 LIFETIME HOAN REPORTS FIRST-QUARTER NET SALES OF $43.1 MILLION; NET INCOME RISES TO $1.0 MILLION Company Plans to Change its Name to Lifetime Brands, Inc. WESTBURY, N.Y., May 5, 2005 -- LIFETIME HOAN CORPORATION (NASDAQ NM: LCUT), a leading designer, marketer and distributor of nationally branded consumer products for the home, today announced results for the first quarter ended March 31, 2005. For the first quarter of 2005, net sales increased 16% to $43.1 million from $37.1 million for the same period of 2004. Net sales in the quarter attributable to the Excel business Lifetime acquired in July 2004 were approximately $1.8 million. The Company reported net income of $1.0 million compared to $345,000 for the first quarter of 2004. On a diluted per share basis, net income rose to $.09 per share from $.03 per share for the same period last year. Jeffrey Siegel, Chairman, President and Chief Executive Officer, commented, "Lifetime Hoan's solid first-quarter performance is attributable to several factors, including the successful introduction of our new lines of KitchenAid(R) cutlery, expanded shelf space at several major retailers and increased sales of our Kamenstein(R) pantryware products. "We are pleased that many of the growth initiatives we implemented in 2004 have already begun to produce positive results. Last year we broadened our portfolio of powerful brands, enhanced our product development and design capabilities, strengthened our overseas sourcing organization, and expanded the Company's infrastructure. As a result, we expect net sales to total approximately $220 million to $230 million in 2005, and earnings per share to total approximately $0.95 to $1.15." Mr. Siegel added, "We recently proposed to change the name of our Company from Lifetime Hoan Corporation to Lifetime Brands, Inc. We believe this new name will more accurately express one of our Company's most important attributes and key competitive strengths." The Company's shareholders will vote on the proposed name change at the annual meeting to be held on June 7, 2005. Lifetime has scheduled a conference call Thursday, May 5, at 11:00 a.m. Eastern time to discuss first-quarter 2005 results and additional matters. The dial-in number for the call is (706) 634-1218. A replay of the call will also be available through Thursday, May 12, and can be accessed by dialing (706) 645-9291, conference ID #5739583. A live webcast of the call will be broadcast at the Company's web site, www.lifetime.hoan.com. For those who cannot listen to the live broadcast, an audio replay of the call will also be available on the site. Lifetime is a leading designer, marketer and distributor of kitchenware, cutlery & cutting boards, bakeware & cookware, pantryware & spices, tabletop and bath accessories, marketing its products under various trade names, including Farberware(R), KitchenAid(R), Cuisinart(R), Hoffritz(R), Sabatier(R), DBK - Daniel Boulud Kitchen (TM), Joseph Abboud Environments(R), Roshco(R), Baker's Advantage(R), Kamenstein(R), CasaModa(TM), Hoan(R), Gemco(R) and :USE(R). Lifetime's products are distributed through almost every major retailer in the United States. The information herein contains certain forward-looking statements including statements concerning the Company's future prospects. These statements involve risks and uncertainties, including risks relating to general economic conditions and risks relating to the Company's operations, such as the risk of loss of major customers and risks relating to changes in demand for the Company's products, as detailed from time to time in the Company's filings with the Securities and Exchange Commission. Tables to Follow COMPANY CONTACT: INVESTOR RELATIONS: Robert McNally Harriet Fried Chief Financial Officer Lippert/Heilshorn & (516) 683-6000 Associates, Inc. (212) 838-3777 or hfried@lhai.com LIFETIME HOAN CORPORATION INCOME STATEMENT (in 000's, except per share data) Three Months Ended March 31, (Unaudited) 2005 2004 % Increase Net Sales $43,116 $37,129 16.1% Cost of Sales 24,899 21,689 14.8% Distribution Expenses 6,115 5,647 8.3% SG&A 10,298 9,108 13.1% Income from Operations 1,804 685 163.4% Interest Expense 199 127 Other (Income) (13) (15) Income Before Taxes 1,618 573 182.4% Tax Provision 615 228 169.7% Net Income $1,003 $345 190.7% Diluted Earnings Per Share from Net Income $0.09 $0.03 Weighted Average Shares 11,266 11,141 LIFETIME HOAN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, March 31, 2005 2004 (Unaudited) (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 431 $ 719 Accounts receivable, net 22,876 22,579 Merchandise inventories 60,317 48,564 Prepaid expenses and other current assets 9,761 8,064 TOTAL CURRENT ASSETS 93,385 79,926 PROPERTY AND EQUIPMENT, net 20,118 20,200 INTANGIBLES, net 31,388 25,543 OTHER ASSETS 2,510 2,093 TOTAL ASSETS $ 147,401 $ 127,762 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Short-term borrowings $ 10,700 $ 13,000 Accounts payable and trade acceptances 9,920 6,859 Other current liabilities 22,072 16,281 TOTAL CURRENT LIABILITIES 42,692 36,140 DEFERRED RENT & OTHER LONG TERM LIABILITIES 2,007 1,639 DEFERRED INCOME TAX LIABILITIES 4,446 3,835 LONG TERM DEBT 5,000 -- STOCKHOLDERS' EQUITY 93,256 86,148 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 147,401 $ 127,762