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) April 29, 2003 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 7. Financial Statements and Exhibits c) Exhibits 99 - Press Release, dated April 29, 2003 Item 12. Results of Operation and Financial Condition On April 29, 2003, Lifetime Hoan Corporation ("the Company") issued a press release setting forth the Company's first- quarter 2003 earnings. A copy of the Company's press release is attached hereto as Exhibit 99 and hereby incorporated by reference. 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: April 29, 2003 EXHIBIT 99 LIFETIME HOAN CORPORATION (NASDAQ NM: LCUT), a leading marketer of housewares, today announced results for the first quarter ended March 31, 2003. Net sales for the quarter were $24.3 million versus $24.2 million in the first quarter of 2002. The Company reported a net loss from continuing operations of $0.6 million, or $0.06 per diluted share, compared to a net loss from continuing operations of $1.1 million, or $0.10 per diluted share, for the same period in 2002. Jeffrey Siegel, president and chief executive officer, commented, "Net sales for the first quarter of 2003 were slightly below plan, due principally to weak demand from many of our major customers. As many of these retailers have reported, retail sales in the quarter were affected by the economy, uncertainty over events in the Middle East, unfavorable shopping weather in many parts of the country and the late Easter holiday." Mr. Siegel continued, "While many of our customers expect consumer demand to remain soft for the balance of the year, we believe the combination of new product introductions and significant additional placements of our core lines will enable Lifetime Hoan to achieve the results we forecasted earlier in the year." "As we discussed at year-end, Lifetime Hoan has developed a sizable pipeline of exciting, new products that we expect to be well received by retailers and consumers alike. These include the products from our new CasaModar division, which is focused on the growing market for casual home entertainment. These products are scheduled to begin shipping in the third quarter. Our new distribution center continues to function smoothly, and we look forward to an acceleration in sales as 2003 progresses and our new products and new placements come on stream." The Company reaffirmed its estimates that Lifetime's net sales in 2003 will total approximately $140 million to $150 million. Earnings per share are estimated to total approximately $0.65 to $0.85 for the year. As previously announced, Lifetime sold its 51% interest in the businesses of each of Prestige Italiana, Spa. and Prestige Haushaltswaren GmbH (together, the "Prestige Companies") in September 2002. The loss from the Prestige Companies' operations for the first quarter of 2002 is reflected as discontinued operations on the Company's income statements. Separately, the Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.0625 per share, payable on May 20, 2003 to shareholders of record on May 5, 2003. Lifetime Hoan Corporation is a leading designer, marketer and distributor of household cutlery, kitchenware, cutting boards, pantryware and bakeware, marketing its products under various trade names including Farberwarer and Hoffritzr. Through the use of various brand names, Lifetime Hoan's products are distributed through almost every major retailer in the U.S. 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) %Increase 2003 2002 (Decrease) Net Sales $24,284 $24,187 0.4% Cost of Sales 13,426 13,126 2.3% Distribution Expenses 4,454 5,816 (23.4%) SG&A 7,321 6,852 6.8% (Loss) from Operations (917) (1,607) (42.9%) Interest Expense 111 227 (51.1%) Other (Income) (17) (22) (22.7%) (Loss) before Taxes (1,011) (1,812) (44.2%) Tax Provision (409) (732) (44.1%) Loss from Continuing Operations (602) (1,080) (44.3%) (Loss) from Discontinued Operations - (117) Net (Loss) ($ 602) ($1,197) (49.7%) Diluted Loss Per Share from Continuing Operations ($0.06) ($0.10) (40.0%) Weighted Average Shares 10,561 10,493 Diluted Loss Per Share from Net Income ($0.06) ($0.11) (45.5%) Weighted Average Shares 10,561 10,493 LIFETIME HOAN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, March 31, 2003 2002 ASSETS CURRENT ASSETS Cash and cash equivalents $ 108 $ 144 Accounts receivable, net 12,680 14,428 Merchandise inventories 42,763 40,264 Prepaid expenses and other current assets 4,789 6,421 Current assets discontinued operations - 5,873 TOTAL CURRENT ASSETS 60,340 67,130 PROPERTY AND EQUIPMENT, net 20,408 21,877 INTANGIBLES, net 23,855 24,251 OTHER ASSETS 2,119 2,073 OTHER ASSETS DISCONTINUED OPERATIONS - 787 TOTAL ASSETS $ 106,722 $ 116,118 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Short-term borrowings $ 11,500 $ 17,809 Accounts payable and trade acceptances 3,871 5,549 Other current liabilities 14,305 12,889 Other current liabilities discontinued operations - 3,033 TOTAL CURRENT LIABILITIES 29,676 39,280 MINORITY INTEREST - 457 STOCKHOLDERS' EQUITY 77,046 76,381 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 106,722 $ 116,118