Lifetime Brands Provides COVID-19 Related Business Update

Implements Temporary Cost Saving Initiatives, Including Executive Compensation Reduction

Temporarily Postpones May Quarterly Dividend

Liquidity Position Remains Solid

GARDEN CITY, N.Y., April 02, 2020 (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, today announced a number of actions it is taking in response to the COVID-19 pandemic and the related impact on its business.

“Like many of our customers, suppliers and industry peers, Lifetime is facing unprecedented challenges in light of the evolving COVID-19 pandemic,” said Robert Kay, Lifetime’s Chief Executive Officer. “Our top priorities remain the health and safety of our employees and partners, and positioning our company to successfully navigate the economic challenges created by the pandemic. We continue to take prudent action to favorably position the business and provide a safe and secure environment in which to operate. Lifetime is fortunate that our recent business model and restructuring actions have provided us with the economic flexibility to continue to operate our business safely and efficiently as we focus on ensuring we remain well positioned to compete in the global economy.”

The Company’s supply chain remains wholly intact, bolstered by actions which have resulted in an adequate and continued supply of product. Additionally, while preliminary, our first quarter revenues appear to have remained consistent with our expectations, which were in line with the prior year. This has been driven by good performance across the business through mid-March and continued order flow in line with expectations from the Company’s four largest customers and its e-commerce channel since the COVID-19 pandemic resulted in store closures for many traditional retailers due to social distancing guidelines. These social distancing actions did result in a drop off in demand in the second half of March for those brick and mortar retailers who have closed their store operations, and the Company expects this drop off to continue while these actions remain in place. As noted, the Company’s four largest customers and its e-commerce channels have remained open and have continued to order products as a result. Finally, Lifetime’s cash and liquidity positions remain solid with an improved net debt position as noted below.