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Lifetime Brands reports cutting costs, turning profit

Jeffrey Siegel, president and chief executive of Lifetime

Jeffrey Siegel, president and chief executive of Lifetime Brands in a the company showroom in Garden City. (Nov. 16, 2010) Photo Credit: Danny Ghitis

Kitchenware maker Lifetime Brands Inc., of Garden City, reports that cost-cutting in its sales and administrative departments helped it turn a profit in the most recent quarter.

Lifetime had income of $2.06 million on sales of $90.3 million for the quarter ended June 30, compared to a loss of $981,000 on sales of $86.8 million in the same quarter last year.

Its brands include Farberware, KitchenAid, Cuisinart, Mikasa and Nautica.

"The net income we are reporting this morning is a second quarter record for Lifetime Brands," chief executive Jeffrey Siegel said Monday.

"Despite the challenging business environment, we are on target to achieve top line growth and increased profitability for the full year."

Photo: Jeffrey Siegel, chief executive of Lifetime Brands Inc.

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