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Lenox Group announces earnings

Lenox Group, which purchased Department 56 two years ago, recently released their latest earnings report. It wasn't particularly resounding, and D56 wasn't mentioned at all, until they started talking about what they're going to do to come out of it: "integrate certain Lenox and Department 56 operations". In a related story, Lenox Group, Inc. announced they are going to work with IMC Licensing to come up with new products and markets.

Excerpt:
Lenox Group Inc. (NYSE: LNX), a leading tabletop, giftware and collectible company, today reported financial results for its fourth quarter and full year ending December 29, 2007.

Net sales for the fourth quarter 2007 totaled $135.0 million as compared to $159.1 million for the comparable prior year period. Net income for the fourth quarter of 2007 was $4.4 million as compared to a net loss of $6.4 million in the comparable prior period. EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for one-time special items for the fourth quarter of 2007 was $18.4 million as compared to $13.4 million for the same period in 2006. (See table below)

Net sales for the full year in 2007 totaled $452.1 million as compared to $502.5 million for the comparable prior year period. Net loss for 2007 was $15.8 million, as compared to a net loss of $49.3 million in the comparable prior year period. EBITDA adjusted for one-time special items for the full year 2007 was $27.1 million as compared to $22.0 million for the comparable prior year period.

Marc Pfefferle, interim Chief Executive Officer, said, “The Company is stronger and better positioned for the future in many ways. Most significantly, Lenox has addressed the changing demographics of the customer base by innovating new products, improving our market position and share in better casual dinnerware and flatware, and through the introduction of our unique Simply FineTM line of fine china and an updated Dansk product line. These offerings target our younger, lifestyle driven customer. We have made strategic and tactical changes to improve the performance of our Consumer Direct and Retail businesses and significantly reduced our inventory levels.”

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