In March 2009, LCUT amended its loan agreements. As part of the amendment, LCUT dropped its covenant for Q3 sales down to $ 115 million. Last week, they amended this covenant down to $ 107 million. So I guess Q3 sales will be more than $ 107 million, but less than $ 115 million.

Retail sales (internet) have been running about $ 5 million per quarter after the stores were closed. So I guess wholesale sales for Q3 will be somewhere between $ 102 million and $ 110 million, and I'd bet more on the lower number. This is a drop of about 15% - 18% from last year.

LCUT's wholesale sales have held up OK so far this year, so a 15% drop is a bit of a surprise, and I don't think they can do much more than 10 - 20 cents EPS on those sales.

FWIW. I sold my small position today.

Good luck.