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Sequential Brands Group Announces Fourth Quarter And Full Year 2012 Results

Stocks in this article: SQBG

NEW YORK, March 29, 2013 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. (OTC:SQBG) ("Sequential" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Results (See attached table for reconciliation of GAAP to non-GAAP measures)

  • Total revenue from continuing operations for the three months ended December 31, 2012 was approximately $1.8 million, as compared to approximately $0.4 million, in the prior year quarter.
  • In the quarter and full year, the Company incurred certain extraordinary costs that are not representative of a normalized licensing business including a loss from the Company's discontinued operations, restructuring charges primarily related to the severance of the former CEO and the transition of the Company's licensing operations from Los Angeles to New York, deal costs related to acquisitions that have or are expected to close the following year, compensation related to the restricted stock that was granted to the new management team which vested upon commencement of their employment with the Company and non-cash interest related to the Tengram Convertible notes. Therefore, on an adjusted Non-GAAP basis, net loss was approximately $0.9 million, or approximately $0.37 per share, for the three months ended December 31, 2012, as compared to net income of approximately $0.4 million, or approximately $0.16 per share, in the prior year quarter.
  • Net loss on a GAAP basis was approximately $7.3 million for the three months ended December 31, 2012, or $3.00 per share, as compared to approximately $3.4 million, or approximately $1.41 per share, in the prior year quarter.

Full Year 2012 Results (See attached table for reconciliation of GAAP to non-GAAP measures)

  • Net revenue from continuing operations for the full year ended December 31, 2012 was approximately $5.3 million, as compared to approximately $0.5 million in the prior year.
  • On an adjusted Non-GAAP basis, net loss was approximately $0.6 million, or approximately $0.26 per share, during 2012, as compared to net income of approximately $0.3 million, or approximately $0.11 per share, in the prior year.
  • Net loss on a GAAP basis was approximately $9.1 million, or approximately $3.78 per share, as compared to approximately $2.3 million, or approximately $0.97 per share, in the prior year.

Yehuda Shmidman, Sequential's CEO, commented, "2012 was a transformational year for the Company as we closed down our wholesale and retail operations and re-launched our Company under a new name, Sequential Brands Group, with a new business model, being a focused brand management company. Over the past year, we were pleased to have announced the beginning steps of our new business model, including two brand acquisitions and a $22.4 million private placement of equity which strengthened our balance sheet in support of our growth plan."

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