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Q2 revenue of $4.3 million vs. $1.0 million in prior year quarter
Q2 adjusted EBITDA of $2.5 million, representing a 57% adjusted EBITDA margin
Company projects revenue of $23-25 million over the next twelve months
Company completes capital raise of $44 million to bolster acquisition strategy
NEW YORK, July 31, 2013 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. (OTC:SQBG) ("Sequential" or the "Company") today announced financial results for the second quarter ended June 30, 2013.
Second Quarter 2013 Results:
Total revenue from continuing operations for the second quarter ended June 30, 2013 increased to approximately $4.3 million, compared to approximately $1.0 million in the prior year quarter. Adjusted EBITDA for the second quarter was approximately $2.5 million, compared to approximately $0.2 million in the prior year quarter. On a non-GAAP basis, net income for the quarter was approximately $0.8 million, or $0.05 per share, compared to approximately $0.1 million, or $0.04 per share, the prior year quarter and on a GAAP basis, net income for the quarter was approximately $0.7 million, or $0.04 per share, compared to a net loss of approximately $0.9 million, or ($0.37) per share, the prior year quarter. See tables below for reconciliation of GAAP to non-GAAP measures.
Yehuda Shmidman, Sequential's Chief Executive Officer, stated, "We are pleased with our second quarter results and encouraged by the overall progress that we have made since we converted to a licensing model last year. Year to date, we have doubled our brand portfolio from three brands to six brands, assembled a team of best-in-class brand management professionals to drive organic growth, and we have positioned our company with a powerful balance sheet to execute on our brand acquisition strategy. It is an exciting time for Sequential Brands Group."