- 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."