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Q3 revenue of $6.1 million vs. $1.3 million in prior year quarter
Q3 adjusted EBITDA of $3.8 million, representing a 63% adjusted EBITDA margin
Q3 non-GAAP Net Income of $2.0 million vs. $0.2 million in the prior year quarter
Earlier today, Company announced acquisition of The Franklin Mint® brand
Increasing forward looking twelve month projected revenue to $28-30 million, operating at 55% adjusted EBITDA margin
NEW YORK, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. (Nasdaq:SQBG) ("Sequential" or the "Company") today announced financial results for the third quarter ended September 30, 2013.
Third Quarter 2013 Results:
Total revenue for the third quarter ended September 30, 2013 increased to approximately $6.1 million, compared to approximately $1.3 million in the prior year quarter. Adjusted EBITDA for the third quarter was approximately $3.8 million, compared to approximately $0.4 million in the prior year quarter. On a non-GAAP basis, net income for the quarter was approximately $2.0 million, or $0.08 per share, compared to approximately $0.2 million, or $0.07 per share, the prior year quarter. On a GAAP basis, net loss for the quarter was approximately $1.2 million, or ($0.05) per share, compared to a net loss of approximately $0.5 million, or ($0.20) 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, "It was a busy quarter for Sequential. We raised over $44 million in capital through a private placement, completed the acquisition of the REVO brand and up-listed to NASDAQ. The revenue generated this past quarter from our portfolio of brands represents record levels for us as a pure-play brand management company, demonstrating the type of growth trajectory we set out to achieve when we began to transform our business model last year. Looking ahead, we believe we are well positioned to both achieve our organic growth targets and to continue to expand our portfolio with the acquisition of new brands, as we aim to be a leading global brand management firm."