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Q4 Revenue of $10.6 million vs. $1.8 million in the prior year quarter
Q4 Adjusted EBITDA of $7.1 million vs. $(0.7) million in the prior year quarter
Q4 non-GAAP Net Income of $5.2 million vs. ($0.9) million in the prior year quarter
Full Year Revenue of $22.7 million vs. $5.3 million in prior year
Full Year Adjusted EBITDA of $12.3 million, representing a 54% Adjusted EBITDA margin
Full Year non-GAAP Net Income of $6.6 million vs. ($0.6) million in the prior year
NEW YORK, Feb. 27, 2014 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. (Nasdaq:SQBG) ("Sequential" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2013.
Fourth Quarter 2013 Results:
Total revenue for the fourth quarter ended December 31, 2013 increased to approximately $10.6 million, compared to approximately $1.8 million in the prior year quarter. Adjusted EBITDA for the fourth quarter was approximately $7.1 million, compared to approximately ($0.7) million in the prior year quarter. On a non-GAAP basis, net income for the quarter was approximately $5.2 million, or $0.20 per diluted share, compared to a net loss of approximately $0.9 million, or ($0.37) per share, in the prior year quarter. On a GAAP basis, net income for the quarter was approximately $4.1 million, or $0.15 per diluted share, compared to a net loss of approximately $7.3 million, or ($3.00) per share, in the prior year quarter. See tables below for a reconciliation of GAAP to non-GAAP measures. Yehuda Shmidman, Sequential's Chief Executive Officer, commented, "2013 was another transformational year for Sequential Brands Group. Our portfolio grew from 3 brands and a small grouping of licensees to 8 brands with over 50 licensees that generate approximately $1 billion of retail sales. Our revenue and profitability metrics increased significantly, and most importantly, we invested in building a strong platform which we will be able to leverage in the years ahead to achieve our organic growth targets and our acquisition goals."