- Q1 Revenue of $6.3 million vs. $1.6 million in the prior year quarter
- Q1 Adjusted EBITDA of $3.1 million vs. ($1.2) million in the prior year quarter
- Q1 non-GAAP Net Income of $0.8 million vs. ($1.4) million in the prior year quarter
- Q1 non-GAAP EPS of $0.03 vs. ($0.20) in the prior year quarter
- Trailing 12-month revenue of $27.3 million and adjusted EBITDA of $16.6 million
- Full Year Projected Revenue of $28-$30 million
NEW YORK, May 1, 2014 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. (Nasdaq:SQBG) ("Sequential" or the "Company") today announced financial results for the first quarter ended March 31, 2014.
First Quarter 2014 Results:
Total revenue for the first quarter ended March 31, 2014 increased to approximately $6.3 million, compared to approximately $1.6 million in the prior year quarter. Adjusted EBITDA for the first quarter was approximately $3.1 million, compared to approximately ($1.2) million in the prior year quarter. On a non-GAAP basis, net income for the quarter was approximately $0.8 million, or $0.03 per share, compared to a net loss of approximately $1.4 million, or ($0.20) per share, in the prior year quarter. On a GAAP basis, net income for the quarter was approximately $0.7 million, or $0.03 per share, compared to a net loss of approximately $21.5 million, or ($2.96) per share, in the prior year quarter.Yehuda Shmidman, Sequential's Chief Executive Officer, commented, "This is an exciting time for Sequential Brands Group. We achieved record first quarter results since converting to a licensing and brand management business model, and we continue to be optimistic about our future ability to grow our portfolio both organically and through new brand acquisitions. As we continue to execute on our playbook, we believe our portfolio can achieve upwards of $100 million in annual royalty revenue in the next three years."
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