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Q2 Revenue of $7.0 million vs. $4.3 million in the prior year quarter
Q2 Adjusted EBITDA of $3.7 million vs. $2.5 million in the prior year quarter
Year-to-date revenue of $13.3 million vs. $6.0 million in the prior year period
Year-to-date Adjusted EBITDA of $6.8 million vs. $1.3 million in the prior year period
Trailing 12-month revenue of $29.9 million and Adjusted EBITDA of $17.8 million
Forward looking twelve month revenue run rate expected to increase from range of $28 - $30 million to approximately $56 - $60 million after Galaxy acquisition closes
NEW YORK, Aug. 7, 2014 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. (Nasdaq:SQBG) ("Sequential" or the "Company") today announced financial results for the second quarter ended June 30, 2014.
Second Quarter 2014 Results:
Total revenue for the second quarter ended June 30, 2014 increased to approximately $7.0 million, compared to approximately $4.3 million in the prior year quarter. Adjusted EBITDA for the second quarter was approximately $3.7 million, compared to approximately $2.5 million in the prior year quarter. On a non-GAAP basis, net income for the quarter was approximately $1.1 million, or $0.04 per share, compared to approximately $0.8 million, or $0.05 per share, in the prior year quarter. On a GAAP basis, net loss for the quarter was approximately ($0.6) million, or ($0.02) per share, compared to net income of approximately $0.7 million, or $0.04 per share, in the prior year quarter.
Yehuda Shmidman, Sequential's Chief Executive Officer, commented, "We are pleased with our strong second quarter results that were driven by substantial increases in both revenue and Adjusted EBITDA versus last year. Our performance over the first half of the year demonstrates the power of our business model and our ability to continue growing both organically and through acquisitions. We believe we are still in the very beginning stages of our evolution and are very excited about our position going forward. The pending acquisition of Galaxy Brands is expected to nearly double the scale of our brand portfolio and further diversifies our license and distribution platform. All told, we are well positioned to continue executing against our growth targets and achieving our three-year goal of $100 million in annual revenue and $70 million in annual adjusted EBITDA."