Q3 Revenue increased 83% to $42.0 million vs. $23.0 million in the prior year quarter
Q3 GAAP diluted EPS of $0.02; Q3 non-GAAP diluted EPS of $0.12
Year-to-date Revenue increased 94% to $110.1 million vs. $56.8 million in the prior year
NEW YORK, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. ("Sequential" or the "Company") (Nasdaq:SQBG) today announced financial results for the third quarter and nine months ended September 30, 2016. Third Quarter 2016 Results: Total revenue for the third quarter ended September 30, 2016 increased 83% to $42.0 million, compared to $23.0 million in the prior year comparable quarter. On a GAAP basis, Sequential reported net income of $1.3 million for the third quarter of 2016, or $0.02 per diluted share, compared to $2.7 million, or $0.06 per diluted share, in the prior year comparable quarter. On a non-GAAP basis, Sequential reported net income for the quarter ending September 30, 2016 of $7.5 million, or $0.12 per diluted share, compared to $5.0 million, or $0.12 per diluted share, in the prior year comparable quarter. Adjusted EBITDA (defined in the accompanying Non-GAAP Financial Measures) for the third quarter of 2016 was $24.9 million, compared to $15.7 million in the prior year comparable quarter. See Non-GAAP Financial Measure Reconciliation tables below for a reconciliation of GAAP to non-GAAP measures. In addition, the Company ended the quarter with approximately $20 million of cash on hand, net of approximately $32 million of balance sheet cash used to help finance the Gaiam acquisition. Yehuda Shmidman, Sequential's Chief Executive Officer, commented, "Our business activation team is executing and our portfolio brand health is solid, driven by strong contributions from our core brands Jessica Simpson, William Rast and Heelys, as well as from recently acquired brands including Joe's Jeans, Martha Stewart, Chef Emeril and Gaiam."