Sequential Brands Group Announces Third Quarter Results
-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, 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
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.
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."
September Year-to-Date 2013 Results:
Total revenue for the nine months ended September 30, 2013 increased to approximately $12.0 million, compared to approximately $3.4 million for the prior year period.
The Company's adjusted EBITDA was approximately $5.1 million, compared to approximately $0.7 million for the nine months ended the prior year and the Company's non-GAAP net income was approximately $1.4 million, or $0.09 per share, for the nine months ended September 30, 2013, compared to net income of approximately $0.3 million, or $0.12 per share, in the prior year.
Net loss on a GAAP basis was approximately $22.0 million for the nine months ended September 30, 2013, or ($1.43) per share, compared to a net loss of approximately $1.8 million, or ($0.74) per share, in the prior year, as theCompany incurred certain costs during 2013, both cash and non-cash, that were not representative of the Company's ongoing business.
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