For the fourth quarter to December 31, 2018, Sequential Brands Group,
Inc. said on a GAAP basis, net loss was 2.2 million dollars or 3 cents per
diluted share. Under ASC 605, the company added, GAAP net loss would have
been 1.2 million dollars or 2 cents per diluted share compared to net loss
of 162.9 million dollars or 2.58 cents per diluted share in the fourth
quarter 2017.
“2018 was a productive year for Sequential with strength across our
portfolio of brands both with new and existing business,” said Karen
Murray, CEO of Sequential Brands Group in a statement, adding, “Moving
ahead, we continue to execute against our strategy of driving organic
growth, improving our cost structure and strengthening our balance
sheet.”
Review of Sequential’s Q4 and full year trading
The company’s revenue totalled 48.9 million dollars, while under ASC
605, revenue would have been 49.9 million dollars compared to 46.9
million dollars in the fourth quarter 2017. Revenue for the full year
was 170 million dollars and under ASC 605, the company added, revenue would
have been 173.5 million dollars compared to 167.5 million dollars in the
prior year.
On a GAAP basis, net loss for the year was 10.5 million dollars or 16
cents per diluted share. Under ASC 605, Sequential added, GAAP net loss
would have been 7.8 million dollars or 12 cents per diluted share compared
to 185.7 million dollars or 2.95 cents per diluted share in the prior year.
On a non-GAAP basis, net income for the year was 21.2 million dollars
or 33 cents per diluted share, while the company said, under ASC 605,
non-GAAP net income would have been 24.8 million dollars or 38 cents per
diluted share compared to 27.9 million dollars or 44 cents per diluted
share, in the prior year.
On a non-GAAP basis, net income for the fourth quarter was 7.8 million
dollars or 12 cents per diluted share and the company added that under ASC
605, non-GAAP net income would have been 9 million dollars or 14 cents per
diluted share compared to 7.8 million dollars or 12 cents per diluted
share, in the prior year period. Adjusted EBITDA for the quarter was 25
million dollars. Under ASC 605, adjusted EBITDA would have been 26.3
million dollars compared to 27.4 million dollars in the prior year
quarter.
Adjusted EBITDA for the year ended December 31, 2018 was 91.5 million
dollars, under ASC 605, adjusted EBITDA would have been 95.1 million
dollars compared to 98.4 million dollars in the prior year. Excluding
certain expenses, the company said, adjusted EBITDA would have been 99.3
million dollars.
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