Q3 net loss widens at Sequential Brands Group

Third quarter revenues at Sequential Brands Group, Inc. were 25.4 million dollars compared to 29.5 million dollars in the prior year quarter. On a GAAP basis, net loss was 18.4 million dollars or 28 cents per diluted share compared to 10.5 million dollars or 16 cents per diluted share. Non-GAAP net loss for the quarter was 0.9 million dollars or 2 cents per diluted share compared to 3 million dollars or 0 cents per diluted share, in the third quarter 2018. Adjusted EBITDA was 13.2 million dollars compared to 15.1 dollars million in the prior year quarter.

“We feel great about the progress we’ve made to lay the groundwork for 2020, as we transition to a nimbler, leaner, higher margin operation. We have strong brands spanning across the lifestyle and active categories and the financial flexibility to execute against our long-term strategy,” said Sequential’s Chairman Bill Sweedler in a statement.

The company said, total revenue for the nine months ended September 30, 2019 were 77.3 million dollars compared to 92 million dollars in the prior year period. On a GAAP basis, net loss was 26.4 million dollars or 41 cents per diluted share compared to 11.8 million dollars or 19 cents per diluted share, while non-GAAP net loss was 7.7 million dollars or 11 cents per diluted share, compared to non-GAAP net income of 5.7 million dollars or 9 cents per diluted share, in the prior year period. Adjusted EBITDA from continuing operations for the nine months was 37.7 million dollars compared to 52.1 million dollars in the prior year period.

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