Sequential posts Q2 net loss of 3.3 million dollars

Sequential Brands Group, Inc. said total revenue from continuing operations for the second quarter ended June 30, 2019 was 26.4 million dollars compared to 33.1 million dollars in the prior year quarter. On a GAAP basis, net loss from continuing operations was 3.3 million dollars or 5 cents per diluted share compared to net income of 2.2 million dollars or 3 cents per diluted share. Non-GAAP net loss from continuing operations was 2.6 million dollars or 4 cents per diluted share, compared to non-GAAP net income of 4.5 million dollars or 7 cents per diluted share, in the second quarter 2018.

“The first phase of that transition included the completion of the divestiture of the Martha Stewart and Emeril Lagasse brands, which occurred during the quarter. The second phase, which is currently underway, is right sizing our operational cost structure to ensure it is aligned with the current business. We are confident that we are on the right path to best position our business for 2020,” said Karen Murray, CEO of Sequential in a statement.

Total revenue from continuing operations for the six months ended June 30, 2019 was 51.9 million dollars compared to 62.6 million dollars in the prior year period. On a GAAP basis, net loss from continuing operations was 8.1 million dollars or 13 cents per diluted share compared to 1.4 million dollars or 2 cents per diluted share. Non-GAAP net loss from continuing operations was 6.9 million dollars or 11 cents per diluted share, compared to non-GAAP net income of 5.8 million dollars or 8 cents per diluted share, in the prior year period. Adjusted EBITDA was 24.6 million dollars compared to 39 million dollars in the prior year period.

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