Sequential's Q4 GAAP loss widens to 7.9 million dollars

For the fourth quarter, Sequential Brands Group, Inc. reported total revenue from continuing operations of 24.2 million dollars compared to 35.2 million dollars in the prior year quarter. On a GAAP basis, the company said, loss from continuing operations was 7.9 million dollars or 12 cents per diluted share compared 5.7 million dollars or 9 cents per diluted share, while non-GAAP net loss from continuing operations was 8.9 million dollars or 14 cents per diluted share compared to non-GAAP net income from continuing operations of 2.6 million dollars or 5 cents per diluted share, in the fourth quarter 2018.

“A transformation is underway at Sequential Brands Group. We successfully simplified our business with the divestiture of our home division, significantly reduced our overhead to drive meaningful margin improvement, and amended our lending agreements to improve our liquidity and cash flow. As we look ahead, we are focused on completing the previously announced strategic review process and best positioning our portfolio of brands for long-term growth,” said Sequential’s CEO David Conn in a statement.

Total revenue from continuing operations for the year ended December 31, 2019 was 101.6 million dollars compared to 127.3 million dollars in the prior year. On a GAAP basis, loss from continuing operations was 34.3 million dollars or 53 cents per diluted share compared to 17.5 million dollars or 27 cents per diluted share, while non-GAAP net loss was 16 million dollars or 25 cents per diluted share, compared to non-GAAP net income 8.1 million dollars or 13 cents per diluted share, in the prior year. Adjusted EBITDA was 45.8 million dollars compared to 69.9 million dollars in the prior year.

Picture:William Rast