- Prachi Singh |
Sequential Brands Group’s third quarter revenue was 39 million dollars, compared to 42 million dollars in the prior year quarter. On a GAAP basis, the net loss for the quarter was 24.2 million dollars or 0.38 dollar per diluted share compared to net income of 1.3 million dollars or 0.02 dollar per diluted share.
"While third quarter results were softer than expected, we experienced growth with several of our core brands and executed on key new initiatives in the quarter, including the successful launch of our new Martha Stewart partnership with QVC," said Karen Murray, CEO of Sequential Brands Group in a statement.
Highlights of Q3 and year-to-date results
Non-GAAP net income for the third quarter 2017 was 6.5 million dollars or 0.10 dollar per diluted share, compared to 7.5 million dollars or 0.12 dollar per diluted share, in the prior year period.
Total revenue for the nine months ended September 30, 2017 increased 10 percent to 120.6 million dollars. On a GAAP basis, the net loss for the nine months was 22.8 million dollars or 0.36 dollar per diluted share compared to net income of 0.2 million dollars last year. Non-GAAP net income for the nine months 20.1 million dollars or 0.32 dollar per diluted share, compared to 13.7 million dollars or 0.22 dollar per diluted share, in the prior year period.
Financial update for fiscal year 2017
For the year ending December 31, 2017, the company is now expecting revenue of 165 million dollars to 169 million dollars and adjusted EBITDA of 95 million dollars to 98 million dollars. The Company is now expecting GAAP net loss of 8.4 million dollars to 10.4 million dollars.
Picture:Sequential Brands Group website