- Prachi Singh |
Under new revenue recognition standard, ASC 606, Sequential Brands Group recorded revenue for the first quarter of 2018 of 38.1 million dollars. The company said, on a GAAP basis, the net loss for the quarter was 2.3 million dollars or 0.04 dollar per diluted share, while on a non-GAAP basis, net income was 3.6 million dollars or 0.06 dollar per diluted share. Adjusted EBITDA for the quarter was 21.2 million dollars.
“We are encouraged by our solid start to 2018 and the momentum underway across our portfolio of strong, diversified brands," said Karen Murray, CEO of Sequential Brands Group in a statement, adding, "We remain focused on executing against our strategic plan to grow revenue, manage costs and improve our balance sheet."
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Under prior year’s revenue recognition standard, ASC 605, the company added, revenue for the first quarter would have been 39.4 million dollars, flat compared to 2017. Net loss would have been 1.3 million dollars or 0.02 dollar per diluted share compared to 1.2 million dollars or 0.02 dollar per diluted share last year. Non-GAAP net income for the first quarter would have been 4.9 million dollars or 0.08 dollar per diluted share compared to 5.9 million dollars or 0.09 dollar per diluted share, in the prior year period, while adjusted EBITDA would have been 22.5 million dollars compared to 23 million dollars in the prior year quarter.
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