Sequential Brands Group Inc. posted Q2 earnings before the market open that were in line with forecasts.
The parent company of the Jessica Simpson brand, Heelys, Martha Stewart Living Omnimedia and other brands, said its revenues rose 69 percent, to $34.2 million, from $20.2 million in the comparable period.
Sequential also narrowed it losses in the quarter, posting a (reported) net loss $65,000, or 0 cents per diluted share, compared to a (reported) net loss of $1.3 million, or 3 cent per diluted share (loss), in the comparable quarter. Adjusted net income totaled 3.6 million, or 6 cents per diluted share, compared to $3.3 million, or 8 cents per diluted share, in the comparable quarter. The results met Wall Street’s expectations.
“In addition to being pleased with our financial results, we are excited to have announced several initiatives this past quarter, including the acquisition of the Gaiam brand, the launch of a new ecommerce business for the Martha Stewart brand, and a new partnership with Amazon for Chef Emeril,” Sequential CEO Yehuda Shmidman said in a release. “We are encouraged by the momentum across our business and focused on continuing to deliver strong financial results.”
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Adjusted EBITDA was $17.3 million, compared to $12.4 million in the year-ago same period.
Sequential reiterated its fiscal year guidance and continues to expect $155 to $160 million in revenue, GAAP net income of $12.7 to $14.6 million and adjusted EBITDA of $88 to $91 million.