- Prachi Singh |
Sequential Brands Group, Inc. said total revenue from continuing operations for the first quarter ended March 31, 2020 was 20.2 million dollars, compared to 25.5 million dollars in the prior year quarter. On a GAAP basis, loss from continuing operations was 85.3 million dollars or loss of 1.30 dollars per diluted share compared to loss from continuing operations for the first quarter 2019 of 4.8 million dollars or 7 cents per diluted share.
“While the coronavirus pandemic has significantly impacted the U.S. economy and the apparel and accessories industry, we plan to weather the storm by remaining laser focused on managing cash in-flows, instituting further expense reductions, and negotiating short-term lender relief. I believe that the steps we are taking, coupled with our diversified portfolio of brands and channels of distribution, will assist us in tackling these challenging times while we also explore opportunities that best position the Company for long-term success and maximize value,” said Sequential Brands Group CEO David Conn.
The company added that non-GAAP net loss from continuing operations was 10.4 million dollars or loss of 16 cents per diluted share, compared to 4.3 million dollars or 7 cents per diluted share, in the prior year quarter. The company’s adjusted EBITDA from continuing operations was 9.8 million dollars compared to 11.3 million dollars in the prior year quarter.
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