Business
Xcel Brands, Inc. Announces First Quarter 2020 Results
• First Quarter Total Revenues of $9.5 Million, • GAAP Net Loss of $0.8 million, Diluted EPS of ($0.04) and • non-GAAP Diluted EPS of $0.00, Adjusted EBITDA
About this update from Xcel Brands, Inc
[{"type":"text","content":"• First Quarter Total Revenues of $9.5 Million, • GAAP Net Loss of $0.8 million, Diluted EPS of ($0.04) and • non-GAAP Diluted EPS of $0.00, Adjusted EBITDA of $0.6 million\n NEW YORK, May 19, 2020 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced its financial results for the first quarter ended March 31, 2020. Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel commented, “We are pleased with the growth in our wholesale and e-commerce channels. Although our bottom-line results are down from last year’s first quarter, we are pleased with our results in light of the events associated with the COVID-19 pandemic. We remain vigilant over expense reductions and cash conservation so that we may emerge from this event stronger than when it started”. First Quarter 2020 Financial Results Total revenue decreased to $9.5 million, a decrease of $0.8 million, or 8% over the prior year quarter, primarily driven by lower licensing revenues partially offset by growth in our wholesale apparel business. Gross profit decreased by $1.3 million to $7.1 million from $8.4 million in the prior year quarter. GAAP net loss was approximately $0.8 million, or ($0.04), per diluted share, compared with a GAAP net income of $0.1 million, or $0.01 per diluted share, for the prior year quarter. After adjusting for certain cash and non-cash items, non-GAAP net income for the quarters ended March 31, 2020 and March 31, 2019, was approximately $0.1 million, or $0.00 per diluted share and approximately $1.5 million, or $0.08 per diluted share, respectively. Adjusted EBITDA was approximately $0.6 million, compared to approximately $2.0 million in the prior year quarter. See reconciliation tables below for non-GAAP metrics. These non-GAAP metrics may be inconsistent with similar measures presented by other companies and should only be used in conjunction with our results reported according to U.S. generally accepted accounting principles. Any financial measure other than those prepared in accordance with GAAP should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The Company's balance sheet at March 31, 2020 remained strong, with stockholders' equity of approximately $98 million, cash and cash equiva...