Sequential Brands optimistic despite Q4 drop
- Q4 earnings drop to US$4.5m
- Sales soar 75%
Brand management company Sequential Brands Group has offered an optimistic outlook for the new fiscal, despite charges in the fourth quarter pushing earnings down.
In the three months to the end of December, net income on a non-GAAP basis dropped to US$4.5m from $5.2m a year earlier. On a GAAP basis, the company moved to a net loss of $3.8m, compared to earnings of $4.1m in the prior year quarter.
Revenues in the quarter, however, soared 75% to $18.6m versus $10.6m last year.
CEO Yehuda Shmidman, said: “2014 was another transformational year for Sequential. Our platform grew substantially, and the company delivered strong financial results. Looking ahead, we remain focused on executing the chapters of our playbook inclusive of both organic and acquisition growth, as we look to achieve our three-year plan of $3.5bn in annual global retail sales, $100m in revenue and $70m of adjusted EBITDA."
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