SEQUENTIAL BRANDS GROUP, INC. (NASDAQ:SQBG) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition.
On July 27, 2017, Sequential Brands Group, Inc. (“Sequential”) issued a press release reporting its results of operations for the second quarter ended June 30, 2017. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
As noted in the press release, Sequential has provided certain non–U.S. generally accepted accounting principles (“GAAP”) financial measures and a reconciliation of the non–U.S. GAAP measures to U.S. GAAP measures. Sequential believes these non-U.S. GAAP financial measures provide useful information to investors because they allow for a more direct understanding of Sequential’s business. Readers should consider non–U.S. GAAP measures in addition to, and not as a substitute for, measures of financial performance prepared in accordance with U.S. GAAP.
The information contained herein and in the press release furnished as an exhibit hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. In addition, the press release contains statements intended as “forward-looking statements” which are subject to the cautionary statements about forward-looking statements set forth in such press release.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangement of Certain Officers
Appointment of Interim Chief Financial Officer
On July 25, 2017, Mr. Andrew Cooper, who currently serves as the Company’s President, was appointed by the Board of Directors as Interim Chief Financial Officer effective September 1, 2017.
Predecessor Chief Financial Officer
On July 25, 2017, Mr. Gary Klein notified the Company that he is stepping down as the Company’s Chief Financial Officer effective August 31, 2017. No compensation will be due to Mr. Klein after August 31, 2017.
Item 7.01. Regulation FD Disclosure
The information set forth in Item 2.02 above is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
|99.1||Press release issued by Sequential on July 27, 2017 reporting second quarter 2017 results of operations.|
Sequential Brands Group, Inc. ExhibitEX-99.1 2 v471636_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Sequential Brands Group Announces Second Quarter 2017 Financial Results Company Announces Multi-Year Strategic Partnership with USA TODAY NETWORK to License the Martha Stewart Brand in Connection with the Food & Wine Experience Event Series ·Q2 Revenue increased 23% to $42.1 million ·Q2 GAAP diluted EPS of $0.04; Q2 non-GAAP diluted EPS of $0.12 ·Q2 GAAP net income of $2.5 million; Q2 non-GAAP net income of $7.8 million ·Q2 Adjusted EBITDA increased 43% to $24.7 million NEW YORK,…To view the full exhibit click
About SEQUENTIAL BRANDS GROUP, INC. (NASDAQ:SQBG)
Sequential Brands Group, Inc. owns a portfolio of consumer brands in the fashion, home, athletic and lifestyle categories. The Company’s portfolio of consumer brands includes Martha Stewart, Emeril Lagasse, Jessica Simpson, Joe’s Jeans, William Rast, Ellen Tracy, Revo, AND1 and Avia. The Company’s brands are licensed for a range of product categories, including apparel, footwear, eyewear, fashion accessories and home goods. The Company licenses brands to both wholesale and direct-to-retail licensees. The Company licenses the Martha Stewart brand to various licensees, including retailers, such as Macy’s, The Home Depot, PetSmart and Staples. The Jessica Simpson Collection is a signature lifestyle concept designed in collaboration with Jessica Simpson, which offers various product categories, including footwear, apparel, fragrance, fashion accessories, maternity apparel, girls clothing and a home line. The Avia brand offers running and activewear products.