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FOR IMMEDIATE RELEASE
XCEL BRANDS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2015 FINANCIAL RESULTS
Company Reports Double-Digit Year-over-Year Revenue Growth of 34% to $27.7 Million
2015 Adjusted EBITDA Increased 33% to $9.3 Million
Full Year Non-GAAP Earnings per Diluted Share of $0.36
NEW YORK, NY (March 15, 2016) – Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a brand development and media company, today announced its financial results for the fourth quarter and full year ended December 31, 2015.
“Fiscal 2015 was a year marked with significant milestones and strong business performance fueling robust growth to our top and bottom line,” said Robert W. D'Loren, Xcel's Chairman and Chief Executive Officer. “These milestones include our successful up-listing to the NASDAQ Global Market, a completed public equity offering, the strategic acquisition of the C. Wonder brand, the launch of H by Halston brand on QVC and the creation of a quick-time-response or short lead time supply chain to improve and maximize full price sell-through for our retail partners. Additionally, we recently announced the refinancing of our senior credit facility providing us with increased financial flexibility. We are entering 2016 with powerful momentum and are confident that our recent results and achievements, coupled with the on-going execution of our key initiatives, leave us well positioned to achieve continued revenue expansion, increased profitability and sustainable long-term growth across our portfolio of brands.”
Fourth Quarter 2015 Results
Total revenue for the fourth quarter of fiscal 2015 increased 31% to $7.5 million, compared with $5.7 million for the fourth quarter of fiscal 2014.
Net income was $0.8 million for the quarter ended December 31, 2015, or $0.04 per diluted share, compared with a net loss of ($0.6) million, or ($0.05) per diluted share, in the prior year quarter. After adjusting for certain cash and non-cash items, non-GAAP net income for the quarter ended December 31, 2015 was $2.1 million, or $0.10 per diluted share, compared with $1.0 million, or $0.07 per diluted share in the prior year quarter.
Adjusted EBITDA for the quarter ended December 31, 2015 increased approximately $1.7 million to $3.0 million, compared with $1.3 million for the quarter ended December 31, 2014.
Full Year 2015 Results
Total revenue for the year ended December 31, 2015 increased 34% to $27.7 million, compared with $20.7 million in the prior year.
Net income was $2.6 million for the year ended December 31, 2015, or $0.15 per diluted share, compared with a net loss of ($1.0) million, or ($0.08) per diluted share, in the prior year. After adjusting for certain cash and non-cash items, non-GAAP net income for the year ended December 31, 2015 was $6.3 million, or non-GAAP earnings per diluted share of $0.36, compared with $5.2 million, or non-GAAP earnings per diluted share of $0.40, compared with the prior year.
475 Tenth Avenue, 4th floor • new york, new york • 10018
Phone: 347-727-2474 • INFO@XCELBRANDS.COM
The following information was filed by Xcel Brands, Inc. (XELB) on Thursday, March 17, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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