Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

XCEL BRANDS, INC. ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS

 

Company Reports First Quarter Total Revenues of $8.8 Million; +4% from Prior Year Quarter

 

GAAP Net Income of $0.5 Million, +225% from Prior Year Quarter

 

Adjusted EBITDA of $2.2 Million, +11% from Prior Year Quarter

 

NEW YORK, NY (May 14, 2018) – Xcel Brands, Inc.

(NASDAQ: XELB) (“Xcel” or the “Company”), a consumer products company, today announced its financial results for the first quarter ended March 31, 2018.

 

Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel commented, “I am delighted by our positive first quarter results. We are beginning to see positive momentum building in our business across all channels of distribution”.

 

First Quarter 2018 Financial Results

 

Total revenue for the first quarter of 2018 was $8.8 million, an increase of $0.4 million or 4% over the prior year quarter. The improvement in first quarter revenues resulted from commencement of the wholesale and e-commerce jewelry business and a 45% increase in revenues from the company’s apparel and accessories department store business.

 

GAAP net income was approximately $0.5 million for the quarter ended March 31, 2018, or $0.03 per basic and diluted share, an increase of $0.9 million or $0.05 per basic and diluted share from the prior year quarter, representing an increase of more than 225% in GAAP net income and EPS from the prior year quarter. Non-GAAP net income for the quarter ended March 31, 2018 was approximately $1.4 million, or $0.08 per diluted share, compared with $1.1 million, or $0.06 per diluted share in the prior year quarter, representing an increase of 26% and 36%, respectively, from the prior year quarter.

 

Adjusted EBITDA for the quarter ended March 31, 2018 was approximately $2.2 million, an increase of $0.3 million, or 11% from 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 ("GAAP"). 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, 2018 remained strong, with stockholders' equity of approximately $98.9 million, cash and cash equivalents of $8.9 million, and working capital of approximately $9.5 million. During the current quarter, the Company reduced its term debt by $1.7 million to $20.2 million.

 


The following information was filed by Xcel Brands, Inc. (XELB) on Tuesday, May 15, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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