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FOR IMMEDIATE RELEASE
XCEL BRANDS, INC. ANNOUNCES
SECOND QUARTER 2020 RESULTS
Maintained strong balance sheet and continued expense reduction actions
Digital sales accelerated
Second Quarter total revenues of $5.1 million, reflecting adverse impact from Covid-19 pandemic
GAAP Net loss of $1.3 million, ($0.07) per share
Adjusted EBITDA of $1.7 million
Non-GAAP diluted EPS of $0.06
Positive operating cash flow of $2.0 million for the three months ended June 30, 2020
NEW YORK, NY (August 19, 2020) – Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced its financial results for the second quarter ended June 30, 2020.
Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel commented, “We are living through an extraordinary period of business and social change. The past five months have presented a period of unprecedented challenge, but also has proven Xcel’s agility, resilience, and the dedication of our employees, supply chain and retail partners. While our financial performance this quarter reflects the impact of the global Covid-19 worldwide crisis, we have taken this opportunity to accelerate our core strategic focus to leverage our technology platform to drive future growth and value creation as we move forward out of this crisis”
Second Quarter 2020 Financial Results
Total revenue was $5.1 million, a decrease of $4.1 million compared to the prior year period, primarily driven by lower licensing revenues and lower net sales of $2.3 million and $1.8 million, respectively. Gross profit decreased by $2.6 million to $4.8 million from $7.4 million in the prior year quarter. Our revenues were impacted by the COVID-19 pandemic which included the government mandated stay-at-home policy and the closing of retail across the country.
GAAP net loss was approximately $1.3 million, or ($0.07), per diluted share, compared with a GAAP net income of $1.9 million, or $0.10 per diluted share, for the prior year quarter. The prior year quarter’s GAAP net income included a $2.9 million gain on the reduction of contingent obligations. After adjusting for certain cash and non-cash items, non-GAAP net income for the quarters ended June 30, 2020 and June 30, 2019, was approximately $1.2 million, or $0.06 per diluted share and approximately $1.0 million, or $0.07 per diluted share, respectively. Adjusted EBITDA was approximately $1.7 million and $1.6 million for the current quarter and the prior year quarter, respectively.
Six Month 2020 Financial Results
Total revenue was $14.6 million, a decrease of $4.8 million, primarily driven by lower licensing revenues
The following information was filed by Xcel Brands, Inc. (XELB) on Monday, August 24, 2020 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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