Sequential Brands ends year with net loss, appoints new CFO
Sequential Brands, the parent company of brands like William Rast, Martha Stewart and Jessica Simpson, reported on Wednesday a net loss for the fourth quarter and full year ended December 31, 2017, due to charges connected to the recent federal tax reform legislation and the company’s goodwill.
While total revenue for the year increased 8 percent to $167.5 million, compared to $155.5 million in the prior year, on a GAAP basis the company posted a net loss of $185.7 million.
Meanwhile, total revenue for the fourth quarter increased 3 percent to $46.9 million compared to $45.4 million in the prior year quarter. Still, on a GAAP basis, net loss for the fourth quarter 2017 was $162.9 million.
“We ended the full year with 8% revenue growth, strong organic growth and an improved Adjusted EBITDA margin which reflect the power of our unique portfolio of brands,” said Sequential Brands Group CEO Karen Murray, in a news statement.
“We are encouraged by the momentum so far in 2018 and are focused on driving revenue through both existing partnerships as well as executing against our robust new business development pipeline. Our refinancing efforts continue to progress and we remain on track with an early 2018 refinancing.”
The company also announced the appointment of Peter Lops as Chief Financial Officer.
Previously at Viacom Media Networks, Lops will replace President and Interim CFO Andrew Cooper who will continue to serve as President.
"Peter has a robust skill set, including extensive public company experience in finance and operations. His background as well as his deep understanding of the licensing business, make him a great addition to the team. We’re thrilled to have him join us,” added Murray.
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