Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media
and consumer products company with significant expertise in
livestream shopping, today announced its financial results for the
second quarter ended June 30, 2022.
Robert W. D’Loren, Chairman and Chief Executive
Officer of Xcel commented, “Our second quarter results reflect the
challenges facing the global apparel industry, which includes
continued supply chain issues, inflation, geopolitical events, and
cancelled orders by retailers as they prudently manage inventory
levels. While we expect these headwinds will continue throughout
the remainder of 2022, we believe we will emerge from this period
stronger and well positioned to re-accelerate growth and
profitability in 2023 and beyond.”
Mr. D’Loren continued “We have developed a
powerful platform and growth strategy supported by our compelling
lifestyle brands, differentiated livestreaming and interactive TV
capabilities, and strong balance sheet. As a result, we have the
strongest pipeline of new projects and opportunities in our
history, which is driving our optimism as we look forward to
2023.”
“Selling a majority interest in the Isaac
Mizrahi brand was a transformative moment in Xcel’s history and
represents the first time we have monetized one of our brands. We
believe this transaction supports the value of our remaining
brands, while significantly improving our balance sheet. With the
financial flexibility to support our growth strategies, momentum in
our business is expanding and we expect to announce exciting new
projects and opportunities soon,” concluded Mr. D’Loren.
Second Quarter 2022 Financial
Results
Total revenue was $8.5 million, a decrease of
$2.3 million or 21% compared to the prior year quarter, primarily
driven by declines in wholesale apparel sales, as well as lower
licensing revenue as a result of the sale of the Isaac Mizrahi
brand.
Net income attributable to Xcel Brands was
approximately $9.5 million, or $0.48 per diluted share, compared
with a net loss of $1.6 million, or ($0.08) per diluted share, for
the prior year quarter. After adjusting for certain cash and
non-cash items, results on a non-GAAP basis were a net loss of
approximately $3.6 million, or ($0.18) per share for the quarter
ended June 30, 2022, and a net loss of approximately $0.1 million,
or $(0.01) per share, for the quarter ended June 30, 2021. Adjusted
EBITDA was negative $2.8 million for the current quarter and
positive $0.9 million for the prior year quarter.
Six Month 2022 Financial
Results
Total revenue was $17.2 million, a decrease of
$1.4 million compared with the prior year six months, driven by
lower net sales of $2.0 million, partially offset by higher
licensing revenues of $0.6 million. The decrease in net product
sales for the six months ended June 30, 2022, was primarily
attributable to lower apparel wholesales, driven by the temporary
closing of overseas factories, causing delays in product deliveries
that resulted in cancelled orders. The year-over-year increase in
licensing revenue was primarily attributable to the April 1, 2021
acquisition of the LOGO Lori Goldstein brand, partially offset by
declines in due to the sale of the Isaac Mizrahi brand.
Net income attributable to Xcel Brands
shareholders for the current six-month period was approximately
$6.0 million, or $0.30 per diluted share, compared with a net loss
of $4.1 million, or ($0.21) per diluted share, for the prior year
six months. After adjusting for certain cash and non-cash items,
results on a non-GAAP basis were a net loss of approximately $5.5
million, or $(0.28) per diluted share for the six months ended June
30, 2022, and a net loss of approximately $1.6 million, or $(0.09)
per diluted share, for the six months ended June 30, 2021. Adjusted
EBITDA was negative $3.7 million and approximately $0.0 million for
the current year six months and prior year comparable period,
respectively.
Balance Sheet
The Company's balance sheet at June 30, 2022,
reflected stockholders' equity of approximately $81 million, cash
and cash equivalents of approximately $10.9 million, and working
capital, exclusive of the current portion of lease obligations, of
approximately $16.7 million.
Conference Call and Webcast
The Company will host a conference call with
members of the executive management team to discuss these results
with additional comments and details at 11:00 a.m. Eastern Time on
August 15, 2022. A webcast of the conference call will be available
live on the Investor Relations section of Xcel's website at
www.xcelbrands.com. Interested parties unable to access the
conference call via the webcast may dial 1-877-407-3982. A replay
of the conference call will be available until August 29, 2022 and
can be accessed at 1-844-512-2921 using the replay pin number
13732023.
About Xcel Brands
Xcel Brands, Inc. (NASDAQ:XELB) is a media and
consumer products company engaged in the design, production,
marketing, livestreaming, wholesale distribution, and
direct-to-consumer sales of branded apparel, footwear, accessories,
fine jewelry, home goods and other consumer products, and the
acquisition of dynamic consumer lifestyle brands. Xcel was founded
in 2011 with a vision to reimagine shopping, entertainment, and
social media as one thing. Xcel’s brand portfolio – including
wholly owned brands and business ventures with others – consists of
the LOGO by Lori Goldstein, Halston, Judith Ripka, C. Wonder and
owns and manages the Longaberger brand through its controlling
interest in Longaberger Licensing LLC and a minority interest in
the Isaac Mizrahi brand, pioneering a true omni-channel sales
strategy which includes the promotion and sale of products under
its brands through interactive television, digital live-stream
shopping, brick-and-mortar retail, and e-commerce channels. The
company’s brands have generated in excess of $3 billion in retail
sales via live streaming in interactive television and digital
channels alone. Headquartered in New York City, Xcel Brands is led
by an executive team with significant livestreaming, production,
merchandising, design, marketing, retailing, and licensing
experience, and a proven track record of success in elevating
branded consumer products companies. With an experienced team of
professionals focused on design, production, and digital marketing,
Xcel maintains control of product quality and promotion across all
of its product categories and distribution channels. Xcel
differentiates by design. www.xcelbrands.com
Forward Looking Statements
This press release contains forward-looking
statements. All statements other than statements of historical fact
contained in this press release, including statements regarding
future events, our future financial performance, business strategy
and plans and objectives of management for future operations, are
forward-looking statements. We have attempted to identify
forward-looking statements by terminology including "anticipates,"
"believes," "can," "continue," "ongoing," "could," "estimates,"
"expects," "intends," "may," "appears," "suggests," "future,"
"likely," "goal," "plans," "potential," "projects," "predicts,"
"seeks," "should," "would," "guidance," "confident" or "will" or
the negative of these terms or other comparable terminology. These
forward-looking statements include, but are not limited to,
statements regarding our anticipated revenue, expenses,
profitability, strategic plans and capital needs. These statements
are based on information available to us on the date hereof and our
current expectations, estimates and projections and are not
guarantees of future performance. Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
other factors, including, without limitation, the risks discussed
in the "Risk Factors" section and elsewhere in the Company's Annual
Report on form 10-K for the year ended December 31, 2021 and its
other filings with the SEC, which may cause our or our industry's
actual results, levels of activity, performance or achievements to
differ materially from those expressed or implied by these
forward-looking statements. Moreover, we operate in a very
competitive and rapidly changing environment. New risks emerge from
time to time and it is not possible for us to predict all risk
factors, nor can we address the impact of all factors on our
business or the extent to which any factor, or combination of
factors, may cause our actual results to differ materially from
those contained in any forward-looking statements. You should not
place undue reliance on any forward-looking statements. Except as
expressly required by the federal securities laws, we undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events, changed circumstances or
any other reason.
For further information please contact:
Andrew BergerSM Berger & Company, Inc.
216-464-6400andrew@smberger.com
Xcel Brands, Inc. and Subsidiaries |
Unaudited Condensed Consolidated Statements of
Operations |
(in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
June 30, |
|
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Net licensing revenue |
$ |
5,175 |
|
|
$ |
6,224 |
|
|
$ |
11,136 |
|
|
$ |
10,531 |
|
Net sales |
|
3,292 |
|
|
|
4,540 |
|
|
|
6,078 |
|
|
|
8,042 |
|
Net revenue |
|
8,467 |
|
|
|
10,764 |
|
|
|
17,214 |
|
|
|
18,573 |
|
Cost of goods sold |
|
2,570 |
|
|
|
3,063 |
|
|
|
4,250 |
|
|
|
4,898 |
|
Gross profit |
|
5,897 |
|
|
|
7,701 |
|
|
|
12,964 |
|
|
|
13,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
Salaries, benefits and employment taxes |
|
5,236 |
|
|
|
4,049 |
|
|
|
10,089 |
|
|
|
8,101 |
|
Other selling, general and administrative expenses |
|
3,803 |
|
|
|
3,090 |
|
|
|
7,195 |
|
|
|
6,128 |
|
Stock-based compensation |
|
485 |
|
|
|
431 |
|
|
|
517 |
|
|
|
591 |
|
Depreciation and amortization |
|
1,812 |
|
|
|
1,848 |
|
|
|
3,632 |
|
|
|
3,058 |
|
Total operating costs and expenses |
|
11,336 |
|
|
|
9,418 |
|
|
|
21,433 |
|
|
|
17,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of assets |
|
20,608 |
|
|
|
- |
|
|
|
20,608 |
|
|
|
- |
|
Total other income |
|
20,608 |
|
|
|
|
|
|
20,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
15,169 |
|
|
|
(1,717 |
) |
|
|
12,139 |
|
|
|
(4,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and finance expense |
|
|
|
|
|
|
|
|
|
|
|
Interest expense - term loan debt |
|
479 |
|
|
|
522 |
|
|
|
1,187 |
|
|
|
798 |
|
Other interest and finance charges (income), net |
|
(1 |
) |
|
|
100 |
|
|
|
- |
|
|
|
104 |
|
Loss on extinguishment of debt |
|
2,324 |
|
|
|
821 |
|
|
|
2,324 |
|
|
|
821 |
|
Total interest and finance expense |
|
2,802 |
|
|
|
1,443 |
|
|
|
3,511 |
|
|
|
1,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before income taxes |
|
12,367 |
|
|
|
(3,160 |
) |
|
|
8,628 |
|
|
|
(5,926 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
3,178 |
|
|
|
(1,346 |
) |
|
|
3,178 |
|
|
|
(1,484 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
9,189 |
|
|
|
(1,814 |
) |
|
|
5,450 |
|
|
|
(4,442 |
) |
Net loss attributable to noncontrolling interest |
|
(301 |
) |
|
|
(256 |
) |
|
|
(553 |
) |
|
|
(337 |
) |
Net income (loss) attributable to Xcel Brands, Inc.
stockholders |
$ |
9,490 |
|
|
$ |
(1,558 |
) |
|
$ |
6,003 |
|
|
$ |
(4,105 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share attributed to Xcel Brands, Inc. common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
$ |
0.48 |
|
|
$ |
(0.08 |
) |
|
$ |
0.31 |
|
|
$ |
(0.21 |
) |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average common shares outstanding |
|
19,677,243 |
|
|
|
19,449,116 |
|
|
|
19,624,474 |
|
|
|
19,355,795 |
|
Xcel Brands, Inc. and Subsidiaries |
Unaudited Condensed Consolidated Balance
Sheets |
(in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
June 30, 2022 |
|
|
December 31, 2021 |
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
10,873 |
|
|
|
$ |
4,483 |
|
Accounts receivable, net |
|
9,291 |
|
|
|
|
7,640 |
|
Inventory |
|
3,475 |
|
|
|
|
3,375 |
|
Prepaid expenses and other current assets |
|
1,975 |
|
|
|
|
1,681 |
|
Total current assets |
|
25,614 |
|
|
|
|
17,179 |
|
|
|
|
|
|
|
|
Non-Current Assets: |
|
|
|
|
|
|
Property and equipment, net |
|
2,070 |
|
|
|
|
2,549 |
|
Operating lease right-of-use assets |
|
5,876 |
|
|
|
|
6,314 |
|
Trademarks and other intangibles, net |
|
50,735 |
|
|
|
|
98,304 |
|
Equity method investment |
|
19,797 |
|
|
|
|
- |
|
Restricted cash |
|
- |
|
|
|
|
739 |
|
Deferred tax assets, net |
|
- |
|
|
|
|
141 |
|
Other assets |
|
147 |
|
|
|
|
555 |
|
Total non-current assets |
|
78,625 |
|
|
|
|
108,602 |
|
Total Assets |
$ |
104,239 |
|
|
|
$ |
125,781 |
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
$ |
4,759 |
|
|
|
$ |
6,169 |
|
Accrued income taxes payable |
|
1,823 |
|
|
|
|
64 |
|
Accrued payroll |
|
276 |
|
|
|
|
577 |
|
Current portion of contingent obligations |
|
2,800 |
|
|
|
|
- |
|
Current portion of operating lease obligations |
|
1,094 |
|
|
|
|
1,207 |
|
Current portion of long-term debt |
|
- |
|
|
|
|
2,500 |
|
Total current liabilities |
|
10,752 |
|
|
|
|
10,517 |
|
Long-Term Liabilities: |
|
|
|
|
|
|
Long-term portion of operating lease obligations |
|
6,661 |
|
|
|
|
7,252 |
|
Long-term debt, less current portion |
|
- |
|
|
|
|
25,531 |
|
Contingent obligations, net of short term portion |
|
4,739 |
|
|
|
|
7,539 |
|
Deferred tax liabilities, net |
|
1,244 |
|
|
|
|
- |
|
Total long-term liabilities |
|
12,644 |
|
|
|
|
40,322 |
|
Total Liabilities |
|
23,396 |
|
|
|
|
50,839 |
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Preferred stock, $.001 par value, 1,000,000 shares authorized, none
issued and outstanding |
|
- |
|
|
|
|
- |
|
Common stock, $.001 par value, 50,000,000 shares authorized, and
19,571,119 shares issued and outstanding at March 31, 2022 and
December 31, 2021 |
|
20 |
|
|
|
|
20 |
|
Paid-in capital |
|
103,490 |
|
|
|
|
103,039 |
|
Accumulated deficit |
|
(22,776 |
) |
|
|
|
(28,779 |
) |
Total Xcel Brands, Inc. stockholders' equity |
|
80,734 |
|
|
|
|
74,280 |
|
Noncontrolling interest |
|
109 |
|
|
|
|
662 |
|
Total Equity |
|
80,843 |
|
|
|
|
74,942 |
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
$ |
104,239 |
|
|
|
$ |
125,781 |
|
Xcel Brands, Inc. and Subsidiaries |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
June 30, |
|
2022 |
|
|
2021 |
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income (loss) |
$ |
5,450 |
|
|
|
$ |
(4,442 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization expense |
|
3,632 |
|
|
|
|
3,058 |
|
Amortization of deferred finance costs included in interest
expense |
|
156 |
|
|
|
|
109 |
|
Stock-based compensation |
|
517 |
|
|
|
|
591 |
|
Allowance for doubtful accounts |
|
90 |
|
|
|
|
132 |
|
Loss on extinguishment of debt |
|
2,324 |
|
|
|
|
821 |
|
Income tax provision (benefit) |
|
1,384 |
|
|
|
|
(1,484 |
) |
Net gain on sale of assets |
|
(20,608 |
) |
|
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
(1,741 |
) |
|
|
|
(2,392 |
) |
Inventory |
|
(100 |
) |
|
|
|
(1,930 |
) |
Prepaid expenses and other assets |
|
8 |
|
|
|
|
(174 |
) |
Accounts payable, accrued expenses and other current
liabilities |
|
328 |
|
|
|
|
192 |
|
Cash paid in excess of rent expense |
|
(159 |
) |
|
|
|
(225 |
) |
Net cash used in by operating activities |
|
(8,719 |
) |
|
|
|
(5,744 |
) |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Net proceeds from sale of majority interest in Isaac Mizrahi
brand |
|
45,408 |
|
|
|
|
|
Cash consideration for acquisition of Lori Goldstein assets |
|
- |
|
|
|
|
(1,616 |
) |
Purchase of other intangible assets |
|
- |
|
|
|
|
(37 |
) |
Purchase of property and equipment |
|
(85 |
) |
|
|
|
(747 |
) |
Net cash used in investing activities |
|
45,323 |
|
|
|
|
(2,400 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from long-term debt |
|
- |
|
|
|
|
5 |
|
Shares repurchased including vested restricted stock in exchange
for withholding taxes |
|
(442 |
) |
|
|
|
- |
|
Proceeds from revolving loan debt |
|
- |
|
|
|
|
1,500 |
|
Proceeds from long-term debt |
|
- |
|
|
|
|
25,000 |
|
Payment of deferred finance costs |
|
- |
|
|
|
|
(1,131 |
) |
Payment of long-term debt |
|
(29,000 |
) |
|
|
|
(17,375 |
) |
Payment of breakage fees associated with extinguishment of
long-term debt |
|
(1,511 |
) |
|
|
|
(367 |
) |
Net cash used in financing activities |
|
(30,953 |
) |
|
|
|
7,632 |
|
|
|
|
|
|
|
|
Net (decrease) increase in cash, cash equivalents, and
restricted cash |
|
5,651 |
|
|
|
|
(512 |
) |
|
|
|
|
|
|
|
Cash, cash equivalents, and restricted cash at beginning of
period |
|
5,222 |
|
|
|
|
6,066 |
|
|
|
|
|
|
|
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
10,873 |
|
|
|
$ |
5,554 |
|
|
|
|
|
|
|
|
Reconciliation to amounts on consolidated balance
sheets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
10,873 |
|
|
|
$ |
4,815 |
|
Restricted cash |
|
- |
|
|
|
|
739 |
|
Total cash, cash equivalents, and restricted cash |
$ |
10,873 |
|
|
|
$ |
5,554 |
|
|
|
|
|
|
|
|
Supplemental disclosure of non-cash
activities: |
|
|
|
|
|
|
Consideration payable to seller of Lori Goldstein assets |
$ |
- |
|
|
|
$ |
2,045 |
|
Contingent obligation related to acquisition of Lori Goldstein
assets at fair value |
|
- |
|
|
|
$ |
6,639 |
|
Liability for equity-based bonuses |
|
(283 |
) |
|
|
$ |
62 |
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
|
Cash paid during the period for interest |
$ |
1,032 |
|
|
|
$ |
852 |
|
Cash paid during the period for income taxes |
$ |
- |
|
|
|
$ |
15 |
|
Non-GAAP net income and non-GAAP diluted EPS are
non-GAAP unaudited terms. We define non-GAAP net income as net
income (loss) attributable to Xcel Brands, Inc. stockholders,
exclusive of amortization of trademarks, stock-based compensation,
certain adjustments to the provision for doubtful accounts related
to the bankruptcy of and economic impact on certain retail
customers due to the COVID-19 pandemic, gain on the sale of assets
and income taxes. Non-GAAP net income and non-GAAP diluted EPS
measures do not include the tax effect of the aforementioned
adjusting items, due to the nature of these items and the Company’s
tax strategy.
Adjusted EBITDA is a non-GAAP unaudited measure,
which we define as net income (loss) attributable to Xcel Brands,
Inc. stockholders, before depreciation and amortization, interest
and finance expenses (including loss on extinguishment of debt, if
any), income taxes, other state and local franchise taxes, gain on
the sale of assets and stock-based compensation.
Management uses non-GAAP net income, non-GAAP
diluted EPS, and Adjusted EBITDA as measures of operating
performance to assist in comparing performance from period to
period on a consistent basis and to identify business trends
relating to our results of operations. Management believes non-GAAP
net income, non-GAAP diluted EPS, and Adjusted EBITDA are also
useful because these measures adjust for certain costs and other
events that management believes are not representative of our core
business operating results, and thus these non-GAAP measures
provide supplemental information to assist investors in evaluating
our financial results. Adjusted EBITDA is the measure used to
calculate compliance with the EBITDA covenant under our term loan
agreement.
Non-GAAP net income, non-GAAP diluted EPS, and
Adjusted EBITDA should not be considered in isolation or as
alternatives to net income, earnings per share, or any other
measure of financial performance calculated and presented in
accordance with GAAP. Given that non-GAAP net income, non-GAAP
diluted EPS, and Adjusted EBITDA are financial measures not deemed
to be in accordance with GAAP and are susceptible to varying
calculations, our non-GAAP net income, non-GAAP diluted EPS, and
Adjusted EBITDA may not be comparable to similarly titled measures
of other companies, including companies in our industry, because
other companies may calculate these measures in a different manner
than we do. In evaluating non-GAAP net income, non-GAAP diluted
EPS, and Adjusted EBITDA, you should be aware that in the future we
may or may not incur expenses similar to some of the adjustments in
this document. Our presentation of non-GAAP net income, non-GAAP
diluted EPS, and Adjusted EBITDA does not imply that our future
results will be unaffected by these expenses or any unusual or
non-recurring items. When evaluating our performance, you should
consider non-GAAP net income, non-GAAP diluted EPS, and Adjusted
EBITDA alongside other financial performance measures, including
our net income and other GAAP results, and not rely on any single
financial measure.
|
Three Months
Ended |
|
Six Months
Ended |
($
in thousands) |
June
30, |
|
June
30, |
|
June
30, |
|
June
30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net income (loss) attributable to Xcel Brands, Inc.
stockholders |
$ |
9,490 |
|
|
$ |
(1,558 |
) |
|
$ |
6,003 |
|
|
$ |
(4,105 |
) |
Amortization
of trademarks |
|
1,525 |
|
|
|
1,520 |
|
|
|
3,039 |
|
|
|
2,396 |
|
Stock-based compensation |
|
485 |
|
|
|
431 |
|
|
|
517 |
|
|
|
591 |
|
Loss on
extinguishment of debt |
|
2,324 |
|
|
|
821 |
|
|
|
2,324 |
|
|
|
821 |
|
Certain
adjustments to provision for doubtful accounts |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
132 |
|
Gain on
the sale of assets |
|
(20,608 |
) |
|
|
- |
|
|
|
(20,608 |
) |
|
|
- |
|
Income tax
provision (benefit) |
|
3,178 |
|
|
|
(1,346 |
) |
|
|
3,178 |
|
|
|
(1,484 |
) |
Non-GAAP
net loss |
$ |
(3,606 |
) |
|
$ |
(132 |
) |
|
$ |
(5,547 |
) |
|
$ |
(1,649 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
June
30, |
|
June
30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Diluted
earnings (loss) per share |
$ |
0.48 |
|
|
$ |
(0.08 |
) |
|
$ |
0.31 |
|
|
$ |
(0.22 |
) |
Amortization
of trademarks |
|
0.08 |
|
|
|
0.08 |
|
|
|
0.16 |
|
|
|
0.12 |
|
Stock-based compensation |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Loss on
extinguishment of debt |
|
0.12 |
|
|
|
0.04 |
|
|
|
0.12 |
|
|
|
0.04 |
|
Certain
adjustments to provision for doubtful accounts |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.01 |
|
Gain on
the sale of assets |
|
(1.05 |
) |
|
|
- |
|
|
|
(1.05 |
) |
|
|
- |
|
Income tax
provision (benefit) |
|
0.16 |
|
|
|
(0.07 |
) |
|
|
0.16 |
|
|
|
(0.08 |
) |
Non-GAAP
diluted EPS |
$ |
(0.18 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.09 |
) |
Non-GAAP
weighted average diluted shares |
|
19,571,119 |
|
|
|
19,261,436 |
|
|
|
19,418,469 |
|
|
|
19,092,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
($
in thousands) |
June
30, |
|
June
30, |
|
June
30, |
|
June
30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net
income (loss) attributable to Xcel Brands, Inc. stockholders |
$ |
9,490 |
|
|
$ |
(1,558 |
) |
|
$ |
6,003 |
|
|
$ |
(4,105 |
) |
Depreciation
and amortization |
|
1,812 |
|
|
|
1,848 |
|
|
|
3,632 |
|
|
|
3,058 |
|
Interest
and finance expense |
|
478 |
|
|
|
622 |
|
|
|
1,187 |
|
|
|
902 |
|
Income tax
provision (benefit) |
|
3,178 |
|
|
|
(1,346 |
) |
|
|
3,178 |
|
|
|
(1,484 |
) |
State and
local franchise taxes |
|
- |
|
|
|
33 |
|
|
|
36 |
|
|
|
72 |
|
Stock-based
compensation |
|
485 |
|
|
|
431 |
|
|
|
517 |
|
|
|
591 |
|
Loss on
extinguishment of debt |
|
2,324 |
|
|
|
821 |
|
|
|
2,324 |
|
|
|
821 |
|
Certain
adjustments to provision for doubtful accounts |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
132 |
|
Gain on
the sale of assets |
|
(20,608 |
) |
|
|
- |
|
|
|
(20,608 |
) |
|
|
- |
|
Adjusted
EBITDA |
$ |
(2,841 |
) |
|
$ |
851 |
|
|
$ |
(3,731 |
) |
|
$ |
(13 |
) |
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