Xcel Brands continues double-digit growth in Q2, doubles net income
Xcel Brands reported double-digit top-line growth for the second quarter of 2016. Also in the second quarter, the company successfully launched the IMNYC Isaac Mizrahi, H Halston and Highline Collective brands at Lord & Taylor and Hudson’s Bay stores.
Robert W. D'Loren, Xcel's Chairman and Chief Executive Officer stated, "I am pleased with the historical and continued growth in our interactive television business. We are also focused on gaining market share in the bricks and mortar channel, and plan to continue to invest in our quick-time-response short lead time production platform to drive growth in this channel."
Second quarter total revenue increased 44% to $9.1 million from $6.3 million in the previous year’s second quarter. Adjusted EBITDA increased 44% to $2.7 million from $1.9 million from the prior year, and Xcel reported a non-GAAP net income of $2.1 million, or $0.11 per diluted share, compared to net income of $1.1 million, or $0.07 per diluted share, in the previous second quarter.
The company reported similar results for the first six months of the year ended June 30, 2016. Total revenue increased 36% to $17.5 million versus $12.9 million in the prior year’s comparable period. Non-GAAP net income was $3.4 million, or $0.17 per diluted share, compared with $2.8 million, or $0.18 per diluted share, and adjusted EBITDA increased to $4.7 million from $4.1 million.
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