Xcel Brands pleased with TV business as net loss increases
Xcel Brands is off to a positive start to fiscal 2017, according to Chairman and CEO Robert W. D’Loren. The company posted an increase in revenue and a turn to net income in the first quarter of the year, due in part to a strong performance from the company’s interactive television business.
“We are pleased by the strong performance of our interactive television business during the first quarter of 2017,” said D'Loren. “We continue to refine our short lead production platform in our department store business and are excited to announce the successful launch of our H Halston brand at Dillard’s.”
The television business may have performed well, but the company's GAAP net loss expanded in the first quarter to $0.4 million, or $0.02 per share, compared to a net loss of less than $0.1 million, or $0.00 per share, in the prior year.
After adjusting for certain cash and non cash items, non-GAAP net income was $1.1 million, or $0.06 per diluted share, compared to $1.2 million, or $0.07 per diluted share.
Total revenues increased 1% to $8.4 million and adjusted EBITDA decreased by $0.1 million to $1.9 million.
The first quarter marked as the first quarter that consultant Ariel Foxman has spent with the company. The former InStyle Magazine, InStyle.com and People StyleWatch Editorial Director joined Xcel Brands in March to consult for digital and media strategy.
H Halston, through a license agreement with Komar, launched a line of sleepwear and intimate apparel in spring 2017 under the H Halston and H by Halston labels.
Isaac Mizrahi and Judith Ripka also launched new categories in spring 2017 through license agreements with Bytech NY Inc. and Longlat Inc. and Bentex Group Inc./Indecor LLC, respectively.
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