Sequential Brands Group posts drop in Q1 revenue

Under new revenue recognition standard, ASC 606, Sequential Brands Group recorded revenue for the first quarter of 2018 of 38.1 million dollars. The company said, on a GAAP basis, the net loss for the quarter was 2.3 million dollars or 0.04 dollar per diluted share, while on a non-GAAP basis, net income was 3.6 million dollars or 0.06 dollar per diluted share. Adjusted EBITDA for the quarter was 21.2 million dollars.