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XELB

Xcel Brands Inc NASDAQ Global Market
$1.76
Open: $1.7 High: $1.86 Low: $1.6 Close: $1.69
Range: 2021-04-19 - 2021-04-20
Volume: 418,519
Market: Extended-hours
Powered by Finage Stock APIDelayed data
XELB
Xcel Brands Inc 1333 Broadway New York NY, 10018 http://www.xcelbrands.com
Xcel Brands Inc is a media and brand management company engaged in the design, production, licensing, marketing, and direct to consumer sales of branded apparel, footwear, accessories, jewelry, home goods, and other consumer products.
  • CEO: Robert W. D'Loren
  • Employees: 94
  • Sector: Consumer Cyclical
  • Industry: Manufacturing - Apparel & Furniture
XELB News
Latest news about the XELB
  • Xcel Brands to Report Fourth Quarter 2020 Financial Results on April 21, 2021

    NEW YORK, April 20, 2021 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced that it will report its fourth quarter 2020 financial results after the market closes on April 21, 2021. The Company will hold a conference call with the investment community at 5:00 p.m. Eastern Time that day. A webcast of the conference call will be available live on the Investor Relations section of Xcel’s website at https://www.xcelbrands.com/. Interested parties unable to access the conference call via the webcast may dial 877-407-3982. A replay of the conference call will be available on the Company website for approximately two weeks following the event and can be accessed at 844-512-2921 using replay pin number 13719186. About Xcel BrandsXcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. The Company’s brands have generated in excess of $3 billion U.S. in retail sales through live streaming on TV. Xcel was founded by Robert W. D'Loren in 2011 with a vision to reimagine shopping, entertainment, and social media as one. Xcel owns the Isaac Mizrahi, Judith Ripka, Halston, Lori Goldstein and C. Wonder brands, and it owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, brick-and-mortar retail, e-commerce and peer to peer channels. Headquartered in New York City, Xcel Brands is led by an executive team with significant livestream production, merchandising, design, production, 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 For further information please contact: Andrew BergerSM Berger & Company216-464-6400andrew@smberger.com

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  • Xcel Brands Ups Its Buying Power

    The new backing furthers Xcel's growth and ability to grow its brand portfolio.

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  • Xcel Brands Announces $100mm Refinancing and Acquisition Facility

    Leading Consumer Products Livestreaming Company Sees Significant OpportunitiesNEW YORK, April 15, 2021 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) today announced it has entered into a refinancing of its existing credit facility. The refinancing provides an initial $25 million term loan under a facility jointly provided by BHI and First Eagle Alternative Credit, LLC, and up to an additional $25 million for acquisitions, subject to lender approval; and separately, through First Eagle Alternative Credit, LLC an additional $50 million acquisition facility subject to lender approval. “I am delighted to further our relationship with BHI and welcome First Eagle into our capital structure. The facilities provide us with an immediate $10 million of liquidity and up to $75 million for future acquisitions. We are seeing attractive opportunities that can drive our digital and livestreaming DTC businesses. Timing is perfect for a facility of this nature,” said Robert W. D’Loren, Xcel Brands’ Chairman and Chief Executive Officer. “First Eagle is excited to be part of the financing solution and looks forward to supporting XCEL’s strategic growth,” said Larry Klaff, Senior Managing Director for First Eagle. “BHI’s primary goal is to meet the business objectives of our clients and we are delighted to provide financing to facilitate Xcel’s growth,” said Mitchell Barnett, BHI Executive Vice President and Head of Commercial & Industrial and Brand Financing. About Xcel BrandsXcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. The company has sold in excess of $3BB US in retail sales through live streaming on TV. Xcel was founded by Robert W. D'Loren in 2011 with a vision to reimagine shopping, entertainment, and social media as one. Xcel owns the Isaac Mizrahi, Judith Ripka, Halston, and C. Wonder brands, and it owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, brick-and-mortar retail, e-commerce and peer to peer channels. Headquartered in New York City, Xcel Brands is led by an executive team with significant livestream production, merchandising, design, production, 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 About BHI (www.bhiusa.com)BHI, the U.S division of Bank Hapoalim, Israel’s leading financial institution, provides commercial banking solutions to middle market clients in sectors including commercial real estate, C&I, food and beverage, entertainment, apparel, healthcare and high-tech. In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los Angeles, California. About First Eagle Alternative Credit, LLCFirst Eagle Alternative Credit, LLC (”FEAC”) is an investment manager for both direct lending and broadly syndicated investments that, together with its affiliates, has approximately $20 billion of assets under management as of December 31, 2020, through public and private vehicles, collateralized loan obligations, separately managed accounts and co-mingled funds. FEAC and its subsidiary maintain a variety of advisory or sub-advisory relationships across its investment platform, including First Eagle Alternative Capital BDC, Inc. (Nasdaq: FCRD), a publicly traded business development company and First Eagle Senior Loan Fund (NYSE: FSLF), a non-diversified, closed-end management investment company. FEAC is headquartered in Boston and also has investment teams in Chicago, Dallas, Los Angeles and New York. FORWARD LOOKING STATEMENTSCertain statements in this presentation, as well as certain oral statements made by management during the presentation, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements expressed or implied regarding our plans and milestones, plans to fund our current activities, statements concerning our strategic relationships and activities, strategy, future operations and expansion, future financial position, future sales and revenues, projected costs, and market penetration. In some cases, forward-looking statements can be identified by terminology such as “may, “will”, “should”, “expects”, “seeks”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, “projects”, “continue”, “intends”, “could”, “opportunity”, or negative of such terms or other comparable terminology. These statements are based on our current expectations and assumptions and are not guarantees of future performance. You should not place undue reliance on our forward-looking statements, which are subject to a multitude of known and unknown risks and uncertainties that could cause actual results, future circumstance or events to differ materially from those stated in or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the ability of our licensees to produce, market and sell quality products bearing our brand names, continued market acceptance of our brands and any future brands we acquire, our ability to service our significant debt obligations, our ability to raise capital for any future acquisitions, concentration of a substantial portion of our licensing revenue from a limited number licensees, our dependence on QVC, restrictions in our agreements with QVC and other licensees on our ability to sell products with certain retailers, our dependence on promotional services of our spokespersons, our ability to manage expected future growth, our ability to identify and acquire additional trademarks, competition for licensees, competition in our licensee’s markets, our ability to protect our intellectual property, our dependence on our CEO and other key executive officers, the success of our e-commerce strategy and other risks and uncertainties detailed from time to time in our public disclosure documents or other filings with the Securities and Exchange Commission. Additional risks and uncertainties relating to us and our business can be found in the “Risk Factors” section of our latest annual report on Form 10-K as well as in our other public filings. The forward- looking statements are made as of the date hereof, and we disclaim any intention and have no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. MEDIA CONTACT:Lividini & Co.Jacqueline Bosellijacqueline@lividini.com Investor Contact:SM Berger & CompanyAndrew Berger216-464-6400andrew@smberger.com

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  • Xcel Brands Reschedules Fourth Quarter 2020 Financial Results

    NEW YORK, April 15, 2021 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced that it has not yet completed its audit for the year ended December 31, 2020 and is postponing the release of its 2020 fourth quarter, full year financial results and Form 10-K filing. The Company anticipates filing its Form 10-K on April 22, 2021 and expects to issue a press release with details of the fourth quarter conference call during the week of April 19. In connection with completing its audit, Xcel Brands has determined that it will record an impairment charge of approximately $13 million to the carrying value of the Judith Ripka brand trademarks. This is due to delays and uncertainty in implementing the Company’s brick-and-mortar retail store strategy associated with the Judith Ripka brand, primarily as a result of the COVID-19 pandemic. About Xcel BrandsXcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. The company’s brands have generated in excess of $3BB US in retail sales through live streaming on TV. Xcel was founded by Robert W. D'Loren in 2011 with a vision to reimagine shopping, entertainment, and social media as one. Xcel owns the Isaac Mizrahi, Judith Ripka, Halston, LOGO Lori Goldstein and C. Wonder brands, and it owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, brick-and-mortar retail, e-commerce and peer to peer channels. Headquartered in New York City, Xcel Brands is led by an executive team with significant livestream production, merchandising, design, production, 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 For further information please contact: Andrew BergerSM Berger & Company216-464-6400andrew@smberger.com

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  • XCel Brands, Inc. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / April 15, 2021 / XCel Brands, Inc. (NASDAQ:XELB) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on April 15, 2021 at 5:00 PM Eastern Time.

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  • Xcel Brands Reschedules Fourth Quarter 2020 Financial Results to April 15, 2021

    NEW YORK, April 13, 2021 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced that it has rescheduled its fourth quarter 2020 financial results to after the market closes on April 15, 2021. The Company will hold a conference call with the investment community at 5:00 p.m. Eastern Time that day. A webcast of the conference call will be available live on the Investor Relations section of Xcel’s website at https://www.xcelbrands.com/. Interested parties unable to access the conference call via the webcast may dial 877-407-3982. A replay of the conference call will be available on the Company website for approximately two weeks following the event and can be accessed at 844-512-2921 using replay pin number 13718573. About Xcel BrandsXcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. The company’s brands have generated in excess of $3BB US in retail sales through live streaming on TV. Xcel was founded by Robert W. D'Loren in 2011 with a vision to reimagine shopping, entertainment, and social media as one. Xcel owns the Isaac Mizrahi, Judith Ripka, Halston, LOGO Lori Goldstein and C. Wonder brands, and it owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, brick-and-mortar retail, e-commerce and peer to peer channels. Headquartered in New York City, Xcel Brands is led by an executive team with significant livestream production, merchandising, design, production, 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 For further information please contact: Andrew BergerSM Berger & Company216-464-6400andrew@smberger.com

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  • Xcel Brands to Report Fourth Quarter 2020 Financial Results on April 13, 2021

    NEW YORK, April 12, 2021 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced that it will report its fourth quarter 2020 financial results after the market closes on April 13, 2021. The Company will hold a conference call with the investment community at 5:00 p.m. Eastern Time that day. A webcast of the conference call will be available live on the Investor Relations section of Xcel’s website at https://www.xcelbrands.com/. Interested parties unable to access the conference call via the webcast may dial 877-407-3982. A replay of the conference call will be available on the Company website for approximately two weeks following the event and can be accessed at 844-512-2921 using replay pin number 13718573. About Xcel BrandsXcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. The Company’s brands have generated in excess of $3 billion U.S. in retail sales through live streaming on TV. Xcel was founded by Robert W. D'Loren in 2011 with a vision to reimagine shopping, entertainment, and social media as one. Xcel owns the Isaac Mizrahi, Judith Ripka, Halston, Lori Goldstein and C. Wonder brands, and it owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, brick-and-mortar retail, e-commerce and peer to peer channels. Headquartered in New York City, Xcel Brands is led by an executive team with significant livestream production, merchandising, design, production, 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 For further information please contact: Andrew BergerSM Berger & Company216-464-6400andrew@smberger.com

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  • Xcel Brands Soars on Plan to Buy Lori Goldstein Fashions

    Xcel Brands as much as more than doubled Monday after the retailer said it's buying Lori Goldstein fashion brands, adding to its five current brands including Isaac Mizrahi and Halston. LOGO by Lori Goldstein, launched in 2009, offers casual womenswear, outerwear, eyewear, jewelry and activewear. It has been profitable since inception and has posted more than $1.5 billion in sales during that period, XCEL says.

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  • Xcel Brands Acquires Logo by Lori Goldstein

    Multiple avenues of growth are seen for the Logo by Lori Goldstein business.

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  • Social Commerce Leader, Longaberger, Continues Commitment To Support Women Entrepreneurs With Team Expansion

    Longaberger, a social commerce retailer and American home goods brand known for artisanal handcrafted products, today announces Scott Halversen will join the company as President of Sales. Making historic strides in the social selling space, Longaberger recently launched a new digital livestreaming platform, Longaberger LIVE, which has helped to firmly establish the brand as the digital-first platform for female entrepreneurs. Halversen will continue the successful expansion of the Longaberger community through his extensive background in leading many social selling companies.

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  • Longaberger Launches LIVE Selling Platform Growing Brand in Social Commerce Vertical

    Longaberger, a social commerce retailer and American home goods brand known for artisanal handcrafted products, today announced the launch of Longaberger LIVE, a new live streaming platform where viewers will have access to exclusive timeless and modern home décor and better lifestyle products while interacting with highly acclaimed hosts to educate and shop.

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  • How Should Investors Feel About Xcel Brands' (NASDAQ:XELB) CEO Remuneration?

    This article will reflect on the compensation paid to Robert D'Loren who has served as CEO of Xcel Brands, Inc...

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  • Xcel Brands, Inc. Announces Third Quarter 2020 Results

    * Third quarter total revenues of $7.4 million rebounding 46% from the second quarter * Continued expense reduction actions; third quarter operating costs decreased more than $1 million year-over-year and product sale margins improved by 6% * GAAP net loss of $0.5 million, ($0.02) per share * Non-GAAP net income of $0.8 million, $0.04 per share * Adjusted EBITDA of $1.4 million NEW YORK, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced its financial results for the third quarter ended September 30, 2020.   Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel commented, “Despite the continued impact of the COVID-19 pandemic on our top and bottom line results, we are very pleased with our third quarter results and the rapid recovery of our Interactive TV business and improvement in our wholesale businesses.”Third Quarter 2020 Financial ResultsTotal revenue was $7.4 million, a decrease of $3.5 million compared to the prior year period, driven by lower product sales and lower licensing revenues of $2.3 million and $1.2 million, respectively. Our revenues primarily reflect lower sales by our licensees and retail partners as a result of an overall slowdown in economic activity related to the ongoing the COVID-19 pandemic. Despite the decrease in revenues and gross profit on an absolute dollar basis, overall gross profit margins increased from 73% in the prior year quarter to 83% in the current quarter.GAAP net loss was approximately $0.5 million, or ($0.02) per diluted share, compared with a GAAP net loss of $0.1 million, or ($0.01) per diluted share, for the prior year quarter. After adjusting for certain cash and non-cash items, non-GAAP net income for the quarters ended September 30, 2020 and September 30, 2019, was approximately $0.8 million, or $0.04 per diluted share and approximately $1.2 million, or $0.06 per diluted share, respectively. Adjusted EBITDA was approximately $1.4 million and $1.8 million for the current quarter and the prior year quarter, respectively.      Nine Month 2020 Financial ResultsTotal revenue was $22.0 million, a decrease of $8.4 million, driven by lower licensing revenues and lower product sales of $5.7 million and $2.7 million, respectively. Gross profit decreased by $5.8 million to $18.0 million from $23.8 million in the prior year nine months, but gross profit margins increased year-over-year. As with the quarter’s results, the decrease in our revenues was primarily caused by the COVID-19 pandemic, which included government ordered stay-at-home policies and retail store closures during the second quarter, as well as the continued overall slowdown in economic activity related to the pandemic.GAAP net loss was approximately $2.6 million, or ($0.13) per diluted share, compared with GAAP net income of $1.9 million, or $0.10 per diluted share, for the prior year nine months. The prior year nine month’s GAAP net income notably included a $2.9 million gain on the reduction of contingent obligations. After adjusting for certain cash and non-cash items, non-GAAP net income for the nine months ended September 30, 2020 and September 30, 2019, was approximately $2.1 million, or $0.11 per diluted share, and approximately $3.8 million, or $0.20 per diluted share, respectively. Adjusted EBITDA was approximately $3.9 million and $5.6 million for the current nine months and the prior year nine months, respectively.       See reconciliation tables below for non-GAAP metrics. These non-GAAP metrics may be inconsistent with similar measures presented by other companies and should only be used in conjunction with our results reported according to U.S. generally accepted accounting principles. Any financial measure other than those prepared in accordance with GAAP should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.The Company's balance sheet at September 30, 2020 remained strong, with stockholders' equity of approximately $97 million, cash and cash equivalents of approximately $4.8 million, and working capital, exclusive of the current portion of lease obligations, of approximately $8.7 million.Conference Call and WebcastThe Company will host a conference call with members of the executive management team to discuss these results with additional comments and details at 5:00 p.m. Eastern Time on Thursday, November 12, 2020. 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 1-877-300-8521. A replay of the conference call will be available on the Company website for 30 days following the event and can be accessed at 844-512-2921 using replay pin number 10149912.About Xcel BrandsXcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded by Robert W. D’Loren in 2011 with a vision to reimagine shopping, entertainment, and social as one. Xcel owns the Isaac Mizrahi, Judith Ripka, Halston, and C. Wonder brands, and it owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, brick-and-mortar retail, e-commerce and peer to peer channels. Headquartered in New York City, Xcel Brands is led by an executive team with significant 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.comForward Looking StatementsThis 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, 2019 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 Berger SM Berger & Company, Inc. 216-464-6400 andrew@smberger.com Xcel Brands, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data)           September 30, 2020 December 31, 2019   (Unaudited)   Assets       Current Assets:       Cash and cash equivalents $4,783  $4,641  Accounts receivable, net  8,188   10,622  Inventory  723   899  Prepaid expenses and other current assets  1,426   1,404  Total current assets  15,120   17,566  Property and equipment, net  3,604   3,666  Operating lease right-of-use assets  9,019   9,250  Trademarks and other intangibles, net  107,675   111,095  Restricted cash  1,109   1,109  Other assets  297   505  Total non-current assets  121,704   125,625  Total Assets $136,824  $143,191          Liabilities and Equity       Current Liabilities:       Accounts payable, accrued expenses and other current liabilities $2,908  $4,391  Accrued payroll  618   1,444  Current portion of operating lease obligation  1,917   1,752  Current portion of long-term debt  2,850   2,250  Total current liabilities  8,293   9,837  Long-Term Liabilities:       Long-term portion of operating lease obligation  9,101   9,773  Long-term debt, less current portion  14,523   16,571  Contingent obligation  900   900  Deferred tax liabilities, net  7,165   7,434  Other long-term liabilities  224   224  Total long-term liabilities  31,913   34,902  Total Liabilities  40,206   44,739          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 at September 30, 2020 and December 31, 2019, respectively, and 19,231,040 and 18,866,417 issued and outstanding at September 30, 2020 and December 31, 2019, respectively  19   19  Paid-in capital  102,236   101,736  Accumulated deficit  (6,198)  (3,659) Total Xcel Brands, Inc. stockholders' equity  96,057   98,096  Noncontrolling interest  561   356  Total Equity  96,618   98,452          Total Liabilities and Equity $136,824  $143,191          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 Nine Months Ended   September 30, September 30,   2020 2019 2020 2019 Revenues             Net licensing revenue $5,236  $6,428  $15,378  $21,094 Net sales  2,155   4,504   6,590   9,277 Net revenue  7,391   10,932   21,968   30,371 Cost of goods sold (sales)  1,270   2,950   3,923   6,549 Gross profit  6,121   7,982   18,045   23,822               Operating costs and expenses             Salaries, benefits and employment taxes  2,968   4,045   9,798   12,038 Other design and marketing costs  706   797   2,336   2,352 Other selling, general and administrative expenses  1,642   1,356   5,027   4,014 Costs in connection with potential acquisition  (189)  126   (210)  231 Stock-based compensation  49   295   780   777 Depreciation and amortization  1,437   991   4,069   2,939 Government assistance - Paycheck Protection Program  (176)  -   (1,816)  - Property and equipment impairment  31   -   113   - Total operating costs and expenses  6,468   7,610   20,097   22,351               Other Income  46      46   2,850               Operating (loss) income  (301)  372   (2,006)  4,321               Interest and finance expense             Interest expense and other finance charges  304   330   897   968 Loss on extinguishment of debt  0   0   0   189 Total interest and finance expense  304   330   897   1,157               (Loss) income before income taxes  (605)  42   (2,903)  3,164               Income tax ( benefit) provision  (145)  137   (269)  1,280               Net (loss) income  (460)  (95)  (2,634)  1,884 Less: Net loss attributable to noncontrolling interest  (26)  -   (95)  - Net (loss) income attributable to Xcel Brands, Inc. stockholders $(434) $(95) $(2,539) $1,884               (Loss) earnings per share attributed to Xcel Brands, Inc. common stockholders:           Basic net (loss) income per share: $(0.02) $(0.01) $(0.13) $0.10 Diluted net (loss) income per share: $(0.02) $(0.01) $(0.13) $0.10               Weighted average number of common shares outstanding:             Basic weighted average common shares outstanding  19,231,040   18,975,265   19,078,453   18,839,424 Diluted weighted average common shares outstanding  19,231,040   18,975,265   19,078,453   18,840,149               Xcel Brands, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Cash Flows (in thousands)            For the Nine Months Ended    September 30,   2020 2019       Cash flows from operating activities       Net (loss) income $(2,634) $1,884  Adjustments to reconcile net (loss) income to net cash provided by operating activities:       Depreciation and amortization expense  4,069   2,939  Property and equipment impairment  113   -  Amortization of deferred finance costs  72   114  Stock-based compensation  780   777  Amortization of note discount  -   16  Allowance for doubtful accounts  1,054   (144) Loss on extinguishment of debt  -   189  Deferred income tax (benefit) provision  (269)  1,280  Net Gain on sale of assets  (46)  -  Gain on reduction of contingent obligation  -   (2,850) Changes in operating assets and liabilities:       Accounts receivable  1,380   1,182  Inventory  176   (87) Prepaid expenses and other assets  187   (14) Accounts payable, accrued expenses and other current liabilities  (2,403)  (1,744) Cash paid in excess of rent expense  (276)  (337) Other liabilities  -   (196) Net cash provided by operating activities  2,203   3,009          Cash flows from investing activities       Cash consideration for asset acquisition of the Halston Heritage assets  -   (8,830) Net proceeds from sale of assets  46     Purchase of property and equipment  (700)  (918) Net cash used in investing activities  (654)  (9,748)         Cash flows from financing activities       Shares repurchased including vested restricted stock in exchange for witholdong taxes  (187)  (24) Cash contribution from non-controling interest  300   -  Payment of deferred finance costs  (20)  (315) Proceeds from long-term debt  -   7,500  Payment of long-term debt  (1,500)  (3,742) Net cash (used in) provided by financing activities  (1,407)  3,419          Net increase (decrease) in cash, cash equivalents, and restricted cash  142   (3,320)         Cash, cash equivalents, and restricted cash at beginning of period  5,750   10,319          Cash, cash equivalents, and restricted cash at end of period $5,892  $6,999          Reconciliation to amounts on consolidated balance sheets:       Cash and cash equivalents  4,783  $5,890  Restricted cash  1,109   1,109  Total cash, cash equivalents, and restricted cash $5,892  $6,999          Supplemental disclosure of non-cash activities:       Operating lease right-of-use asset $797  $10,409  Operating lease obligation $797  $13,210  Accrued rent offset to operating lease right-of-use assets $-  $2,801  Settlement of seller note through offset to receivable $-  $600  Settlement of contingent obligation through offset to note receivable $-  $100  Issuance of common stock in connection with Halston Heritage assets acquisition $-  $1,058  Contingent obligation related to acquisition of Halston Heritage assets at fair value $-  $900  Liability for equity-based bonuses $93  $168          Supplemental disclosure of cash flow information:       Cash paid during the period for income taxes $58  $91  Cash paid during the period for interest $1,092  $1,108                        ($ in thousands)Three Months Ended Nine Months Ended  September 30, September 30, September 30, September 30,  2020 2019 2020 2019  (Unaudited) (Unaudited) (Unaudited) (Unaudited)  Net (loss) income attributed to Xcel Brands, Inc. stockholders$(434) $(95) $(2,539) $1,884   Amortization of trademarks 1,107   786   3,323   2,309   Non-cash interest and finance expense -   -   -   16   Stock-based compensation 49   295   780   777   Loss on extinguishment of debt -   -   -   189   Costs in connection with potential acquisition (189)  126   (210)  231   Certain adjustments to allowance for doubtful accounts 385   -   971   -   Property and equipment impairment 31   -   113   -   Gain on sale of assets (46)  -   (46)  -   Gain on reduction of contingent obligation -   -   -   (2,850)  Deferred income tax provision (benefit) (145)  137   (269)  1,280   Non-GAAP net income$758  $1,249  $2,123  $3,836                  Three Months Ended Nine Months Ended  September 30, September 30, September 30, September 30,  2020 2019 2020 2019  (Unaudited) (Unaudited) (Unaudited) (Unaudited)  Diluted (loss) earnings per share$(0.02) $(0.01) $(0.13) $0.10   Amortization of trademarks 0.06   0.04   0.17   0.12   Non-cash interest and finance expense -   -   -   -   Stock-based compensation -   0.01   0.04   0.04   Loss on extinguishment of debt -   -   -   0.01   Costs in connection with potential acquisition (0.01)  0.01   (0.01)  0.01   Certain adjustments to allowance for doubtful accounts 0.02   -   0.05   -   Property and equipment impairment -   -   0.01   -   Gain on sale of assets -   -   -   -   Gain on reduction of contingent obligation -   -   -   (0.15)  Deferred income tax provision (benefit) (0.01)  0.01   (0.02)  0.07   Non-GAAP diluted EPS$0.04  $0.06  $0.11  $0.20   Non-GAAP weighted average diluted shares 19,291,275   19,559,816   19,092,828   18,840,149                 ($ in thousands)Three Months Ended Nine Months Ended  September 30, September 30, September 30, September 30,  2020 2019 2020 2019  (Unaudited) (Unaudited) (Unaudited) (Unaudited)  Net (loss) income attributed to Xcel Brands, Inc. stockholders$(434) $(95) $(2,539) $1,884   Depreciation and amortization 1,437   991   4,069   2,939   Interest and finance expense 304   330   897   1,157   Income tax provision (benefit) (145)  137   (269)  1,280   State and local franchise taxes 41   38   124   159   Stock-based compensation 49   295   780   777   Costs in connection with potential acquisition (189)  126   (210)  231   Certain adjustments to allowance for doubtful accounts 385   -   971   -   Property and equipment impairment 31   -   113   -   Gain on sale of assets (46)  -   (46)  -   Gain on reduction of contingent obligation -   -   -   (2,850)  Adjusted EBITDA$1,433  $1,822  $3,890  $5,577                 Non-GAAP net income and non-GAAP diluted EPS are non-GAAP unaudited terms. We define non-GAAP net income as net income (loss), exclusive of amortization of trademarks, stock-based compensation, non-cash interest and finance expense from discounted debt related to acquired assets, loss on extinguishment of debt, costs in connection with potential acquisitions, certain adjustments to allowances for doubtful accounts, asset impairments, gain on sale of assets, gain on reduction of contingent obligations, and deferred 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) before depreciation and amortization, interest and finance expense (including loss on extinguishment of debt, if any), income taxes, other state and local franchise taxes, stock-based compensation, costs in connection with potential acquisitions, certain adjustments to allowances for doubtful accounts, asset impairments, gain on sale of assets, and gain on the reduction of contingent obligations.Both non-GAAP net income and Adjusted EBITDA for the current quarter and current nine months include certain adjustments related to allowances for doubtful accounts for account debtors that have filed for bankruptcy protection triggered by the impact of COVID-19. In addition, included in net income was $1.8 million of government assistance received through the Paycheck Protection Program under the CARES Act, which was recognized as a reduction to current quarter and current nine months expenses for which the program was intended to compensate, in the amount of $0.2 million and $1.8 million, respectively. The expense reduction from the PPP is not considered a reconciling item for purposes of the computation of non-GAAP net income and Adjusted EBITDA due to the fact that the PPP represents a cash benefit and is directly related to the Company’s operating expenses incurred. Such treatment is also consistent with the calculation of EBITDA for financial covenant compliance purposes under the Company’s term debt.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. The Company has incurred certain costs which it could have eliminated but elected not to do so in light of government assistance received through the Paycheck Protection Program under the CARES Act (the “PPP Benefit”), which represents a cash benefit directly related to the Company’s operating expenses incurred. Accordingly, the PPP Benefit is not considered a reconciling item for purposes of the computation of non-GAAP net income and Adjusted EBITDA. Adjusted EBITDA is the measure used to calculate compliance with the EBITDA covenant under the Xcel Term Loan. 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.

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  • Xcel Brands to Report Third Quarter 2020 Financial Results on November 12, 2020

    NEW YORK, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced that it will report its third quarter 2020 financial results after the market closes on November 12, 2020. The Company will hold a conference call with the investment community at 5:00 p.m. Eastern Time that day. A webcast of the conference call will be available live on the Investor Relations section of Xcel’s website at https://www.xcelbrands.com/. Interested parties unable to access the conference call via the webcast may dial 877-300-8521. A replay of the conference call will be available on the Company website for approximately two weeks following the event and can be accessed at 8445122921 using replay pin number 10149912.About Xcel Brands Xcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded by Robert W. D’Loren in 2011 with a vision to reimagine shopping, entertainment, and social as one. Xcel owns the Isaac Mizrahi, Judith Ripka, Halston, and C. Wonder brands, and it owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, brick-and-mortar retail, e-commerce and peer to peer channels. Headquartered in New York City, Xcel Brands is led by an executive team with significant 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.comFor further information please contact:Andrew Berger SM Berger & Company 216-464-6400 andrew@smberger.com

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  • Looking Into Xcel Brands's Return On Capital Employed

    Xcel Brands (NASDAQ: XELB) reported Q2 sales of $5.05 million. Earnings fell to a loss of $609.00 thousand, resulting in a 44.43% decrease from last quarter. Xcel Brands collected $9.53 million in revenue during Q1, but reported earnings showed a $1.10 million loss.What Is ROCE? Changes in earnings and sales indicate shifts in Xcel Brands's Return on Capital Employed, a measure of yearly pre-tax profit relative to capital employed by a business. Generally, a higher ROCE suggests successful growth of a company and is a sign of higher earnings per share in the future. In Q2, Xcel Brands posted an ROCE of -0.01%.It is important to keep in mind ROCE evaluates past performance and is not used as a predictive tool. It is a good measure of a company's recent performance, but several factors could affect earnings and sales in the near future.View more earnings on XELBReturn on Capital Employed is an important measurement of efficiency and a useful tool when comparing companies that operate in the same industry. A relatively high ROCE indicates a company may be generating profits that can be reinvested into more capital, leading to higher returns and growing EPS for shareholders.In Xcel Brands's case, the ROCE ratio shows the amount of assets may not be helping the company achieve higher returns. Investors may take this into account before making any long-term financial decisions.Q2 Earnings Recap Xcel Brands reported Q2 earnings per share at $0.06/share, which beat analyst predictions of $0.03/share.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * 12 Consumer Cyclical Stocks Moving In Tuesday's Intraday Session * Preview: Xcel Brands's Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Xcel Brands, Inc. Announces Second Quarter 2020 Results

    * Maintained strong balance sheet and continued expense reduction actions * Digital sales accelerated * Second Quarter total revenues of $5.1 million, reflecting adverse impact from COVID-19 pandemic * GAAP Net loss of $1.3 million, ($0.07) per share * Adjusted EBITDA of $1.7 million * Non-GAAP diluted EPS of $0.06 * Positive operating cash flow of $2.0 million for the three months ended June 30, 2020NEW YORK, Aug. 19, 2020 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced its financial results for the second quarter ended June 30, 2020.Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel, commented, “We are living through an extraordinary period of business and social change. The past five months have presented a period of unprecedented challenge, but also has proven Xcel’s agility, resilience, and the dedication of our employees, supply chain and retail partners. While our financial performance this quarter reflects the impact of the global COVID-19 worldwide crisis, we have taken this opportunity to accelerate our core strategic focus to leverage our technology platform to drive future growth and value creation as we move forward out of this crisis.”Second Quarter 2020 Financial ResultsTotal revenue was $5.1 million, a decrease of $4.1 million compared to the prior year period, primarily driven by lower licensing revenues and lower net sales of $2.3 million and $1.8 million, respectively. Gross profit decreased by $2.6 million to $4.8 million from $7.4 million in the prior year quarter.  Our revenues were impacted by the COVID-19 pandemic which included the government mandated stay-at-home policy and the closing of retail across the country.GAAP net loss was approximately $1.3 million, or ($0.07), per diluted share, compared with a GAAP net income of $1.9 million, or $0.10 per diluted share, for the prior year quarter. The prior year quarter’s GAAP net income included a $2.9 million gain on the reduction of contingent obligations. After adjusting for certain cash and non-cash items, non-GAAP net income for the quarters ended June 30, 2020 and June 30, 2019, was approximately $1.2 million, or $0.06 per diluted share and approximately $1.0 million, or $0.07 per diluted share, respectively. Adjusted EBITDA was approximately $1.7 million and $1.6 million for the current quarter and the prior year quarter, respectively.Six Month 2020 Financial ResultsTotal revenue was $14.6 million, a decrease of $4.8 million, primarily driven by lower licensing revenues and lower net sales of $4.5 million and $0.3 million, respectively. Gross profit decreased by $3.9 million to $11.9 million from $15.8 million in the prior year six months. As with the quarter's results, the decrease in our revenues was caused by the COVID-19 pandemic which included the government mandated stay-at-home policy and the closing of retail across the country.GAAP net loss was approximately $2.2 million, or ($0.11), per diluted share, compared with GAAP net income of $2.0 million, or $0.11 per diluted share, for the prior year six months. The prior year six month’s GAAP net income included a $2.9 million gain on the reduction of contingent obligations. After adjusting for certain cash and non-cash items, non-GAAP net income for the six months ended June 30, 2020 and June 30, 2019, was approximately $1.4 million, or $0.07 per diluted share and approximately $2.5 million, or $0.13 per diluted share, respectively. Adjusted EBITDA was approximately $2.5 million and $3.7 million for the current six months and the prior year six months, respectively.See reconciliation tables below for non-GAAP metrics. These non-GAAP metrics may be inconsistent with similar measures presented by other companies and should only be used in conjunction with our results reported according to U.S. generally accepted accounting principles. Any financial measure other than those prepared in accordance with GAAP should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.The Company's balance sheet at June 30, 2020 remained strong, with stockholders' equity of approximately $97 million, cash and cash equivalents of approximately $5.5 million, and working capital, exclusive of the current portion of lease obligations, of approximately $8.5 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 5:00 p.m. Eastern Time on Thursday, August 20, 2020. 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 on the Company website for 30 days following the event and can be accessed at 844-512-2921 using replay pin number 13706577.About Xcel Brands Xcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded by Robert W. D’Loren in 2011 with a vision to reimagine shopping, entertainment, and social as one. Xcel owns the Isaac Mizrahi, Judith Ripka, Halston, and C. Wonder brands, and it owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, brick-and-mortar retail, e-commerce and peer to peer channels.  Headquartered in New York City, Xcel Brands is led by an executive team with significant 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.comForward 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, 2019 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 Berger SM Berger & Company, Inc. 216-464-6400 andrew@smberger.com  Xcel Brands, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data)            June 30, 2020  December 31, 2019   (Unaudited)    Assets        Current Assets:        Cash and cash equivalents $5,461   $4,641  Accounts receivable, net  6,543    10,622  Inventory  866    899  Prepaid expenses and other current assets  1,775    1,404  Total current assets  14,645    17,566  Property and equipment, net  3,866    3,666  Operating lease right-of-use assets  8,569    9,250  Trademarks and other intangibles, net  108,815    111,095  Restricted cash  1,109    1,109  Other assets  494    505  Total non-current assets  122,853    125,625  Total Assets $137,498   $143,191           Liabilities and Equity        Current Liabilities:        Accounts payable, accrued expenses and other current liabilities $2,722   $4,391  Accrued payroll  527    1,444  Current portion of operating lease obligation  1,873    1,752  Current portion of long-term debt  2,900    2,250  Total current liabilities  8,022    9,837  Long-Term Liabilities:        Long-term portion of operating lease obligation  8,789    9,773  Long-term debt, less current portion  15,231    16,571  Contingent obligation  900    900  Deferred tax liabilities, net  7,310    7,434  Other long-term liabilities  224    224  Total long-term liabilities  32,454    34,902  Total Liabilities  40,476    44,739           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 at June 30, 2020 and December 31, 2019, respectively, and 19,231,040 and 18,866,417 issued and outstanding at June 30, 2020 and December 31, 2019, respectively  19    19  Paid-in capital  102,180    101,736  Accumulated deficit  (5,764)   (3,659) Total Xcel Brands, Inc. stockholders' equity  96,435    98,096  Noncontrolling interest  587    356  Total Equity  97,022    98,452           Total Liabilities and Equity $137,498   $143,191           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,   2020 2019 2020 2019 Revenues             Net licensing revenue $4,501  $6,803 $10,142  $14,666 Net sales  549   2,335  4,435   4,773 Net revenue  5,050   9,138  14,577   19,439 Cost of goods sold (sales)  253   1,767  2,653   3,599 Gross profit  4,797   7,371  11,924   15,840               Operating costs and expenses             Salaries, benefits and employment taxes  2,882   3,848  6,830   7,993 Other design and marketing costs  638   797  1,630   1,555 Other selling, general and administrative expenses  1,627   1,173  3,364   2,763 Stock-based compensation  488   135  731   482 Depreciation and amortization  1,329   1,000  2,632   1,948 Government assistance - Paycheck Protection Program  (1,640)  -  (1,640)  - Property and equipment impairment  82   -  82   - Total operating costs and expenses  5,406   6,953  13,629   14,741               Other Income             Gain on reduction of contingent obligation  -   2,850  -   2,850 Total other income  -   2,850  -   2,850               Operating (loss) income  (609)  3,268  (1,705)  3,949               Interest and finance expense             Interest expense and other finance charges  299   348  593   638 Loss on extinguishment of debt  -   -  -   189 Total interest and finance expense  299   348  593   827               (Loss) income before income taxes  (908)  2,920  (2,298)  3,122               Income tax provision (benefit)  428   1,068  (124)  1,143               Net (loss) income  (1,336)  1,852  (2,174)  1,979 Less: Net loss attributable to noncontrolling interest  (36)  -  (69)  - Net (loss) income attributable to Xcel Brands, Inc. stockholders $(1,300) $1,852 $(2,105) $1,979               (Loss) earnings per share attributed to Xcel Brands, Inc. common stockholders:           Basic net (loss) income per share: $(0.07) $0.10 $(0.11) $0.11 Diluted net (loss) income per share: $(0.07) $0.10 $(0.11) $0.11               Weighted average number of common shares outstanding:             Basic weighted average common shares outstanding  19,132,244   18,976,394  19,001,321   18,770,378 Diluted weighted average common shares outstanding  19,132,244   18,977,051  19,001,321   18,771,053               Xcel Brands, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Cash Flows (in thousands)             For the Six Months Ended    June 30,   2020  2019        Cash flows from operating activities        Net (loss) income $(2,174)  $1,979  Adjustments to reconcile net (loss) income to net cash provided by operating activities:        Depreciation and amortization expense  2,632    1,948  Property and equipment impairment  82    -  Amortization of deferred finance costs  50    79  Stock-based compensation  731    482  Amortization of note discount  -    16  Allowance for doubtful accounts  683    (144) Loss on extinguishment of debt  -    189  Deferred income tax (benefit) provision  (124)   1,143  Gain on reduction of contingent obligation  -    (2,850) Changes in operating assets and liabilities:        Accounts receivable  3,396    2,289  Inventory  33    1,113  Prepaid expenses and other assets  (59)   (293) Accounts payable, accrued expenses and other current liabilities  (2,688)   (3,532) Cash paid in excess of rent expense  (181)   (244) Other liabilities  -    (196) Net cash provided by operating activities  2,381    1,979           Cash flows from investing activities        Cash consideration for asset acquisition of the Halston Heritage assets  -    (8,830) Purchase of property and equipment  (634)   (557) Net cash used in investing activities  (634)   (9,387)          Cash flows from financing activities                 Shares repurchased including vested restricted stock in exchange for withholding taxes  (187)   -  Payment of deferred finance costs  -    (289) Proceeds from long-term debt  10    7,500  Payment of long-term debt  (750)   (2,742) Net cash (used in) provided by financing activities  (927)   4,469           Net increase (decrease) in cash, cash equivalents, and restricted cash  820    (2,939)          Cash, cash equivalents, and restricted cash at beginning of period  5,750    10,319           Cash, cash equivalents, and restricted cash at end of period $6,570   $7,380           Reconciliation to amounts on consolidated balance sheets:        Cash and cash equivalents $5,461   $6,271  Restricted cash  1,109    1,109  Total cash, cash equivalents, and restricted cash $6,570   $7,380           Supplemental disclosure of non-cash activities:        Operating lease right-of-use asset $-   $10,409  Operating lease obligation $-   $13,210  Accrued rent offset to operating lease right-of-use assets $-   $2,801  Settlement of seller note through offset to receivable $-   $600  Settlement of contingent obligation through offset to note receivable $-   $100  Issuance of common stock in connection with Halston Heritage assets acquisition $-   $1,058  Contingent obligation related to acquisition of Halston Heritage assets at fair value $-   $900  Liability for equity-based bonuses $100   $-  Amount due from non-controlling interest for capital contribution $300   $-           Supplemental disclosure of cash flow information:        Cash paid during the period for income taxes $47   $18  Cash paid during the period for interest $811   $784                         Three Months Ended Six Months Ended ($ in thousands)June 30, June 30, June 30, June 30,  2020 2019 2020 2019  (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net (loss) income attributed to Xcel Brands, Inc. stockholders$(1,300) $1,852  $(2,105) $1,979  Amortization of trademarks 1,108   786   2,216   1,523  Non-cash interest and finance expense -   -   -   16  Stock-based compensation 488   135   731   482  Loss on extinguishment of debt -   -   -   189  Costs in connection with potential acquisition (101)  -   (21)  -  Certain adjustments to allowance for doubtful accounts 472   -   586   -  Property and equipment impairment 82   -   82   -  Gain on reduction of contingent obligation -   (2,850)  -   (2,850) Deferred income tax provision (benefit) 428   1,068   (124)  1,143  Non-GAAP net income$1,177  $991  $1,365  $2,482                     Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2020 2019 2020 2019  (Unaudited) (Unaudited) (Unaudited) (Unaudited) Diluted (loss) earnings per share$(0.07) $0.10  $(0.11) $0.11  Amortization of trademarks 0.06   0.04   0.11   0.08  Non-cash interest and finance expense -   -   -   -  Stock-based compensation 0.03   0.01   0.04   0.02  Loss on extinguishment of debt -   -   -   0.01  Costs in connection with potential acquisition (0.01)  -   -   -  Certain adjustments to allowance for doubtful accounts 0.02   -   0.03   -  Property and equipment impairment 0.01   -   0.01   -  Gain on reduction of contingent obligation -   (0.15)  -   (0.15) Deferred income tax provision (benefit) 0.02   0.05   (0.01)  0.06  Non-GAAP diluted EPS$0.06  $0.05  $0.07  $0.13  Non-GAAP weighted average diluted shares 19,192,353   18,977,051   19,001,842   18,771,053                     Three Months Ended Six Months Ended ($ in thousands)June 30, June 30, June 30, June 30,  2020 2019 2020 2019  (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net (loss) income attributed to Xcel Brands, Inc. stockholders$(1,300) $1,852  $(2,105) $1,979  Depreciation and amortization 1,329   1,000   2,632   1,948  Interest and finance expense 299   348   593   827  Income tax provision (benefit) 428   1,068   (124)  1,143  State and local franchise taxes 45   83   83   121  Stock-based compensation 488   135   731   482  Costs in connection with potential acquisition (101)  -   (21)  -  Certain adjustments to allowance for doubtful accounts 472   -   586   -  Property and equipment impairment 82   -   82   -  Gain on reduction of contingent obligation -   (2,850)  -   (2,850) Adjusted EBITDA$1,742  $1,636  $2,457  $3,650               Non-GAAP net income and non-GAAP diluted EPS are non-GAAP unaudited terms. We define non-GAAP net income as net income (loss), amortization of trademarks, stock-based compensation, non-cash interest and finance expense from discounted debt related to acquired assets, loss on extinguishment of debt, costs in connection with potential acquisitions, certain adjustments to allowances for doubtful accounts, property and equipment impairment, gain on the reduction of contingent obligation and deferred 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) before depreciation and amortization, interest and finance expenses (including loss on extinguishment of debt, if any), income taxes, other state and local franchise taxes, stock-based compensation and costs in connection with potential acquisitions, certain adjustments to allowances for doubtful accounts, property and equipment impairment, and gain on the reduction of contingent obligation.Adjusted EBITDA adds back to net (loss) income certain adjustments to allowances for doubtful accounts for account debtors that have filed for bankruptcy protection triggered by the impact of COVID-19. The related accounts receivables were primarily for sales that occurred in the year ended December 31, 2019. In addition, included in net income was $1.6 million of government assistance received through the Paycheck Protection Program under the CARES Act, which was recognized as a reduction to current six months expenses for which the program was intended to compensate. Both non-GAAP net income and Adjusted EBITDA for the current quarter and current six months include certain adjustments to net loss including allowances for doubtful accounts for account debtors that have filed for bankruptcy protection triggered by the impact of COVID-19. In addition, net loss for the current quarter and current six months includes $1.6 million of government assistance received through the Paycheck Protection Program under the CARES Act, which was recognized as a reduction to current quarter and current six months expenses for which the program was intended to compensate, as such amount is included in net loss in accordance with GAAP. The expense reduction from the PPP is not considered a reconciling item for purposes of the computation of non-GAAP net income and Adjusted EBITDA due to the fact that the PPP represents a cash benefit and is directly related to the Company’s operating expenses incurred. Such treatment is also consistent with the calculation of EBITDA for financial covenant compliance purposes under the Company’s term debt.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. The Company has incurred certain costs which it could have eliminated but elected not to do so in light of government assistance received through the Paycheck Protection Program under the CARES Act (the “PPP Benefit”), which represents a cash benefit directly related to the Company’s operating expenses incurred. Accordingly, the PPP Benefit is not considered a reconciling item for purposes of the computation of non-GAAP net income and Adjusted EBITDA. Adjusted EBITDA is the measure used to calculate compliance with the EBITDA covenant under the Xcel Term Loan. 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.

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  • Preview: Xcel Brands's Earnings

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  • Xcel Brands Reschedules Second Quarter 2020 Financial Results to August 20, 2020

    NEW YORK, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced that it will report its second quarter 2020 financial results after the market closes on August 20, 2020. The Company will hold a conference call with the investment community at 5:00 p.m. Eastern Time that day. The earnings release was rescheduled from the original date of August 18, 2020. A webcast of the conference call will be available live on the Investor Relations section of Xcel’s website at https://www.xcelbrands.com/. Interested parties unable to access the conference call via the webcast may dial 877-407-3982. A replay of the conference call will be available on the Company website for approximately two weeks following the event and can be accessed at 844‑512‑2921 using replay pin number 13706577.About Xcel Brands Xcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded by Robert W. D'Loren in 2011 with a vision to reimagine shopping, entertainment, and social as one. The Company owns and manages the Isaac Mizrahi brands (the "Isaac Mizrahi Brand"), the Judith Ripka brands (the "Ripka Brand"), the Halston brands ("Halston Brand"), the C Wonder brands (the "C Wonder Brand"), and other proprietary brands, pioneering a ubiquitous sales strategy which includes the promotion and sales of products under its brands through interactive television, internet, brick-and-mortar retail, and e-commerce channels. We also own and manage the Longaberger brand (the “Longaberger Brand”) through our controlling interest in Longaberger Licensing LLC.  Headquartered in New York City, Xcel is led by an executive team with significant production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer product 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. www.xcelbrands.comFor further information please contact:Andrew Berger SM Berger & Company 216-464-6400 andrew@smberger.com

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  • Xcel Brands to Report Second Quarter 2020 Financial Results on August 18, 2020

    NEW YORK, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced that it will report its second quarter 2020 financial results before the market opens on August 18, 2020. The Company will hold a conference call with the investment community at 9:00 a.m. Eastern Time that day. A webcast of the conference call will be available live on the Investor Relations section of Xcel’s website at https://www.xcelbrands.com/. Interested parties unable to access the conference call via the webcast may dial 877-407-3982. A replay of the conference call will be available on the Company website for approximately two weeks following the event and can be accessed at 844‑512‑2921 using replay pin number 13706577.About Xcel Brands Xcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded by Robert W. D'Loren in 2011 with a vision to reimagine shopping, entertainment, and social as one. The Company owns and manages the Isaac Mizrahi brands (the "Isaac Mizrahi Brand"), the Judith Ripka brands (the "Ripka Brand"), the Halston brands ("Halston Brand"), the C Wonder brands (the "C Wonder Brand"), and other proprietary brands, pioneering a ubiquitous sales strategy which includes the promotion and sales of products under its brands through interactive television, internet, brick-and-mortar retail, and e-commerce channels. We also own and manage the Longaberger brand (the “Longaberger Brand”) through our controlling interest in Longaberger Licensing LLC.  Headquartered in New York City, Xcel is led by an executive team with significant production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer product 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. www.xcelbrands.comFor further information please contact:Andrew Berger SM Berger & Company 216-464-6400 andrew@smberger.com

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  • Longaberger Reimagines Social Selling For The Millennial Generation In New Chapter For The Company

    Longaberger, a social selling retailer and American home collectibles brand known for artisanal handcrafted products, announces next chapter for the company with the launch of a new digital social selling business model, offering timeless and new modern décor products that will inspire the highly-engaged community.

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