Differential Brands Group Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018
Differential Brands Group Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the period, the company reported net sales of $38,818,000 against $40,103,000 a year ago. Operating loss was $556,000 against $305,000 a year ago. Loss before income taxes was $2,770,000 against $2,376,000 a year ago. Net loss was $4,085,000 against $2,350,000 a year ago. Loss per basic and diluted share was $0.43 against 0.28 a year ago. Net cash used in operating activities was $3,875,000 against $3,369,000 a year ago. Purchases of property and equipment were $439,000 against $337,000 a year ago. Adjusted EBITDA for the first quarter of 2018 was $1.5 million as compared to $2.5 million for the same quarter last year. Last year’s adjusted EBITDA included the one-time $1.4 million accounting adjustment for inventory valuation that benefited gross profit. Without the adjustment, first quarter 2018 adjusted EBITDA would have exceeded last year by $0.4 million.