$XELB
XCel Brands, Inc.

2013 Q2 Form 10-Q Financial Statement

#000114420413045110 Filed on August 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $3.206M $2.824M
YoY Change 13.53% -2.28%
Cost Of Revenue $13.00K $0.00
YoY Change
Gross Profit $3.193M $2.824M
YoY Change 13.07% -2.28%
Gross Profit Margin 99.59% 100.0%
Selling, General & Admin $4.430M $3.420M
YoY Change 29.53% 155.22%
% of Gross Profit 138.74% 121.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $220.0K $210.0K
YoY Change 4.76% 200.0%
% of Gross Profit 6.89% 7.44%
Operating Expenses $4.660M $3.630M
YoY Change 28.37% 157.45%
Operating Profit -$1.463M -$810.0K
YoY Change 80.62% -154.73%
Interest Expense $520.0K $545.0K
YoY Change -4.59%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.983M -$1.355M
YoY Change 46.35% -191.55%
Income Tax -$787.0K -$1.000K
% Of Pretax Income
Net Earnings -$1.196M -$1.354M
YoY Change -11.67% -199.56%
Net Earnings / Revenue -37.31% -47.95%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$0.13 -$193.4K
COMMON SHARES
Basic Shares Outstanding 9.138M shares 5.810M shares
Diluted Shares Outstanding 9.138M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.300M $3.700M
YoY Change 124.32% 1750.0%
Cash & Equivalents $8.319M $3.663M
Short-Term Investments
Other Short-Term Assets $300.0K $300.0K
YoY Change 0.0%
Inventory $100.0K
Prepaid Expenses
Receivables $3.700M $2.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.40M $6.700M
YoY Change 85.07% 3250.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.200M $1.300M
YoY Change -7.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $375.0K $700.0K
YoY Change -46.43%
Total Long-Term Assets $59.90M $59.10M
YoY Change 1.35%
TOTAL ASSETS
Total Short-Term Assets $12.40M $6.700M
Total Long-Term Assets $59.90M $59.10M
Total Assets $72.30M $65.80M
YoY Change 9.88% 32800.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $900.0K
YoY Change 33.33%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.700M $1.000M
YoY Change 70.0%
Total Short-Term Liabilities $3.200M $2.300M
YoY Change 39.13%
LONG-TERM LIABILITIES
Long-Term Debt $28.40M $36.90M
YoY Change -23.04%
Other Long-Term Liabilities $500.0K
YoY Change
Total Long-Term Liabilities $28.90M $36.90M
YoY Change -21.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.200M $2.300M
Total Long-Term Liabilities $28.90M $36.90M
Total Liabilities $41.40M $49.00M
YoY Change -15.51%
SHAREHOLDERS EQUITY
Retained Earnings $1.809M
YoY Change
Common Stock $29.03M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.85M $16.80M
YoY Change
Total Liabilities & Shareholders Equity $72.27M $65.80M
YoY Change 9.83% 32800.0%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$1.196M -$1.354M
YoY Change -11.67% -199.56%
Depreciation, Depletion And Amortization $220.0K $210.0K
YoY Change 4.76% 200.0%
Cash From Operating Activities $390.0K $740.0K
YoY Change -47.3% 76.19%
INVESTING ACTIVITIES
Capital Expenditures $164.0K $47.00K
YoY Change 248.94%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $0.00
YoY Change
Cash From Investing Activities -$170.0K -$50.00K
YoY Change 240.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.370M 30.00K
YoY Change 14466.67% -106.12%
NET CHANGE
Cash From Operating Activities 390.0K 740.0K
Cash From Investing Activities -170.0K -50.00K
Cash From Financing Activities 4.370M 30.00K
Net Change In Cash 4.590M 720.0K
YoY Change 537.5% -1128.57%
FREE CASH FLOW
Cash From Operating Activities $390.0K $740.0K
Capital Expenditures $164.0K $47.00K
Free Cash Flow $226.0K $693.0K
YoY Change -67.39% 65.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Use Of Estimates
UseOfEstimates
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt 'Times New Roman', Times, serif; WHITE-SPACE: normal; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <u>Use of Estimates</u></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-TRANSFORM: none; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt 'Times New Roman', Times, serif; WHITE-SPACE: normal; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> &#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt 'Times New Roman', Times, serif; WHITE-SPACE: normal; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the year. Actual results could be affected by those estimates.</div> </div>
CY2012Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25000 USD
CY2013Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
1147000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
264000 USD
CY2013Q2 xelb Business Acquisition Purchase Price Allocation Goodwill
BusinessAcquisitionPurchasePriceAllocationGoodwill
12371000 USD
xelb Probability Of Tax Benefit Percentage
ProbabilityOfTaxBenefitPercentage
0.5 pure
CY2013Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
29000 USD
CY2012Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
699000 USD
us-gaap Inventory Write Down
InventoryWriteDown
4000 USD
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
132000 USD
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
132000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
263000 USD
CY2013Q2 xelb Indefinite Lived Trademarks Gross
IndefiniteLivedTrademarksGross
44500000 USD
CY2012Q4 xelb Indefinite Lived Trademarks Gross
IndefiniteLivedTrademarksGross
44500000 USD
CY2013Q2 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
2000000 USD
CY2012Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
2000000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
928000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
665000 USD
CY2013Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
45572000 USD
CY2012Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
45835000 USD
us-gaap Long Term Debt Maturities Repayment Terms
LongTermDebtMaturitiesRepaymentTerms
The principal amount of the Loan is payable quarterly as follows: 2.5% on January 5, 2013 through October 5, 2013; 3.75% on January 5, 2014 through October 5, 2014; 6.25% on January 5, 2015 through October 5, 2015; 12.5% on January 5, 2016 through the maturity date, which is the date that is 5 years after the Closing Date.
CY2013Q2 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.085 pure
xelb Percentage Of Excess Cash Flow
PercentageOfExcessCashFlow
0.5 pure
CY2013Q2 us-gaap Notes Payable
NotesPayable
12023000 USD
CY2012Q4 us-gaap Notes Payable
NotesPayable
12579000 USD
xelb Un Amortization Of Debt Discount Premium
UnAmortizationOfDebtDiscountPremium
802000 USD
CY2012 xelb Un Amortization Of Debt Discount Premium
UnAmortizationOfDebtDiscountPremium
921000 USD
CY2013Q2 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
6595000 USD
CY2012Q4 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
6306000 USD
us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
(i) the fair market value of the Common Stock on the Seller Maturity Date and (ii) $4.50 subject to certain adjustments; provided, however, that if the fair market value of the Common Stock is less than $4.50 as adjusted, the Seller will have the option to extend the maturity of the Seller Note to the Subsequent Seller Maturity Date. If the maturity date of the Seller Note is so extended, the Seller will have the option to convert the Seller Note into Common Shares based on the greater of (i) the fair market value of the Common Stock on the Subsequent Seller Maturity Date and (ii) $4.50, subject to certain adjustments. If the maturity date of the Seller Note is extended, we will also have the option to repay the outstanding principal amount of the Seller Note on the Subsequent Seller Maturity Date in cash or by issuing the number of shares of Common Stock obtained by dividing the principal amount of the Seller Note outstanding on the Subsequent Seller Maturity Date by the fair market value of the Common Stock on the Seller Maturity Date. In addition, at any time the Seller Note is outstanding, the Company has the right to convert the Seller Note, in whole or in part, into the number of shares of Common Stock obtained by dividing the principal amount to be converted by the fair market value of the Common Stock at the time of the conversion, so long as the fair market value of our Common Stock is at least $4.50.
CY2013Q2 xelb Unsecured Contingent Obligation
UnsecuredContingentObligation
11466000 USD
CY2012Q4 xelb Unsecured Contingent Obligation
UnsecuredContingentObligation
11466000 USD
CY2013Q2 us-gaap Other Long Term Debt
OtherLongTermDebt
42000 USD
CY2012Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
45000 USD
CY2013Q2 us-gaap Long Term Debt
LongTermDebt
30126000 USD
CY2012Q4 us-gaap Long Term Debt
LongTermDebt
30396000 USD
CY2013Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
28438000 USD
CY2012Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
29046000 USD
CY2013Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3721084 shares
CY2013Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000000 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
345000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.1 pure
CY2013Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
3.86
CY2013Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
3.499
xelb Share Based Compensation Arrangement By Share Based Payment Award Option Exercises In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionExercisesInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
125 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
344875 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
214233 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.54
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
-0
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.55
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.63
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.4 pure
CY2012Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.4 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.01 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.39 pure
CY2012Q2 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.4 pure
CY2013Q2 xelb Design And Licensing Revenues
DesignAndLicensingRevenues
3174000 USD
CY2012Q2 xelb Design And Licensing Revenues
DesignAndLicensingRevenues
2824000 USD
xelb Design And Licensing Revenues
DesignAndLicensingRevenues
6362000 USD
xelb Design And Licensing Revenues
DesignAndLicensingRevenues
5704000 USD
CY2013Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
164000 USD
CY2012Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
47000 USD
CY2012Q2 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
37500 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
75000 USD
CY2012Q2 us-gaap Business Combination Separately Recognized Transactions Expenses And Losses Recognized
BusinessCombinationSeparatelyRecognizedTransactionsExpensesAndLossesRecognized
27000 USD
us-gaap Business Combination Separately Recognized Transactions Expenses And Losses Recognized
BusinessCombinationSeparatelyRecognizedTransactionsExpensesAndLossesRecognized
53000 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
74000 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
79000 USD

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