$XELB
XCel Brands, Inc.

2013 Q3 Form 10-Q Financial Statement

#000114420413061879 Filed on November 14, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $3.919M $3.725M
YoY Change 5.21% 24.58%
Cost Of Revenue $61.00K $0.00
YoY Change
Gross Profit $3.858M $3.725M
YoY Change 3.57% 24.58%
Gross Profit Margin 98.44% 100.0%
Selling, General & Admin $4.730M $3.940M
YoY Change 20.05% 80.73%
% of Gross Profit 122.6% 105.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $220.0K $220.0K
YoY Change 0.0% 214.29%
% of Gross Profit 5.7% 5.91%
Operating Expenses $4.950M $4.150M
YoY Change 19.28% 84.44%
Operating Profit $2.657M -$426.0K
YoY Change -723.71% -157.57%
Interest Expense $385.0K $548.0K
YoY Change -29.74% -5580.0%
% of Operating Profit 14.49%
Other Income/Expense, Net -$3.749M $0.00
YoY Change
Pretax Income $2.272M -$974.0K
YoY Change -333.26% -424.67%
Income Tax -$847.0K -$502.0K
% Of Pretax Income -37.28%
Net Earnings $3.119M -$472.0K
YoY Change -760.81% -257.33%
Net Earnings / Revenue 79.59% -12.67%
Basic Earnings Per Share $0.31 -$0.06
Diluted Earnings Per Share $0.29 $0.00
COMMON SHARES
Basic Shares Outstanding 10.17M shares
Diluted Shares Outstanding 10.75M shares 7.517M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.900M $4.100M
YoY Change 92.68% 0.0%
Cash & Equivalents $7.867M $4.131M
Short-Term Investments
Other Short-Term Assets $400.0K $500.0K
YoY Change -20.0% 66.67%
Inventory $90.00K
Prepaid Expenses $400.0K
Receivables $4.688M $3.300M
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.05M $8.000M
YoY Change 63.06% 81.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.115M $1.200M
YoY Change -7.08% -7.69%
Goodwill $12.37M
YoY Change
Intangibles $45.44M
YoY Change
Long-Term Investments
YoY Change
Other Assets $264.0K $800.0K
YoY Change -67.0% 0.0%
Total Long-Term Assets $59.40M $60.70M
YoY Change -2.14% 20.68%
TOTAL ASSETS
Total Short-Term Assets $13.05M $8.000M
Total Long-Term Assets $59.40M $60.70M
Total Assets $72.44M $68.70M
YoY Change 5.45% 25.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M $900.0K
YoY Change 22.22% 80.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.244M $1.500M
YoY Change 316.27%
Total Short-Term Liabilities $7.561M $2.700M
YoY Change 180.04% 285.71%
LONG-TERM LIABILITIES
Long-Term Debt $19.43M $36.60M
YoY Change -46.92% -1.88%
Other Long-Term Liabilities $600.0K
YoY Change
Total Long-Term Liabilities $19.43M $36.60M
YoY Change -46.92% -1.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.561M $2.700M
Total Long-Term Liabilities $19.43M $36.60M
Total Liabilities $26.99M $50.30M
YoY Change -46.35% 32.37%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.30M $18.40M
YoY Change
Total Liabilities & Shareholders Equity $72.40M $68.70M
YoY Change 5.39% 25.59%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $3.119M -$472.0K
YoY Change -760.81% -257.33%
Depreciation, Depletion And Amortization $220.0K $220.0K
YoY Change 0.0% 214.29%
Cash From Operating Activities $350.0K $490.0K
YoY Change -28.57% -388.24%
INVESTING ACTIVITIES
Capital Expenditures $53.00K $19.00K
YoY Change 178.95%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$60.00K -$20.00K
YoY Change 200.0% -99.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -750.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 350.0K 490.0K
Cash From Investing Activities -60.00K -20.00K
Cash From Financing Activities -750.0K 0.000
Net Change In Cash -460.0K 470.0K
YoY Change -197.87% -89.2%
FREE CASH FLOW
Cash From Operating Activities $350.0K $490.0K
Capital Expenditures $53.00K $19.00K
Free Cash Flow $297.0K $471.0K
YoY Change -36.94% -377.06%

Facts In Submission

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us-gaap Long Term Debt Maturities Repayment Terms
LongTermDebtMaturitiesRepaymentTerms
The principal amount of the Loan was payable quarterly as follows:&#160; 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.
CY2013Q3 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.085 pure
CY2013Q3 xelb Long Term Debt Other
LongTermDebtOther
500000 USD
us-gaap Debt Instrument Description
DebtInstrumentDescription
Company shall prepay the outstanding amount of the New Loan from excess cash flow (&#8220;Cash Flow Recapture&#8221;) for each fiscal year commencing year ending December 31, 2014 in arrears in an amount equal to twenty percent (20%) of such Cash Flow Recapture.
xelb Probability Of Tax Benefit Percentage
ProbabilityOfTaxBenefitPercentage
0.5 pure
CY2013Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
70000 USD
CY2012Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25000 USD
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
132000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
395000 USD
CY2013Q3 xelb Business Acquisition Purchase Price Allocation Goodwill
BusinessAcquisitionPurchasePriceAllocationGoodwill
12371000 USD
CY2013Q3 xelb Debt Instrument Unamortized Deferred Costs And Discount
DebtInstrumentUnamortizedDeferredCostsAndDiscount
381000 USD
CY2013Q3 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
6244000 USD
CY2013Q3 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-500000 USD
xelb Gain On Reduction Of Contingent Obligations And Included In Operating Income
GainOnReductionOfContingentObligationsAndIncludedInOperatingIncome
5100000 USD
xelb Prepayment Fee Of Debt
PrepaymentFeeOfDebt
781000 USD
CY2012Q4 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
6306000 USD
xelb Un Amortization Of Debt Discount Premium
UnAmortizationOfDebtDiscountPremium
633000 USD
CY2012 xelb Un Amortization Of Debt Discount Premium
UnAmortizationOfDebtDiscountPremium
1071000 USD
us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
(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.&#160; 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.
CY2013Q3 xelb Gain On Reduction Of Contingent Obligations And Included In Operating Income
GainOnReductionOfContingentObligationsAndIncludedInOperatingIncome
5100000 USD
CY2013Q3 xelb Fair Value Of Business Acquisition Contingent Consideration
FairValueOfBusinessAcquisitionContingentConsideration
6366000 USD
CY2012Q4 xelb Fair Value Of Business Acquisition Contingent Consideration
FairValueOfBusinessAcquisitionContingentConsideration
11466000 USD
CY2013Q3 xelb Prepayment Fees Percentage
PrepaymentFeesPercentage
0.015 pure
CY2013Q3 us-gaap Notes Payable
NotesPayable
13000000 USD
CY2012Q4 us-gaap Notes Payable
NotesPayable
12579000 USD
CY2013Q3 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
6244000 USD
CY2013Q3 xelb Unsecured Contingent Obligation
UnsecuredContingentObligation
6366000 USD
CY2012Q4 xelb Unsecured Contingent Obligation
UnsecuredContingentObligation
11466000 USD
CY2013Q3 us-gaap Other Long Term Debt
OtherLongTermDebt
60000 USD
CY2012Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
45000 USD
CY2013Q3 us-gaap Long Term Debt
LongTermDebt
25670000 USD
CY2012Q4 us-gaap Long Term Debt
LongTermDebt
30396000 USD
CY2013Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
19426000 USD
CY2012Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
29046000 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
213483 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y6M
CY2013Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000000 USD
CY2013Q2 invest Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
5.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.1 pure
CY2013Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
3.86
CY2013Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
3.499
CY2013Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3719959 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.22 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0039 pure
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
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
1375 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
343625 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
-3.55
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.55
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.64
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7517151 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6772244 shares
CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.373 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-5.240 pure
CY2013Q3 xelb Gain On Reduction Of Contingent Obligations
GainOnReductionOfContingentObligations
5100000 USD
CY2012Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.515 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.238 pure
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.015 pure
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.049 pure
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072 pure
CY2013Q3 xelb Effective Income Tax Rate Reconciliation Gain On Reduction Of Contingent Obligation
EffectiveIncomeTaxRateReconciliationGainOnReductionOfContingentObligation
-0.925 pure
xelb Effective Income Tax Rate Reconciliation Gain On Reduction Of Contingent Obligation
EffectiveIncomeTaxRateReconciliationGainOnReductionOfContingentObligation
-6.772 pure
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Other
EffectiveIncomeTaxRateReconciliationTaxSettlementsOther
0.003 pure
us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Other
EffectiveIncomeTaxRateReconciliationTaxSettlementsOther
0.056 pure
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies State And Local
EffectiveIncomeTaxRateReconciliationTaxContingenciesStateAndLocal
0.152 pure
us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies State And Local
EffectiveIncomeTaxRateReconciliationTaxContingenciesStateAndLocal
1.113 pure
CY2013Q3 xelb Design And Licensing Revenues
DesignAndLicensingRevenues
3789000 USD
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
53000 USD
CY2012Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19000 USD
CY2012Q3 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
37500 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
75000 USD
CY2012Q3 us-gaap Business Combination Separately Recognized Transactions Expenses And Losses Recognized
BusinessCombinationSeparatelyRecognizedTransactionsExpensesAndLossesRecognized
26000 USD
us-gaap Business Combination Separately Recognized Transactions Expenses And Losses Recognized
BusinessCombinationSeparatelyRecognizedTransactionsExpensesAndLossesRecognized
80000 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
114000 USD
CY2012Q3 xelb Design And Licensing Revenues
DesignAndLicensingRevenues
3725000 USD
xelb Design And Licensing Revenues
DesignAndLicensingRevenues
10151000 USD
xelb Design And Licensing Revenues
DesignAndLicensingRevenues
9429000 USD
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
130000 USD
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
162000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
68000 USD

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