$XELB
XCel Brands, Inc.

2013 Q2 Form 10-K Financial Statement

#000114420414022188 Filed on April 11, 2014

View on sec.gov

Income Statement

Concept 2013 Q2 2013 2012 Q4
Revenue $3.206M $13.17M $3.270M
YoY Change 13.53% 3.64% 14.74%
Cost Of Revenue $13.00K $0.00 $0.00
YoY Change -100.0%
Gross Profit $3.193M $13.17M $3.270M
YoY Change 13.07% 3.64% 25.77%
Gross Profit Margin 99.59% 100.0% 100.0%
Selling, General & Admin $4.430M $13.97M $3.540M
YoY Change 29.53% 8.46% 117.18%
% of Gross Profit 138.74% 106.11% 108.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $220.0K $873.0K $220.0K
YoY Change 4.76% 1.99% 4.76%
% of Gross Profit 6.89% 6.63% 6.73%
Operating Expenses $4.660M $14.84M $3.750M
YoY Change 28.37% 8.08% 103.8%
Operating Profit -$1.463M $2.092M -$480.0K
YoY Change 80.62% -63.25% -163.16%
Interest Expense $520.0K $1.726M -$540.0K
YoY Change -4.59% -20.64% 1.89%
% of Operating Profit 82.5%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.983M -$156.0K $5.700M
YoY Change 46.35% -104.43% 3700.0%
Income Tax -$787.0K -$1.322M -$250.0K
% Of Pretax Income -4.39%
Net Earnings -$1.196M $1.532M $5.950M
YoY Change -11.67% -64.24% 1650.0%
Net Earnings / Revenue -37.31% 11.64% 181.96%
Basic Earnings Per Share -$0.13 $0.17
Diluted Earnings Per Share -$0.13 $0.16 $595.6K
COMMON SHARES
Basic Shares Outstanding 9.138M shares 9.193M shares
Diluted Shares Outstanding 9.138M shares 9.791M shares

Balance Sheet

Concept 2013 Q2 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.300M $7.500M $3.900M
YoY Change 124.32% 92.31% 44.44%
Cash & Equivalents $8.319M $7.500M $3.929M
Short-Term Investments
Other Short-Term Assets $300.0K $600.0K $300.0K
YoY Change 0.0% 100.0% 252.94%
Inventory $100.0K $0.00
Prepaid Expenses $329.0K
Receivables $3.700M $3.500M $3.428M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.40M $11.70M $7.686M
YoY Change 85.07% 51.95% 37.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.200M $1.000M $1.113M
YoY Change -7.69% -9.09% -15.87%
Goodwill $12.37M
YoY Change
Intangibles $45.84M
YoY Change -20.23%
Long-Term Investments
YoY Change
Other Assets $375.0K $700.0K $349.0K
YoY Change -46.43% -12.5% -99.4%
Total Long-Term Assets $59.90M $59.30M $60.12M
YoY Change 1.35% -1.33% 1.24%
TOTAL ASSETS
Total Short-Term Assets $12.40M $11.70M $7.686M
Total Long-Term Assets $59.90M $59.30M $60.12M
Total Assets $72.30M $71.00M $67.80M
YoY Change 9.88% 4.72% 4.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $1.200M $1.400M
YoY Change 33.33% -14.29% 55.56%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.700M $600.0K $1.350M
YoY Change 70.0% -57.14% 2968.18%
Total Short-Term Liabilities $3.200M $2.400M $3.136M
YoY Change 39.13% -22.58% 110.33%
LONG-TERM LIABILITIES
Long-Term Debt $28.40M $24.20M $29.05M
YoY Change -23.04% -16.55% 2507.36%
Other Long-Term Liabilities $500.0K $100.0K $500.0K
YoY Change -80.0% 1823.08%
Total Long-Term Liabilities $28.90M $24.30M $39.70M
YoY Change -21.68% -17.63% -15.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.200M $2.400M $3.136M
Total Long-Term Liabilities $28.90M $24.30M $39.70M
Total Liabilities $41.40M $35.70M $42.84M
YoY Change -15.51% -16.59% -11.37%
SHAREHOLDERS EQUITY
Retained Earnings $1.809M $2.992M
YoY Change -331.58%
Common Stock $29.03M $21.97M
YoY Change 366116.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.85M $35.40M $24.97M
YoY Change
Total Liabilities & Shareholders Equity $72.27M $71.00M $67.80M
YoY Change 9.83% 4.72% 4.39%

Cashflow Statement

Concept 2013 Q2 2013 2012 Q4
OPERATING ACTIVITIES
Net Income -$1.196M $1.532M $5.950M
YoY Change -11.67% -64.24% 1650.0%
Depreciation, Depletion And Amortization $220.0K $873.0K $220.0K
YoY Change 4.76% 1.99% 4.76%
Cash From Operating Activities $390.0K $2.383M $1.070M
YoY Change -47.3% -7.99% -192.24%
INVESTING ACTIVITIES
Capital Expenditures $164.0K $218.0K -$10.00K
YoY Change 248.94% 86.32% -92.86%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$290.0K $0.00
YoY Change
Cash From Investing Activities -$170.0K -$509.0K -$10.00K
YoY Change 240.0% 324.17% -92.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000M $622.0K
YoY Change -12.52%
Debt Paid & Issued, Net $13.50M
YoY Change
Cash From Financing Activities 4.370M 1.660M -1.270M
YoY Change 14466.67% -231.75% 958.33%
NET CHANGE
Cash From Operating Activities 390.0K $2.383M 1.070M
Cash From Investing Activities -170.0K -$509.0K -10.00K
Cash From Financing Activities 4.370M 1.660M -1.270M
Net Change In Cash 4.590M $1.874M -210.0K
YoY Change 537.5% 54.88% -85.21%
FREE CASH FLOW
Cash From Operating Activities $390.0K $2.383M $1.070M
Capital Expenditures $164.0K $218.0K -$10.00K
Free Cash Flow $226.0K $2.165M $1.080M
YoY Change -67.39% -12.45% -205.88%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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The principal amount of the Loan was 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.
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Company is required to prepay the outstanding amount of the New Loan from excess cash flow (Cash Flow Recapture) for each fiscal year commencing with the year ending December 31, 2014 in arrears in an amount equal to twenty percent (20%) of such Cash Flow Recapture.
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(i) the fair market value of the Common Stock on the 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, IM Ready will have the option to extend the maturity of the Seller Note to the Subsequent Maturity Date. If the maturity date of the Seller Note is so extended, IM Ready 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 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 Maturity Date in cash or by issuing the number of shares of Common Stock obtained by dividing the principal amount of the Note outstanding on the Subsequent Maturity Date by the fair market value of the Common Stock on the Subsequent Maturity Date. In addition, at any time the Seller Note is outstanding, we have the right to convert the 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.
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0 shares
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0.1 pure
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CY2013 us-gaap Sales Revenue Services Net
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CY2012 us-gaap Sales Revenue Net
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12703000 USD
CY2013 us-gaap Sales Revenue Net
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13368000 USD
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0 USD
CY2013 us-gaap Cost Of Goods Sold
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93000 USD
CY2012 us-gaap Gross Profit
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12703000 USD
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13275000 USD
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5475000 USD
CY2013 us-gaap Salaries And Wages
SalariesAndWages
6520000 USD
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728000 USD
CY2013 us-gaap Other Cost And Expense Operating
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473000 USD
CY2012 us-gaap Other General And Administrative Expense
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2050000 USD
CY2013 us-gaap Other General And Administrative Expense
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2494000 USD
CY2012 us-gaap Share Based Compensation
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4623000 USD
CY2013 us-gaap Share Based Compensation
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4810000 USD
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856000 USD
CY2013 us-gaap Depreciation And Amortization
DepreciationAndAmortization
893000 USD
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CostsAndExpenses
13732000 USD
CY2013 us-gaap Costs And Expenses
CostsAndExpenses
15190000 USD
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422000 USD
CY2013 us-gaap Gains Losses On Extinguishment Of Debt
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-1351000 USD
CY2012 xelb Gain Loss On Reduction Of Contingent Obligations
GainLossOnReductionOfContingentObligations
6300000 USD
CY2013 xelb Gain Loss On Reduction Of Contingent Obligations
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5122000 USD
CY2012 us-gaap Other Income
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6722000 USD
CY2013 us-gaap Other Income
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3771000 USD
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OperatingIncomeLoss
5693000 USD
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1856000 USD
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1148000 USD
CY2013 us-gaap Interest Expense Debt
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882000 USD
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1027000 USD
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844000 USD
CY2012 us-gaap Interest Expense
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2175000 USD
CY2013 us-gaap Interest Expense
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1726000 USD
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3518000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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130000 USD
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-766000 USD
CY2013 us-gaap Income Tax Expense Benefit
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-1402000 USD
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4284000 USD
CY2013 us-gaap Net Income Loss
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1532000 USD
CY2012 us-gaap Earnings Per Share Basic
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0.62
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.57
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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6936452 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
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9193101 shares
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7577561 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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9791493 shares
CY2012 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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641109 shares
CY2013 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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598392 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.340 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.340 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.063 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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-0.664 pure
CY2012 xelb Effective Income Tax Rate Reconciliation Gain On Reduction Of Contingent Obligation
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-0.725 pure
CY2013 xelb Effective Income Tax Rate Reconciliation Gain On Reduction Of Contingent Obligation
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-12.515 pure
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.219 pure
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-10.777 pure
CY2013 xelb Gain On Reduction Of Contingent Obligations
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5100000 USD
CY2012 xelb Design And Licensing Revenues
DesignAndLicensingRevenues
12703000 USD
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0 USD
CY2013 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
203000 USD
CY2012 us-gaap Business Combination Separately Recognized Transactions Expenses And Losses Recognized
BusinessCombinationSeparatelyRecognizedTransactionsExpensesAndLossesRecognized
94000 USD
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13165000 USD
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217000 USD
CY2013 us-gaap Related Party Transaction Amounts Of Transaction
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459000 USD
CY2012 us-gaap Depreciation Depletion And Amortization
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856000 USD
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
893000 USD
CY2012 us-gaap Amortization Of Financing Costs
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119000 USD
CY2013 us-gaap Amortization Of Financing Costs
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88000 USD
CY2012 xelb Share Based Compensation Including License Discount
ShareBasedCompensationIncludingLicenseDiscount
4618000 USD
CY2013 xelb Share Based Compensation Including License Discount
ShareBasedCompensationIncludingLicenseDiscount
4810000 USD
CY2012 us-gaap Provision For Doubtful Accounts
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25000 USD
CY2013 us-gaap Provision For Doubtful Accounts
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14000 USD
CY2012 xelb Amortization Of Seller Note Discount And Prepaid Interest
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579000 USD
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576000 USD
CY2012 xelb Amortization Of Senior Note Discount
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235000 USD
CY2013 xelb Amortization Of Senior Note Discount
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139000 USD
CY2012 us-gaap Deferred Income Tax Expense Benefit
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-928000 USD
CY2013 us-gaap Deferred Income Tax Expense Benefit
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422000 USD
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127000 USD
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0 USD
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70000 USD
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94000 USD
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43000 USD
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581000 USD
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185000 USD
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115000 USD
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2383000 USD
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412000 USD
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0 USD
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2000 USD
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5000000 USD
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189000 USD
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0 USD
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13000000 USD
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0 USD
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-1500000 USD
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3000 USD
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311000 USD
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217000 USD
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17000 USD
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3000 USD
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-1263000 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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1658000 USD
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
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1211000 USD
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
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3532000 USD
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174000 USD
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156000 USD
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0 USD
CY2013Q4 us-gaap Deferred Tax Assets Charitable Contribution Carryforwards
DeferredTaxAssetsCharitableContributionCarryforwards
18000 USD
CY2012Q4 xelb Deferred Tax Liabilities Discounted Note Payable
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602000 USD
CY2013Q4 xelb Deferred Tax Liabilities Discounted Note Payable
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339000 USD
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2000 USD
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62000 USD
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119000 USD
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1243000 USD
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1117000 USD
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10-K
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false
CY2013 dei Document Period End Date
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2013-12-31
CY2013 dei Document Fiscal Year Focus
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2013
CY2013 dei Document Fiscal Period Focus
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FY
CY2013 dei Trading Symbol
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XELB
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11436188 shares
CY2013 dei Entity Registrant Name
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XCel Brands, Inc.
CY2013 dei Entity Central Index Key
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0001083220
CY2013 dei Current Fiscal Year End Date
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--12-31
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No
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No
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Yes
CY2013 dei Entity Filer Category
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Smaller Reporting Company
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15782120 USD
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1128000 USD
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834000 USD
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4434000 USD
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619000 USD
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708000 USD
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2016-03-31
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53000 USD
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162000 USD
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-143000 USD
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721000 USD
CY2013 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <u>Concentrations of Credit Risk</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, and accounts receivable. We limit our credit risk with respect to cash by maintaining cash balances with high&#160;quality financial institutions. At times our cash and cash equivalents may exceed federally insured limits. Concentrations of credit risk with respect to accounts receivable are minimal due to the limited amount of outstanding receivables and due to the nature of our royalty revenues. Generally, we do not require collateral or other security to support accounts receivables.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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109000 USD
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CY2013Q4 us-gaap Contractual Obligation Due In Next Twelve Months
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2472000 USD
CY2012Q4 xelb Royalty Advances
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222000 USD
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5000000 USD
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34000 USD
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117000 USD
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1439000 USD
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2738000 USD
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91000 USD
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10000 USD
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16000 USD
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1796000 USD
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3395000 USD
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11371000 USD
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11974000 USD
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11973000 USD
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CY2013 xelb Excess Compensation Deduction
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0 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Resulting In Net Operating Loss Carryforward
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207000 USD
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16618000 USD
CY2012 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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23000 USD
CY2013 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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2000 USD
CY2012 xelb Adjustments To Additional Paid In Capital Direct Costs Relating To Equity Placement
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2000 USD
CY2013 xelb Adjustments To Additional Paid In Capital Direct Costs Relating To Equity Placement
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311000 USD
CY2012 xelb Adjustments To Additional Paid In Capital Common Stock And Warrants Issuable Value
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4573000 USD
CY2013 xelb Adjustments To Additional Paid In Capital Common Stock And Warrants Issuable Value
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4810000 USD
CY2012 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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1000 USD
CY2013 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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1000 USD
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1000 USD
CY2012 xelb Forfeiture Of Prior Stock Grants
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2000 USD
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180000 USD
CY2012 xelb Stock Repurchased During Period Value Vesting Of Restricted Stock
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711000 USD
CY2013 xelb Stock Repurchased During Period Value Vesting Of Restricted Stock
StockRepurchasedDuringPeriodValueVestingOfRestrictedStock
622000 USD
CY2013 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
6000 USD
CY2012 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
711000 USD
CY2013 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
622000 USD
CY2012 xelb Shares Issued In Connection With Settlement Of Debt
SharesIssuedInConnectionWithSettlementOfDebt
180000 USD
CY2013 xelb Shares Issued In Connection With Settlement Of Debt
SharesIssuedInConnectionWithSettlementOfDebt
0 USD
CY2012 xelb Restructure Of Seller Note
RestructureOfSellerNote
0 USD
CY2013 xelb Restructure Of Seller Note
RestructureOfSellerNote
337000 USD
CY2012 us-gaap Repayments Of Debt
RepaymentsOfDebt
556000 USD
CY2013 us-gaap Repayments Of Debt
RepaymentsOfDebt
0 USD
CY2013 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
189000 USD
CY2012Q4 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
101000 USD
CY2013Q4 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
49000 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 USD
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 USD
CY2013 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
1625 shares

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