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May 3, 2021
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Sequential Brands Group, Inc. (Nasdaq:SQBG) announced today that it has closed on the sale of its Heelys brand to BBC International for $11 million in cash proceeds.
“The divestiture of the Heelys brand was an outcome of the Board’s exploration of strategic alternatives, a process that is still underway,” said William Sweedler, Executive Chairman of Sequential. “The Heelys brand was originally acquired in 2013 for a net purchase price of approximately $5.5 million (after accounting for cash on the Heelys balance sheet that we received at the time of the 2013 purchase). BBC International has been the core licensee of Heelys since 2013. We believe the brand is in great hands under BBC’s leadership going forward.”
Net sales from stores in U.S. and Canada open more than twelve calendar months increased 8.2%
Diluted net income per share increased to $1.51 per share
Adjusted diluted net income per share increased 51.5% to $2.06 per share
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased to $848.7 million, or 18.2% of sales
Net operating cash increased 256% to $195.7 million
Completed a three-for-one stock split to improve accessibility to a broader base of investors
The Company anticipates FY21 diluted net income per share in the range of $7.66 to $7.93 per share, including a loss of $0.34 per share from a divestiture and acquisition-related amortization expense of $0.80 per share
KYB Corp. among winners of The Group vendor awards
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GRAPEVINE, Texas Suspension components producer KYB Americas Corp. was one of six suppliers honored at the recent Automotive Parts Services Group (The Group) supplier awards ceremony, held during The Group s national conference and expo held virtually.
KYB won the Marketing Excellence Vendor of the Year Award.
Other award winners were:
First Brands Group, Sales Support Vendor of the Year;
Gates Corp., Excellence in Education & Training Vendor of the Year;
DuraGo, Service Level Excellence Vendor of the Year; and
Dorman, Catalog & Product Data Excellence Vendor of the Year.
Members of Federated Auto Parts and The Pronto Network cast votes for the top supplier in each category.
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