Sequential Brands Group, Inc. (NASDAQ:SQBG) Q2 2020 Earnings Conference Call - Final Transcript
Aug 13, 2020 • 08:30 am ET
addition to these, we are actively working on a pipeline of new deals for the balance of the year, with an emphasis on the beauty, wellness and active wear categories.
Second, the pandemic has reinforced the power of our core brands. Our active brands and one via Gaiam and SPRI, which are sold at mass retailers including Walmart and Target, as well as grocery and drug stores nationwide have seen strong retail sales during the pandemic. These brands are aligned with the way consumers are behaving and living their lives today, as they practice at-home health and wellness. Categories such as underwear, socks, shorts, sweat, fitness equipment and workout gear have been in demand.
Third, our team continues to closely manage costs and take steps to maximize our liquidity. Specifically, we implemented significant compensation reduction that remain in place today. We are scrutinizing all material non-essential expenses and eliminating costs where appropriate. And we are fully drawn on our revolving credit facility. We also recently divested three of our non-core brands, namely Novartis, Linen n' Things, The Franklin Mint.
We frequently review our portfolio and consider divesting certain smaller brands when the right opportunity arise. While these divestitures were not material transactions, they reinforced our cash position and are consistent with our strategy to focus management's efforts on our core growth brands.
As we look ahead to the second half of the year, we remain cautiously optimistic as we continue to navigate macroeconomic uncertainties. While the pandemic has presented challenges for our business, it has also demonstrated its durability; the demand for our core brands, particularly our active brands; the power of the mass channels such as Walmart; and the strength of our relationships with our licensees.
I'm proud of the work our team has done to navigate through the early stages of the pandemic and the work we continue to do to position ourselves for long-term success. I look forward to keeping you updated on our progress.
With that, let me turn the call over to Dan to take you through the financials for the second quarter.
Thank you, David. Before taking you through our quarterly financial results, I wanted to note that on July 27, 2020, our previously announced one share for 40 shares reverse stock split of our outstanding common stock core value $0.01 per share became effective. As a result of the reverse stock split, we are now in compliance with NASDAQ listing requirements.
All share and per share amounts in today's earnings release and in my remarks, have been adjusted to reflect the reverse stock split. Total revenue from continuing operations for the second quarter ended June 30, 2020, was $22.6 million, compared to $26.4 million in the prior year quarter. On a GAAP basis, loss from continuing operations for the second quarter 2020 was $2.9 million or $1.78 per diluted share compared to loss from continuing operations for the second quarter 2019 of $3.3 million or $2.03 per diluted share.
Non-GAAP net loss from