Iconix Brand Group, Inc. News
Iconix Brand Group, Inc. Reports Record Earnings for the First Quarter 2008
Q1 2008 results:
Revenue for the first quarter of 2008 increased 81% to approximately
Other news:
In a separate press release today, the Company announced it has entered into a definitive agreement to form an equal joint venture with Novel Fashion Holdings, run by
2008 Guidance:
The Company is maintaining its previously issued 2008 guidance of revenue in a range of
Iconix Brand Group Inc. (Nasdaq: ICON) owns, licenses and markets a growing portfolio of consumer brands including CANDIE'S (R), BONGO (R),
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this press release are forward looking statements that involve a number of known and unknown risks, uncertainties and other factors, all of which are difficult or impossible to predict and many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to, uncertainty regarding the results of the Company's acquisition of additional licenses, continued market acceptance of current products and the ability to successfully develop and market new products particularly in light of rapidly changing fashion trends, the impact of supply and manufacturing constraints or difficulties relating to the Company's licensees' dependence on foreign manufacturers and suppliers, uncertainties relating to customer plans and commitments, the ability of licensees to successfully market and sell branded products, competition, uncertainties relating to economic conditions in the markets in which the Company operates, the ability to hire and retain key personnel, the ability to obtain capital if required, the risks of litigation and regulatory proceedings, the risks of uncertainty of trademark protection, the uncertainty of marketing and licensing acquired trademarks and other risks detailed in the Company's SEC filings. The words "believe", "anticipate," "expect", "confident", "will", "project", "provide" "guidance" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date the statement was made.
Contact Information: David Conn Executive Vice President Iconix Brand Group 212.730.0030 Joseph Teklits Integrated Corporate Relations 203.682.8200 Iconix Brand Group, Inc. and Subsidiaries Condensed Consolidated Income Statements - (Unaudited) (in thousands, except earning per share data) Three Months Ended March 31 —————————————- 2008 2007 —————————————- Licensing revenue $55,667 $30,841 Selling, general and administrative expenses 18,711 7,719 Special charges 191 763 —————————————- Operating income 36,765 22,359 Other expenses: Interest expense - net 8,556 2,622 —————————————- Income before income taxes 28,209 19,737 —————————————- Provision for income taxes 9,965 6,990 —————————————- Net income $18,244 $12,747 =========================== Earnings per share: Basic $0.32 $0.23 ——- ——- Diluted $0.30 $0.21 ——- ——- Weighted average number common shares outstanding: Basic 57,422 56,402 ——— ——— Diluted 61,350 61,243 ——— ——— Selected Balance Sheet Items: 3/31/2008 12/31/2007 (Unaudited) (Audited) Total Assets $1,336,634 $1,336,130 Total Liabilities $783,460 $808,210 Stockholders' Equity $553,174 $527,920
The following table details unaudited reconciliations from non-GAAP amounts to U.S. GAAP and effects of these items (in thousands):
Three Months Ended —————————————— Mar 31, 2008 Mar 31, 2007 —————— —————— EBITDA (1) $38,753 $23,301 —————————————— Reconciliation of EBITDA: Income before income taxes 28,209 19,737 Add: Net Interest Expense 8,556 2,622 Add: Depreciation and amortization of certain intangibles 1,988 942 —————————————— EBITDA $38,753 $23,301 ============================ (1) EBITDA, a non-GAAP financial measure, represents income from operations before interest, income taxes, depreciation and amortization expenses. The Company believes EBITDA provides additional information for determining its ability to meet future debt services requirements, investing and capital expenditures. Free Cash Flow (2) $32,258 $21,632 —————————————— Reconciliation of Free Cash Flow: ————————————————- Net income $18,244 $12,747 Add: Depreciation, amortization of intangibles and deferred financing costs, the change in the reserve for accounts receivable, and non-cash compensation expense 4,687 1,935 Less: Capital expenditures (438) (40) Add: Non-cash income taxes 9,765 6,990 —————————————— Free Cash Flow $32,258 $21,632 ============================ (2) Free Cash Flow, a non-GAAP financial measure, represents net income before Depreciation, amortization, the change in the reserve for accounts receivable and excluding non-cash income taxes and capital expenditures. The Company believes Free Cash Flow is useful for evaluating our financial condition because it represents the amount of cash generated from the operations that is available for repaying debt and investing.
SOURCE Iconix Brand Group, Inc.
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