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Iconix Brand achieves record results for Q2
28
Jul '11
Iconix Brand Group Inc announced financial results for the second quarter ended June 30, 2011. Total revenue for the second quarter of 2011 was approximately $89.3 million, a 17% increase as compared to approximately $76.0 million in the second quarter of 2010. On a non-GAAP basis, which excludes non-cash interest related to the Company's two convertible notes and two non-recurring items described below, net income was $32.3 million, a 21% increase over the prior year quarter.

Non-GAAP diluted EPS for the second quarter was $0.43 compared to $0.36 in the prior year quarter. EBITDA attributable to Iconix for the second quarter was approximately $58.1 million, an 18% increase over the prior year quarter. Free cash flow attributable to Iconix for the second quarter was approximately $43.4 million, an 18% increase over the prior year quarter. GAAP net income for the second quarter was approximately $41.5 million, up 69% from the prior year quarter and GAAP diluted EPS was $0.55 compared to $0.33 in the prior year quarter.

GAAP net income and GAAP diluted EPS for the second quarter and six month period ending June 30, 2011 include the following two non-recurring items; 1) a non-cash gain of approximately $21.5 million related to the Company's acquisition of the global master license of the Ed Hardy brand in which the Company transitioned from a non-controlling interest to a controlling interest.

This gain, which is driven by a re-measurement of the Company's initial investment in the brand, is included in 'interest and other (income) expense, net' on the Company's unaudited condensed consolidated income statement; and 2) a $2.7 million write-off related to the unamortized financing fees and original issue discount ("OID") associated with the Company's early repayment of the entire principal balance outstanding on its term loan facility of approximately $112.4 million. This charge also is recorded in 'interest and other (income) expense, net' on the Company's unaudited condensed consolidated income statement.

Six months ended June 30, 2011:
Total revenue for the six months ended June 30, 2011 was approximately $181.6 million, a 23% increase as compared to approximately $147.7 million for the prior year period. EBITDA attributable to Iconix for the six month period increased 18% to approximately $116.9 million. Free cash flow for the six month period was approximately $89.4 million, a 16% increase over the prior year period.

On a non-GAAP basis, as defined above, net income attributable to Iconix for the six month period increased 23% to approximately $66.1 million as compared to the prior year period and non-GAAP diluted earnings per share increased to $0.88 versus $0.72 for the prior year period. On a GAAP basis, net income attributable to Iconix increased 48% to approximately $73.0 million as compared to the prior year period and GAAP diluted earnings per share was $0.97 versus $0.66 for the prior year.

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