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Iconix Brand achieves record results for Q2
28 Jul '11
4 min read
Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, "We are pleased to report that our Company achieved record results for the second quarter both on the top and bottom line. As our brands gain momentum both domestically and internationally, we continue to demonstrate the power of our business model. In addition to our strong performance in the first half of this year, we also strengthened our balance sheet and increased our ownership in two of our brands. Looking ahead, we see many growth opportunities for our portfolio and with our current capital structure we are well positioned to continue to execute on our acquisition strategy."
2011 Guidance for Iconix Brand Group, Inc.:
The Company is reaffirming its full year 2011 revenue guidance of $355-$365 million and full year 2011 non-GAAP diluted EPS guidance of $1.63-$1.68. The Company is raising its GAAP diluted EPS guidance by $0.11 to a range of $1.61-$1.66 to reflect the Ed Hardy non-cash gain, write-off of unamortized financing fees and non-cash interest associated with the Company's recently issued convertible note. The Company estimates that free cash flow for 2011 will be approximately $167-$172 million. This guidance relates to the existing portfolio of brands only and does not include any acquisitions.
Other Company News:
The Company announced today that it has entered into an agreement to increase its ownership interest in the Zoo York brand to 100%. The Company currently owns a 51% controlling interest in the brand, and through the transaction will acquire the remaining 49% for $18 million. Since taking control of the brand in late 2009, the Company partnered with Li & Fung for the core sportswear business and substantially expanded Zoo York's distribution into large scale department stores including JC Penney and Kohl's.
2011 Guidance for Iconix Brand Group, Inc.:
The Company is reaffirming its full year 2011 revenue guidance of $355-$365 million and full year 2011 non-GAAP diluted EPS guidance of $1.63-$1.68. The Company is raising its GAAP diluted EPS guidance by $0.11 to a range of $1.61-$1.66 to reflect the Ed Hardy non-cash gain, write-off of unamortized financing fees and non-cash interest associated with the Company's recently issued convertible note. The Company estimates that free cash flow for 2011 will be approximately $167-$172 million. This guidance relates to the existing portfolio of brands only and does not include any acquisitions.
Other Company News:
The Company announced today that it has entered into an agreement to increase its ownership interest in the Zoo York brand to 100%. The Company currently owns a 51% controlling interest in the brand, and through the transaction will acquire the remaining 49% for $18 million. Since taking control of the brand in late 2009, the Company partnered with Li & Fung for the core sportswear business and substantially expanded Zoo York's distribution into large scale department stores including JC Penney and Kohl's.
Iconix Brand Group Inc
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