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CEO of Iconix Brand pleased with Q3 performance
31
Oct '11
Iconix Brand Group Inc. announced financial results for the third quarter ended September 30, 2011.

Q3 2011 results for Iconix Brand Group Inc.:
Total revenue for the third quarter of 2011 was approximately $92.7 million compared to approximately $96.9 million in the third quarter of 2010. Third quarter 2010 revenue included approximately $12.5 million related to a contract the Company signed with ABC Network for the Peanuts holiday television specials. EBITDA attributable to Iconix for the third quarter was approximately $55.3 million, a 6% increase over the prior year quarter.

Free cash flow attributable to Iconix for the third quarter was approximately $44.9 million, a 9% increase over the prior year quarter. On a non-GAAP basis, which excludes non-cash interest related to the Company's two convertible notes, net income attributable to Iconix was $30.1 million, a 1% increase over the prior year quarter.

Non-GAAP diluted EPS for the third quarter was $0.40 compared to $0.40 in the prior year quarter. GAAP net income attributable to Iconix for the third quarter was approximately $26.0 million compared to $27.4 million in the prior year quarter and GAAP diluted EPS was $0.34 compared to $0.37 in the prior year quarter.

Nine months ended September 30, 2011:
Total revenue for the nine months ended September 30, 2011 was approximately $274.3 million, a 12% increase as compared to approximately $244.6 million for the prior year period. EBITDA attributable to Iconix for the nine month period increased 14% from the prior year period to approximately $172.2 million.

Free cash flow for the nine month period was approximately $134.3 million, a 14% increase over the prior year period. On a non-GAAP basis, which excludes non-cash interest related to the Company's two convertible notes and two non-recurring items recorded in the second quarter, net income attributable to Iconix for the nine month period increased 15% to approximately $96.2 million as compared to the prior year period and non-GAAP diluted earnings per share increased to $1.27 versus $1.12 for the prior year period.

On a GAAP basis, net income attributable to Iconix for the nine month period increased 29% to approximately $98.9 million as compared to the prior year period and GAAP diluted earnings per share was $1.31 versus $1.03 for the prior year period.

Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, "We are pleased to report another strong quarter for our Company and believe our results further demonstrate the power of our business model and the strength of our brands. As we look to 2012, we are excited about the many opportunities ahead as we continue to grow our platform through new retail partners, new categories and new geographies.

This week we announced two new exciting initiatives including our first DTR with JC Penney for our Royal Velvet brand and our first entry into the consumer electronics market with our acquisition of Sharper Image. With now 28 diverse consumer brands in our portfolio that represent approximately $12 billion in annual retail sales we have come a long way, and looking ahead we are very focused on delivering continued value to our shareholders."

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