Revenues down 6.58% at Iconix Brand in Q3 2012

Q3 2012 results for Iconix Brand Group, Inc.:

Total revenue for the third quarter of 2012 was approximately $86.6 million, as compared to approximately $92.7 million in the third quarter of 2011. EBITDA attributable to Iconix for the third quarter was approximately $51.8 million, as compared to approximately $55.3 million in the prior year quarter. Free cash flow attributable to Iconix for the third quarter was approximately $43.2 million, as compared to approximately $44.6 million in the prior year quarter.

On a non-GAAP basis, as defined in the tables below, net income attributable to Iconix for the third quarter was approximately $28.7 million, as compared to approximately $30.1 million in the prior year quarter. Non-GAAP diluted EPS for the third quarter was $0.41 compared to $0.40 in the prior year quarter.

GAAP net income attributable to Iconix for the third quarter was approximately $27.1 million, a 4% increase as compared to approximately $26.0 million in the prior year quarter and GAAP diluted EPS was $0.38 compared to $0.34 in the prior year quarter. 

Nine months ended September 30, 2012:

Total revenue for the nine months ended September 30, 2012 was approximately $268.7 million, as compared to approximately $274.3 million for the prior year period. EBITDA attributable to Iconix for the nine month period was approximately $167.0 million as compared to approximately $172.2 million in the prior year period. Free cash flow attributable to Iconix for the nine month period was approximately $142.6 million, a 4% increase over the prior year period.

On a non-GAAP basis, as defined in the tables below, net income attributable to Iconix for the nine month period was approximately $93.1 million as compared to approximately $96.2 million in the prior year period, and non-GAAP diluted earnings per share was approximately $1.28 for the nine month period versus $1.27 for the prior year period.

On a GAAP basis, net income attributable to Iconix for the nine month period was approximately $83.3 million as compared to $98.9 million in the prior year period and GAAP diluted earnings per share was $1.15 versus $1.31 for the prior year period.

EBITDA, free cash flow, non-GAAP net income and non-GAAP EPS are all non-GAAP metrics and reconciliation tables to the respective GAAP measures are attached to this press release.

Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, "Over the past few weeks we have announced several exciting initiatives including the acquisition of Umbro and the launch of a new Peanuts movie that we believe position our Company for long term growth. We also remain focused on international expansion, which we now believe can grow to approximately 40% of our business.

“In addition, we have a strong acquisition pipeline and continue to evaluate a number of opportunities that could be actionable in the near-term.  With 29 brands in our portfolio, inclusive of Umbro, that represent over $13 billion in annual retail sales, we believe our Company is stronger than ever and we look forward to continuing to grow our business and deliver value to our shareholders."