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Q2 licensing revenue at Iconix Brand up just 1%
13
Aug '15
For the second quarter ended June 30, 2015, licensing revenue at US based apparel marketer Iconix Brand Group went up marginally by 1 per cent year over year.

“Licensing revenue for the second quarter of 2015 was $98.5 million, a 1 per cent increase as compared to $97.5 million in the second quarter of 2014,” it said in a press release.

Total licensing revenue was negatively affected by $3.7 million due to foreign exchange rates, while excluding the effect of foreign exchange rates, licensing revenue rose 5 per cent.

“There was no other revenue in the reporting quarter, as compared to $21.4 million of other revenue recorded in the prior year second quarter,” Iconix explained.

As a result of which, adjusted EBITDA attributable to Iconix for the second quarter of 2015 was $51.2 million, down 34 per cent as compared to approximately $78.2 million in the same quarter of last year.

On a non-GAAP basis, net income attributable to Iconix totaled $22.3 million, down a steep 44 per cent as against $39.6 million in the second quarter of prior year.

Non-GAAP diluted EPS for the second quarter of 2015 was $0.45, a decline of 40 per cent as compared to $0.75 in the same quarter of previous year.

Free cash flow attributable to Iconix for the second quarter of 2015 was $75.4 million, a massive increase of 117 per cent year over year.

“Free cash flow for the second quarter of 2015 includes a $15.5 million tax refund and additionally benefited from the timing of $11.4 million of tax withholding payments that will be paid in the third quarter,” it explained.

Interim CEO Peter Cuneo said, "In looking at the results, I believe the most important take-away is that Iconix' core underlying licensing business remains healthy and continues to generate significant free cash flow.”

“I am genuinely optimistic about the future of our Company and believe that Iconix has significant strengths upon which to build, including its global portfolio of over 35 diversified consumer brands,” he too added.

“I believe the Company is well positioned to resume its growth trajectory both organically and through new acquisitions," Cuneo informed.

For the full year of 2015, the Company now expects licensing revenue to achieve low single digit growth, and to be in a range of $410-425 million.

The Company will continue to look for strategic opportunities and is forecasting approximately $5-15 million of other revenue in 2015. (AR)

Fibre2Fashion News Desk – India

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