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Iconix Brand reports awesome growth in revenues
25
Feb '09
Iconix Brand Group Inc announced financial results for the fourth quarter and year ended December 31, 2008.

Full Year 2008 results:
Revenue for the full year 2008 increased 35% to approximately $216.8 million, as compared to approximately $160.0 million in the prior year. EBITDA for 2008 increased 17% to approximately $149.6 million as compared to approximately $127.6 million in the prior year, and free cash flow increased 22% to approximately $122.1 million as compared to approximately $99.9 million in the prior year. Net income for 2008 increased 10% to approximately $70.2 million, as compared to approximately $63.8 million in the prior year and GAAP diluted earnings per share increased to $1.15 versus $1.04 in the prior year.

Q4 2008 results:
Revenue for the fourth quarter of 2008 increased 14% to approximately $54.3 million, as compared to approximately $47.4 million in the fourth quarter of 2007. EBITDA for the fourth quarter decreased 10% to approximately $37.8 million as compared to approximately $42.2 million in the prior year quarter. However, in the fourth quarter of 2007, the Company recorded a one-time pre-tax gain with an adjustment equal to approximately $7.1 million associated with the Company's Unzipped litigation.

Therefore, excluding the one-time gain with an adjustment, EBITDA for the fourth quarter increased 8% to approximately $37.8 million as compared to approximately $35.1 million in the prior year quarter. Free cash flow for the quarter increased 18% to approximately $31.0 million as compared to approximately $26.3 million in the prior year quarter. Net income for the fourth quarter decreased 11% to approximately $17.1 million, as compared to $19.2 million in the prior year quarter.

However, excluding the 2007 one-time gain related to the litigation, net income in the fourth quarter of 2008 increased 4% to approximately $17.1 million, as compared to $16.5 million the prior year quarter. GAAP diluted earnings per share for the fourth quarter of 2008 was $0.28 versus $0.31 in the prior year quarter.

However, the fourth quarter 2007 results included the one-time gain of $0.04 diluted earnings per share related to the Unzipped litigation. Therefore, excluding the gain, diluted earnings per share for the fourth quarter of 2008 was $0.28 versus $0.27 in the prior year quarter.

Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, "I am pleased with our strong 2008 performance and ability to continue to deliver year over year sales and earnings growth in what has been one of the most challenging economic environments in recent history. Our model has proven to be extremely relevant in today's market as we allow leading retailers to offer national brands at attractive economics.

In the past year we signed four new direct-to-retail licenses and renewed one, which we believe demonstrates the power of our brands and the value that we provide to our partners. Looking forward, we are excited about our prospects both domestically and internationally and believe we are well positioned to deliver continued earnings growth to our shareholders."


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