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Iconix CEO pleased with first quarter results
28
Apr '10
Iconix Brand Group Inc announced financial results for the first quarter ended March 31, 2010.

Q1 2010 results for Iconix Brand Group, Inc:
Total revenue for the first quarter of 2010 was approximately $71.7 million, a 42% increase as compared to approximately $50.5 million in the first quarter of 2009. EBITDA attributable to Iconix for the first quarter was approximately $49.4 million, a 36% increase as compared to approximately $36.3 million in the prior year quarter. Free cash flow for the quarter was $40.1 million a 34% increase as compared to approximately $29.8 million in the prior year quarter. On a non-GAAP basis, which excludes non-cash interest related to the Company's convertible debt, net income attributable to Iconix increased 53% to approximately $27.0 million, as compared to $17.6 million in the prior year quarter and diluted earnings per share for the first quarter of 2010 was $0.36 versus $0.29 in the prior year quarter.

On a GAAP basis, net income attributable to Iconix increased 58% to approximately $24.8 million, as compared to approximately $15.6 million in the prior year quarter and diluted earnings per share for the first quarter of 2010 was $0.33 versus $0.26 in the prior year quarter.

Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, "We are pleased to report another record quarter for our Company as we continue to deliver strong organic growth and profitability for our existing portfolio of brands. We are having continued success with our direct-to-retail strategy, where almost across the board we saw double digit sales increases. Over the past five years we have built a strong brand management platform with a powerful portfolio of 24 brands across fashion and home. Today, we are excited to announce our acquisition of the Peanuts brand which further diversifies our Company into new categories, channels, and territories and provides a large global platform from which we hope to leverage our existing and future brands."

2010 Guidance for Iconix Brand Group, Inc:
The Company is increasing its full year 2010 revenue guidance to a range of $305-$315 million from $260-$270 million. This assumes an organic growth rate of approximately 7% and includes approximately $35-40 million related to the Peanuts acquisition. The Company is also raising its 2010 non-GAAP diluted EPS guidance to a range of $1.35-$1.40 from $1.25-$1.30 and raising its GAAP diluted EPS guidance to a range of $1.23-1.28 from $1.13-$1.18. The Company now estimates that free cash flow for 2010 will be in a range of $150- $155 million. This guidance relates to the existing portfolio of brands and also includes contributions related to our acquisition of the Peanuts brand which we expect to close in the next 30 to 60 days, and assumes no additional acquisitions.

Iconix Brand Group Inc

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