Home / Knowledge / News / Apparel/Garments / 2010 - another record year for Iconix Brand
2010 - another record year for Iconix Brand
17
Feb '11
Iconix Brand Group Inc announced financial results for the fourth quarter and year ended December 31, 2010.

Full Year 2010 results for Iconix Brand Group Inc:

Total revenue for the full year 2010 was approximately $332.6 million, a 43% increase as compared to approximately $232.1 million for the prior year. EBITDA attributable to Iconix for 2010 increased 29% to approximately $209.6 million, and includes a one-time gain related to the Company's Unzipped litigation described below.

Free cash flow for 2010 was approximately $166.6 million, a 24% increase as compared to the prior year period. On a non-GAAP basis, which excludes non-cash interest related to the Company's convertible debt, net income attributable to Iconix for 2010 increased 29% to approximately $107.8 million as compared to the prior year and non-GAAP diluted earnings per share increased to $1.44 versus $1.22 for the prior year.

On a GAAP basis, net income attributable to Iconix increased 32% to approximately $98.8 million as compared to the prior year period and GAAP diluted earnings per share was $1.32 versus $1.10 for the prior year.

Q4 2010 results for Iconix Brand Group Inc:

Total revenue for the fourth quarter of 2010 was approximately $88.0 million, a 34% increase as compared to approximately $65.8 million for the fourth quarter of 2009. EBITDA attributable to Iconix for the fourth quarter increased 40% to approximately $58.6 million, and includes a one-time gain related to the Company's Unzipped litigation described below. Free cash flow for the quarter was approximately $45.4 million, a 37% increase as compared to the prior year quarter.

On a non-GAAP basis, as defined above, net income attributable to Iconix increased 12% to approximately $24.5 million and diluted earnings per share, or EPS, for the fourth quarter of 2010 was $0.33 versus $0.30 for the prior year quarter. On a GAAP basis, net income attributable to Iconix increased 12% to approximately $22.1 million as compared to the prior year quarter and GAAP diluted EPS for the fourth quarter of 2010 was $0.30 versus $0.27 for the prior year quarter.

The full year and fourth quarter ended December 31, 2010 include the following non-recurring items.

• $16.0 million pre-tax income, net of expenses, relating to the favorable judgment received in December 2010 in the Unzipped litigation.
• $13 million pre-tax write down of the Company's auction rate security.
• Approximately $3 million pre-tax non-recurring expenses related to the integration of Peanuts.

These one-time items, when taken on a net basis, are neutral to net income and EPS.

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

Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, "2010 was another record year for ourCompany in which we continued to demonstrate the strength of our portfolio and the profitability of our business model. Our brands continue to gain market share as we build lifestyle businesses and optimize distribution.

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search