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2010 - another record year for Iconix Brand
17 Feb '11
4 min read
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.
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.
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