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Iconix net income up for full year 2007
21
Feb '08
Iconix Brand Group Inc announced financial results for the fourth quarter and full year ended December 31, 2007.

Full Year 2007 results:
Revenue for the full year 2007 increased 98% to approximately $160.0 million, as compared to approximately $80.7 million in 2006. EBITDA for 2007 increased 128% to approximately $127.6 million, as compared to approximately $56.1 million and free cash flow increased 123% to approximately $99.2 million, as compared to approximately $44.5 million in the prior year.

Net income as reported on the Company's income statement for 2007 increased 96% to approximately $63.8 million, as compared to $32.5 million the prior year and diluted earnings per share as reported on the Company's income statement was $1.04 versus $0.72 in the prior year.

The Company recognized non-cash tax benefits in the prior year compared to being fully taxed for 2007 and therefore comparing net income on a tax-effected basis, the Company reported net income of approximately $63.8 million for 2007, as compared to approximately $26.3 million (tax-effected) in the prior year. In comparing diluted earnings per share on a tax-effected basis, the Company reported diluted earnings per share of $1.04 in 2007, as compared to $0.58 (tax-effected) in 2006.

Full year 2007 results include a one-time pre-tax gain equal to approximately $3.2 million or $0.03 diluted earnings per share associated with the Company's Unzipped litigation. The gain is reflected on the Company's income statement as a benefit of approximately $6.0 million (net of related legal expenses incurred in the year) and is offset by an increase of approximately $2.8 million in additional interest expense recorded in connection with the litigation. EBITDA, free cash flow, and tax effected earnings per share are non-GAAP metrics and reconciliation tables for all three are attached to this press release.


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