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Iconix Brand delivers strong performance
12
May '09
Iconix Brand Group Inc announced financial results for the first quarter ended March 31, 2009.

Q1 2009 results:
Revenue for the first quarter of 2009 was approximately $50.5 million, a 9% decrease as compared to approximately $55.7 million in the first quarter of 2008. EBITDA for the first quarter was approximately $36.3 million, a 6% decrease as compared to approximately $38.8 million in the prior year quarter. Free cash flow for the quarter was $29.8 million, an 8% decrease as compared to approximately $32.6 million in the prior year quarter.

On a non-GAAP basis, which excludes non-cash interest related to the adoption of the new accounting treatment for convertible debt, net income declined 4% to approximately $17.6 million, as compared to $18.2 million in the prior year quarter and diluted earnings per share for the first quarter of 2009 was $0.29 versus $0.30 in the prior year quarter.

On a GAAP basis, net income declined 5% to approximately $15.6 million, as compared to $16.5 million in the prior year quarter and diluted earnings per share for the first quarter of 2009 was $0.26 versus $0.27 in the prior year quarter.

Neil Cole, Chairman and CEO of Iconix Brand Group Inc commented, "We are pleased to have delivered a strong performance in the first quarter of this year driven by the successful roll out of Op, Starter and Danskin Now at Walmart and our commitment to improving margins. We are encouraged by our growth prospects and believe we are making great progress internationally.

This morning we announced an investment in the Ed Hardy brand and we are also looking at some larger acquisition opportunities that we feel could be actionable this year. Based on our better than expected performance in the quarter and our 50% interest in Ed Hardy, we feel confident increasing our revenue and earnings guidance at this time and look forward to what should be an exciting year for our company."

2009 Guidance:
The Company is raising its full year 2009 non-GAAP diluted EPS guidance to a range of $1.30 to $1.35 from $1.20 to $1.30, which excludes non-cash interest related to the adoption of the new accounting treatment for convertible debt.

The Company's GAAP diluted EPS guidance is now in a range of $1.16 to $1.21 compared to previous guidance of $1.06 to $1.16. The Company is also raising its 2009 revenue guidance to be between $218 and $225 million compared to its previous guidance of $210 to $220 million. The Company estimates that free cash flow for 2009 will be between $121 and $128 million. This guidance relates to the existing portfolio of brands only and assumes no acquisitions.

Iconix Brand Group Inc


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