Home / Knowledge / News / Fashion / Iconix Brand delivers strong performance
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


Must ReadView All

Courtesy: Nine West

Fashion | On 17th Jun 2018

ABG wins bid in Nine West Holdings auction

Authentic Brands Group (ABG), owner of a global portfolio of...

Courtesy: Kreussler

Textiles | On 17th Jun 2018

USDA certifies Kreussler's solvent as biobased

The US Department of Agriculture (USDA) has certified Kreussler's...

Courtesy: ITUC

Textiles | On 17th Jun 2018

Democratic space shrink & corporate greed are rising: ITUC

Shrinking democratic space for working people and unchecked corporate ...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search