Home / Knowledge / News / Fashion / Increased earnings demonstrates strength of Iconix biz model
Increased earnings demonstrates strength of Iconix biz model
01
Oct '09
Iconix Brand Group, Inc. announced it is revising its full year 2009 guidance. The Company is revising its full year 2009 revenue guidance to a range of approximately $215-$220 million from prior guidance of a range of $223-$230 million. On a comparative basis, this revised revenue guidance for 2009 represents an increase of approximately 5% over the prior year's adjusted revenue of $208.4 million. The Company expects to achieve an increase of approximately 25% in its 2009 non-GAAP net income to approximately $80-$83 million from adjusted non-GAAP net income of approximately $64.8 million in 2008.

The Company is also revising its 2009 non-GAAP diluted EPS guidance to a range of $1.17-$1.22 from its previous range of $1.30-$1.35 and its 2009 GAAP diluted EPS guidance to a range of $1.06-$1.11 from its previous range of $1.16-$1.21. Both the projected 2009 non-GAAP net income and diluted EPS guidance would, if achieved, represent record earnings for the Company. The Company now expects 2009 free cash flow to be approximately $123-$126 million. This guidance relates to the existing portfolio of brands only and assumes no acquisitions.

The Company's 2009 EPS estimate reflects approximately $0.12 of dilution related to the Company's June equity offering in which the Company issued an additional 10.7 million shares, increasing the September 30, 2009 weighted average diluted share count from approximately 62.8 million to 73.5 million shares. Further, the Company anticipates an approximate $0.04 negative impact to its previous EPS guidance related to the transition of the Rocawear women's license to a new licensee.

Adjusted revenues and non-GAAP net income amounts for 2008 referred to above exclude $8.4 million and $5.4 million, respectively, related to gains from the formation of Iconix Latin America and Iconix China joint ventures recorded in the second half of 2008. Non-GAAP net income amounts for 2008 and 2009 also give effect to the Company's adoption of APB 14-1.

The Company estimates third quarter 2009 revenue to be approximately $53-$56 million. On a comparative basis, this represents an increase of approximately 4% over the prior year's comparable quarter adjusted revenue of $52.5 million. The Company expects to achieve an increase of approximately 20% in its third quarter 2009 non-GAAP net income to approximately $19-$21 million from adjusted non-GAAP net income of approximately $16.6 million in the prior year period. The Company expects third quarter 2009 non-GAAP diluted EPS to be approximately $0.26-$0.28, which includes approximately $0.05 of dilution related to the Company's June equity offering and an approximate $0.04 negative impact related to the transition of the Rocawear women's license to a new licensee. The third quarter 2009 GAAP diluted EPS is expected to be approximately $0.23-$0.25.

Adjusted revenues and non-GAAP net income for the third quarter of 2008 referred to above exclude $2.6 million and $1.7 million, respectively, related to the gain from the formation of Iconix China joint venture recorded in the third quarter of 2008. Non-GAAP net income amounts for 2008 and 2009 also give effect to the Company's adoption of APB 14-1.


Must ReadView All

Courtesy: Aditya Birla

Textiles | On 20th Jun 2018

'Growth of VSF yarn industry is difficult'

Growth for the viscose filament yarn (VSF) yarn industry is...

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Apparel/Garments | On 20th Jun 2018

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Italian company Eurojersey Spa will present in 2019 new embossing...

Certification for Philippine garment firms availing GSP

Textiles | On 20th Jun 2018

Certification for Philippine garment firms availing GSP

The Philippines has adopted rules on securing certificate of...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Paolo Ocleppo
Sandvik Hyperion

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Prathyusha Garimella
Prathyusha Garimella

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

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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