Home / Knowledge / News / Fashion / 2009 is another record year for Iconix Brand
2009 is another record year for Iconix Brand
24
Feb '10
Iconix Brand Group Inc announced financial results for the fourth quarter and year ended December 31, 2009.

Revenue for the full year 2009 was approximately $232.1 million, a 7% increase as compared to approximately $216.8 million in the prior year period.

As previously disclosed 2009 and 2008 include gains from the formation of international ventures and 2009 includes the gain from the sale of a trademark in Canada. Excluding these gains, revenue for 2009 increased 6% to $221.3 million from $208.4 million in 2008. EBITDA for 2009 increased 9% to approximately $163.1 million as compared to approximately $149.6 million in the comparable prior year period, and free cash flow increased 10% to approximately $134.8 million as compared to approximately $122.1 million in the comparable prior year period.

Non-GAAP net income for 2009, which excludes non-cash interest related to the Company's convertible debt, increased 19% to approximately $83.3 million as compared to approximately $70.2 million in the comparable prior year period and non-GAAP diluted earnings per share increased to $1.22 versus $1.15 in the comparable prior year period.

On a GAAP basis, net income increased 19% to approximately $75.1 million, as compared to $62.9 million in the comparable prior year period and diluted earnings per share for 2009 was $1.10 versus $1.03 in the comparable prior year period.

Revenue for the fourth quarter of 2009 was approximately $65.8 million, a 21% increase as compared to approximately $54.3 million in the fourth quarter of 2008. As previously disclosed both the fourth quarter of 2009 and the fourth quarter of 2008 include gains from the formation of international ventures.

Excluding these gains, revenue for the fourth quarter of 2009 increased 21% to $58.8 million from $48.5 million in the fourth quarter of 2008. EBITDA for the fourth quarter was approximately $41.9 million, an 11% increase as compared to approximately $37.8 million in the prior year quarter.

Free cash flow for the quarter was $33.2 million a 6% increase as compared to approximately $31.5 million in the prior year quarter. On a non-GAAP basis, as defined above, net income increased 28% to approximately $21.9 million, as compared to $17.1 million in the prior year quarter and diluted earnings per share for the fourth quarter of 2009 was $0.30 versus $0.28 in the prior year quarter.

On a GAAP basis, net income increased 29% to approximately $19.7 million, as compared to $15.3 million in the prior year quarter and diluted earnings per share for the fourth quarter of 2009 was $0.27 versus $0.25 in the prior year quarter.

Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, "I am pleased to report that 2009 was another record year for our Company. Our ability to drive organic growth through the expansion of our direct to retail programs in one of the most challenging retail environments in historydemonstrates the strength of our business model. In 2009, we successfully launched five new direct-to-retail partnerships in the U.S., renewed four direct-to-retail contracts, formed our third international joint venture for Europe and acquired stakes in Ecko and Ed Hardy, two of the leading brands in today's youth market. We have strengthened our balance sheet and today have approximately $230 million of cash available to be opportunistic in the pursuit of acquisitions. As we begin 2010, we believe our Company is well positioned to deliver continued growth and we look forward to the exciting opportunities ahead of us."

The Company is reaffirming its full year 2010 revenue guidance of $260-$270 million. The Company is reaffirming its 2010 non-GAAP diluted EPS guidance of between $1.25 and $1.30 and GAAP diluted EPS guidance of between $1.13 and $1.18. The Company estimates that free cash flow for 2010 will be in a range of $140- $145 million. This guidance relates to the existing portfolio of brands only and assumes no additional acquisitions.

Iconix Brand Group Inc


Must ReadView All

Uzbekistan wants joint ventures with Hungarian textile firms

Textiles | On 20th Feb 2018

Uzbekistan wants joint ventures with Hungarian textile firms

Uzbekistan has offered Hungary to create joint ventures in the two...

Vietnam’s textile & garment exports up 10.68% in 2017

Textiles | On 20th Feb 2018

Vietnam’s textile & garment exports up 10.68% in 2017

Vietnam came very close to achieving its 2017 textile and garment...

From left: Tania Polonnowita Wettimuny, MD, Hellmann Sri Lanka; Bart de Vries, Global COO Air & Sea Hellmann; Deshamanya Mahesh Amalean, Chairman, MAS Holdings; & Shirendra Lawrence, COO, MAS Holdings

Textiles | On 20th Feb 2018

Hellmann and MAS form joint venture HMSC

Hellmann Worldwide Logistics and MAS Holdings have formed Hellmann...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Harsh Shah

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

Harmeet Singh

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

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Paolo Ocleppo
Sandvik Hyperion

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

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...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search