Brand licensor Iconix Brand Group Inc has announced financial results for the fourth quarter and full year ended December 31st 2005.
Licensing revenue for the full year increased to approx. $30.2 million compared to $10.6 million in the prior 11 month year.
The net income for the full year 2005 increased to approx. $15.9 million versus approx. $200,000 in the prior year and fully diluted earnings per share increased to $0.46, inclusive of a non-cash tax benefit of $0.14, compared to $0.01 in the prior year.
For the fourth quarter of 2005 licensing revenue increased to $12.4 million compared to $2.0 million in the prior year two month quarter.
The net income for the quarter was approx. $7.5 million compared to a loss of ($900,000) in the prior year quarter and fully diluted earnings per share were $0.19, inclusive of a non-cash tax benefit of $0.05, versus a loss of ($0.03) in the prior year quarter.
Neil Cole, Chairman and CEO of Iconix, said, "2005 was the first full year under our exciting new brand management and licensing business model and it was the most profitable year in our Company's history. Our fourth quarter results helped us exceed our full year guidance driven by stronger than anticipated licensing revenue from within our Candie's and Rampage divisions and we see this strength continuing into 2006.”
“Our Joe Boxer brand continues to grow internationally and we are working on several new license agreementsfor both Bongo and Badgley Mischka. We believe that we can continue to complement our organic growth with additional accretive acquisitions and are currently evaluating several interesting opportunities," he added.
The company is reaffirming its previously announced 2006 full year earnings per share guidance of $0.65-$0.70 cents per share.
Iconix brand Group Inc owns, licenses and markets a growing portfolio of consumer brands including Candie's(R), Bongo(R), Badgley Mischka(R), Joe Boxer(R) and Rampage(R).
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