Iconix Brand Q2 licensing profits rise 62% to $4.3mn
05 Aug '05
3 min read
New York based Iconix Brand Group Inc, formerly Candie's Inc, announced financial results for the second quarter of 2005. Licensing and commission income for the period increased 62 percent to approximately $4.3 million compared to approximately $2.6 million in the comparable period for the prior year, driven primarily by the new Candie's license with Kohl's Department Stores and the new Bongo jeans wear license.
The Company reported fully diluted earnings per share of $0.08 cents versus $0.02 cents in the comparable quarter for the prior year. Net income for the quarter was approximately $2.5 million compared to approximately $0.5 million for the quarter last year. Second quarter 2005 results were inclusive of a non-cash tax benefit of approximately $1.8 million.
Neil Cole, Chairman and CEO of Iconix commented, "They are pleased with the results for the second quarter and believe that they only begin to indicate the potential of their new business model as a brand management company.
They are fully transitioned to this new model and have the infrastructure in place to deliver additional growth by leveraging their existing brands and continuing to build a diversified portfolio of strong new brands that they can monetize through their expertise in marketing and fashion.
Their recent acquisition of Joe Boxer reflects this strategy and is an important step for their company.
They are also very excited about the recent launch of their brand Candie's at Kohl's. Kohl's has made a substantial commitment to Candie's and they have proven to be an outstanding partner collaborating with us every step of the way. Iconix was able to develop an exciting advertising campaign featuring Hilary Duff and Kohl's put the full force of their vast media reach behind it."