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Iconix net income up for full year 2007
21 Feb '08
4 min read
Q4 2007 results:
Revenue for the fourth quarter of 2007 increased 76% to approximately $47.4 million, as compared to approximately $26.9 million in the fourth quarter of 2007. EBITDA for the fourth quarter increased 109% to approximately $42.2 million, as compared to approximately $20.2 million in the prior year quarter, and free cash flow for the quarter increased 72% to approximately $26.2 million, as compared to approximately $15.2 million in the prior year quarter.
Net income for the fourth quarter increased 117% to approximately $19.2 million versus approximately $8.9 million in the prior year quarter and diluted EPS increased to approximately $0.31 versus $0.18 in the prior year quarter. For the fourth quarter, the pre-tax gain related to the Unzipped litigation amounted to approximately $4.3 million (net of related legal expenses incurred in the quarter).
Neil Cole, Chairman and CEO of Iconix Brand Group commented, "2007 was our third year solely as a brand management business and the third consecutive year in which we doubled licensing revenue and earnings. The fact that we were able to achieve this in what has become a very challenging retail environment demonstrates the resilience of our business model, which has no inventory exposure and is supported by contractually guaranteed revenue and a diverse portfolio of 16 brands.
We are currently working on many exciting organic growth initiatives both in the U.S. and increasingly around the world and we will continue to execute our acquisition strategy. We are cognizant of the challenges that exist in the market, but are confident that the Iconix business model is positioned to permit us to capitalize on market opportunities and continue to achieve revenue and earnings growth."
2008 Guidance:
The Company is re-affirming its previously issued 2008 guidance of diluted earnings per share of between $1.35 and $1.40 while raising its revenue guidance to a range of $250-$260 million. The new guidance reflects new revenue opportunities the Company is forecasting for based on its core business and acquisition strategy coupled with increased investments in infrastructure and compensation.
Revenue for the fourth quarter of 2007 increased 76% to approximately $47.4 million, as compared to approximately $26.9 million in the fourth quarter of 2007. EBITDA for the fourth quarter increased 109% to approximately $42.2 million, as compared to approximately $20.2 million in the prior year quarter, and free cash flow for the quarter increased 72% to approximately $26.2 million, as compared to approximately $15.2 million in the prior year quarter.
Net income for the fourth quarter increased 117% to approximately $19.2 million versus approximately $8.9 million in the prior year quarter and diluted EPS increased to approximately $0.31 versus $0.18 in the prior year quarter. For the fourth quarter, the pre-tax gain related to the Unzipped litigation amounted to approximately $4.3 million (net of related legal expenses incurred in the quarter).
Neil Cole, Chairman and CEO of Iconix Brand Group commented, "2007 was our third year solely as a brand management business and the third consecutive year in which we doubled licensing revenue and earnings. The fact that we were able to achieve this in what has become a very challenging retail environment demonstrates the resilience of our business model, which has no inventory exposure and is supported by contractually guaranteed revenue and a diverse portfolio of 16 brands.
We are currently working on many exciting organic growth initiatives both in the U.S. and increasingly around the world and we will continue to execute our acquisition strategy. We are cognizant of the challenges that exist in the market, but are confident that the Iconix business model is positioned to permit us to capitalize on market opportunities and continue to achieve revenue and earnings growth."
2008 Guidance:
The Company is re-affirming its previously issued 2008 guidance of diluted earnings per share of between $1.35 and $1.40 while raising its revenue guidance to a range of $250-$260 million. The new guidance reflects new revenue opportunities the Company is forecasting for based on its core business and acquisition strategy coupled with increased investments in infrastructure and compensation.
Iconix Brand Group Inc
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