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Iconix Brand reports record earnings for Q1 2008

May '08
Iconix Brand Group Inc announced financial results for the first quarter ended March 31, 2008.

Q1 2008 results:
Revenue for the first quarter of 2008 increased 81% to approximately $55.7 million, as compared to approximately $30.8 million in the first quarter of 2007.

EBITDA for the first quarter increased 66% to approximately $38.8 million, as compared to approximately $23.3 million in the prior year quarter and free cash flow for the quarter increased 49% to approximately $32.3 million, as compared to approximately $21.6 million in the prior year quarter.

Net income for the first quarter increased 43% to approximately $18.2 million, as compared to $12.7 million the prior year quarter and diluted earnings per share increased 43% to $0.30 versus $0.21 in the prior year quarter.

Neil Cole, Chairman and CEO of Iconix Brand Group, commented, "I am pleased with our results in the quarter and how we continued to demonstrate strong top and bottom line growth increasing our revenue and earnings over 80% percent and 40%, respectively.

We achieved these results in the face of what has become a challenging retail environment, demonstrating the unique benefits of our business model where contractually guaranteed revenue, no inventory risk and a diverse portfolio provide us with a much greater degree of resilience.

We are energized by several organic growth opportunities, including an exciting new joint venture in China, incredible growth opportunities for our three Wal-Mart brands, new home deals for Royal Velvet and Cannon, and many others.

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