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Iconix Brand reports record earnings for Q2 2008

06
Aug '08
Iconix Brand Group Inc announced financial results for the second quarter ended June 30, 2008.

Q2 2008 results:
Revenue for the second quarter of 2008 increased 32% to $51.7 million, as compared to approximately $39.1 million in the second quarter of 2007. EBITDA for the second quarter increased 13% to approximately $35.2 million, as compared to approximately $31.2 million in the prior year quarter and free cash flow for the quarter increased to approximately $26.3 million, as compared to approximately $25.8 million in the prior year quarter.

Net income for the second quarter increased 11% to approximately $16.5 million, as compared to $14.8 million the prior year quarter and GAAP diluted earnings per share increased to $0.27 versus $0.24 in the prior year quarter. EBITDA and free cash flow are non-GAAP metrics and reconciliation tables for both are attached to this press release.

Six months ended June 30, 2008:
Revenue for the six months ended June 30, 2008 increased 54% to approximately $107.4 million as compared to approximately $69.9 million in the prior year six month period. EBITDA for the six month period increased 36% to approximately $73.9 million as compared to approximately $54.6 million in the prior year, and free cash flow increased to approximately $58.9 million as compared to approximately $47.4 million in the prior year.

Net income for the six month period increased 26% to $34.7 million as compared to approximately $27.5 million in the prior year and GAAP diluted earnings per share increased to $0.57 versus $0.45 in the prior year.

Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, "I am pleased with our results in what has been a challenging retail and economic environment and I am confident that we will continue to execute our plan for the remainder of the year. We are excited about our growth initiatives for 2009, which include all three of our Wal-Mart brands, OP, STARTER and DANSKIN NOW, and the CANNON launch at Sears and Kmart.

Longer-term we will have growth from a number of international initiatives that we are working on. While we have taken acquisition revenue out of our guidance it remains an important part of our growth strategy and we believe we will continue to acquire additional iconic brands."

2008 Guidance:
The Company is forecasting free cash flow for 2008 to be in a range of $116 million to $119 million. The Company is reaffirming its previously issued 2008 guidance of revenue in a range of $215 million to $220 million and diluted earnings per share of between $1.15 and $1.20. This guidance relates to the existing portfolio of brands only and includes no revenue assumption from acquisitions.

Iconix Brand Group Inc


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