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Iconix Brand reports rise over 160% in licensing & commission income in Q3

Nov '05
New York based Iconix Brand Group Inc announced financial results for the third quarter of 2005. Licensing and commission income for the period increased over 160 percent to approximately $9.2 million compared to approximately $3.5 million in the comparable period for the prior year. The increase in licensing income was driven by the launch of the Company's Candie's brand at Kohl's Department Stores as well as the acquisition of the Joe Boxer brand which was completed in July.

The Company reported fully diluted earnings per share of $0.14 cents versus $0.02 cents in the comparable quarter for the prior year. Net income for the quarter was approximately $5.2 million compared to approximately $0.6 million for the quarter last year. Third quarter 2005 results were inclusive of a non-cash tax benefit of approximately $1.4 million or $0.04 cents per fully diluted share.

Neil Cole, Chairman and CEO of Iconix commented, "These are exciting results that demonstrate their ability to develop existing brands as well as to grow by acquiring new brands. The launch of Candie's at Kohl's has exceeded expectations. They are very excited about the potential of this partnership as it continues to expand and benefit from new categories launching next year including fragrance, home, swimwear and sunglasses, as well as Kohl's aggressive plans to grow its store base.

These results also demonstrate how their brand acquisition strategy enables us to purchase brands that are accretive to their earnings without adding the risk or complexity of integrating the operating structures supporting these brands. They are continuing to evaluate a number of potential acquisitions to further strengthen their portfolio and believe that their unique strategy and business model positions Iconix for continued growth and profitability.'

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