Iconix Q2 revenues grow by 5%Wednesday, 25 July 2012
Iconix Brand Group announced financial results for the second quarter ended June
30, 2012. With an increase of five percent, its total revenue for the second quarter was approximately $93.6 million, compared to $89.3 million in the same period last year. On a non-GAAP basis, net income was approximately $32.4 million, as compared to approximately $32.3 million the prior year quarter. Non-GAAP diluted EPS for the second quarter was $0.45 compared to $0.43 in the prior year quarter. EBITDA grew to approximately $58.4 million from $58.1 million in the prior year quarter. Free cash flow for the period increased 11 percent to $51.9 million from prior year quarter. GAAP net income was approximately $28.6 million, as compared to $41.5 million in the prior year quarter and GAAP diluted EPS was $0.40 compared to $0.55 in the prior year quarter.
Total revenue for the six months ended June 30, 2012 was approximately $182.1 million, as compared to approximately $181.6 million for the prior year period. EBITDA for the six month period was approximately $115.2 million as compared to approximately $116.9 million in the prior year period.
Neil Cole, Chairman and CEO of Iconix Brand Group commented, "We are pleased with our overall performance in the second quarter. Our strategy of building our brands globally is gaining momentum with the launch of our India joint venture with Reliance and our first two direct-to-retail licenses in Europe."
The company is reaffirming its full year 2012 revenue guidance of $340 to $350 million, its 2012 non-GAAP diluted EPS guidance of $1.65 to $1.74, its 2012 GAAP diluted EPS guidance of $1.48-$1.57, and its 2012 free cash flow guidance of $174 to $181 million. This guidance relates to the existing portfolio of brands and does not include any additional acquisitions.
Iconix Brand Group is a brand management company that licenses brands to retailers and manufacturers primarily in the apparel, footwear, and apparel accessory industries.