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TICKER: SHRPQ
Fully owned by Iconix Brand Group as of October 26, 2011 see details below
NASDAQ TICKER: ICON
http://www.iconixbrand.com/invest_SEC.html
We were seeing a significant increase in international interest to our website and call center, and needed a user friendly, and cost effective way to ship the product to our customers. Bongo's Extend 2.0 was the perfect solution.
ALL CURRENT COURT DOCUMENTS UPDATED DAILY
http://www.kccllc.net/sharperimage
May 21st, 2012 Court Documents
2011 Update for Gift Card Holders! More positive strides towards coming out clean
IMPORTANT NOTE RE: CLASS ACTION: On June 8, 2011, the Bankruptcy Court entered the Order Pursuant to Section 105(a) of the Bankruptcy Code Establishing Procedures for Settling Claims of the Gift Card Holders [Docket No. 2243], approving a process by which holders of Gift Cards with outstanding balances may, upon submission of an allowable Claim Form, receive a distribution from TSIC's bankruptcy estate. Distributions will only be made following approval by the Bankruptcy Court after all allowed claims senior in priority to the Gift Cards claims, including attorneys fees for Class Counsel and any incentive award approved by the Court, have been satisfied.
More info on the Case and Bankruptcy
http://www.sec.gov/investor/pubs/bankrupt.htm
http://money.cnn.com/2012/01/11/markets/brands_bankruptcy/?cnn=yes&hpt=hp_t2
http://www.law360.com/classaction/articles/336295/sharper-image-fights-attys-bid-to-up-fees-in-gift-card-
SHARPER IMAGE'S ASSETS WHERE PURCHASED BY ICONIX BRAND GROUP NASDAQ TICKER: ICON
FOR $65,600,000 ON OCTOBER 26th 2011, SEE FILING BELOW
$65,600,000 Cash
Iconix Brand Group, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (in thousands)
from page 100 of ICON 2011 10K
| Year Ended | Year Ended | Year Ended | ||||||||||
| December 31, | December 31, | December 31, | ||||||||||
| 2011 | 2010 | 2009 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 141,241 | $ | 110,480 | $ | 76,031 | ||||||
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ||||||||||||
| Depreciation of property and equipment | 2,450 | 1,800 | 690 | |||||||||
| Amortization of trademarks and other intangibles | 6,988 | 8,307 | 7,325 | |||||||||
| Amortization of deferred financing costs | 4,309 | 2,276 | 2,313 | |||||||||
| Amortization of convertible note discount | 23,057 | 15,021 | 14,101 | |||||||||
| Stock-based compensation expense | 11,742 | 11,444 | 8,925 | |||||||||
| Loss on marketable securities | - | 13,000 | - | |||||||||
| Non-cash gain on sale of trademarks and joint venture interests | - | - | (6,601 | ) | ||||||||
| Non-cash gain on re-measurement of equity investment | (21,465 | ) | - | - | ||||||||
| Realization of cash flow hedge | 87 | 201 | ||||||||||
| Allowance for doubtful accounts | 1,948 | 2,253 | 4,312 | |||||||||
| Earnings on equity investments in joint ventures | (10,353 | ) | (5,492 | ) | (3,424 | ) | ||||||
| Deferred income tax provision | 27,737 | 13,448 | 17,137 | |||||||||
| Changes in operating assets and liabilities, net of business acquisitions: | ||||||||||||
| Accounts receivable | (17,252 | ) | 3,638 | (19,925 | ) | |||||||
| Other assets - current | 16,868 | (16,002 | ) | 4,094 | ||||||||
| Other assets | 12,298 | (14,872 | ) | (3,196 | ) | |||||||
| Deferred revenue | (10,168 | ) | (13,515 | ) | 11,791 | |||||||
| Accounts payable and accrued expenses | (11,791 | ) | 33,850 | 9,084 | ||||||||
| Net cash provided by operating activities | 177,609 | 165,723 | 122,858 | |||||||||
| Cash flows used in investing activities: | ||||||||||||
| Purchases of property and equipment | (3,242 | ) | (3,190 | ) | (3,873 | ) | ||||||
| Acquisition of interest in Peanuts Worldwide | - | (172,054 | ) | - | ||||||||
| Acquisition of interest in MG Icon | - | (4,000 | ) | - | ||||||||
| Acquisition of Sharper Image | (65,600 | ) | - | - | ||||||||
| Acquisition of interest in Hardy Way | (62,000 | ) | - | (9,000 | ) | |||||||
| Investment in IP Holdings Unltd | - | - | (63,500 | ) | ||||||||
| Payment of accrued expenses related to acquisitions | - | (1,177 | ) | (223 | ) | |||||||
| Acquisition of Zoo York - net | (18,000 | ) | ||||||||||
| Net distributions (to) from equity partners | (8,116 | ) | 2,154 | 2,469 | ||||||||
| Earn-out payment on acquisition | - | (799 | ) | (12,900 | ) | |||||||
| Addition to trademarks | (568 | ) | (88 | ) | (145 | ) | ||||||
| Net cash used in investing activities | (157,526 | ) | (179,154 | ) | (87,172 | ) | ||||||
| Cash flows (used in) provided by financing activities: | ||||||||||||
| Proceeds from exercise of stock options and warrants | 3,312 | 2,083 | 3,230 | |||||||||
| Payment of long-term debt | (211,784 | ) | (81,418 | ) | (60,937 | ) | ||||||
| Proceeds from long-term debt | 292,500 | - | - | |||||||||
| Proceeds from sale of warrants | 28,800 | - | - | |||||||||
| Payment for purchase of convertible note hedge | (58,740 | ) | - | - | ||||||||
| Acquisition of interest in MG Icon | (4,000 | ) | - | - | ||||||||
| Proceeds from common stock issuance, net | - | - | 152,798 | |||||||||
| Deferred financing costs | (3,381 | ) | - | - | ||||||||
| Excess tax benefit from share-based payment arrangements | 4,940 | 1,301 | 3,600 | |||||||||
| Shares repurchased on vesting of restricted stock and exercise of stock options | (3,185 | ) | (2,970 | ) | (724 | ) | ||||||
| Non-controlling interest contribution | 1,800 | 14,826 | 2,066 | |||||||||
| Shares repurchased on open market | (19,138 | ) | - | (1,455 | ) | |||||||
TICKER: SHRPQ
Iconix said it expects The Sharper Image brand to generate about $12 million to $13 million in annual royalty revenue.
Iconix bought The Sharper Image brand from a group of investors including private equity firm Hilco Consumer Capital and liquidation firm Gordon Brothers. The Sharper Image retail chain filed for bankruptcy in February 2008, liquidating its remaining stores that June when it sold its brand and intellectual property assets to the investor group for $49 million.
Iconix separately said it will buy back up to $200 million of its common stock over the next four years, replacing a plan that was set to expire Oct. 30. The New York company has about 73.5 million shares outstanding.
Iconix Brand Group, Inc. owns, licenses and markets a growing portfolio of consumer brands including CANDIE'S(R), BONGO(R), BADGLEY MISCHKA(R), JOE BOXER(R), RAMPAGE(R), MUDD(R), LONDON FOG(R), MOSSIMO(R), OCEAN PACIFIC(R), DANSKIN(R), ROCA WEAR(R), CANNON(R), ROYAL VELVET(R), FIELDCREST(R), CHARISMA(R), STARTER(R) and WAVERLY(R). In addition, Iconix owns an interest in the ARTFUL DODGER(R), ED HARDY(R), ECKO(R), MARC ECKO(R), ZOO YORK(R), MATERIAL GIRL(TM) and PEANUTS(R) brands. The Company licenses its brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and worldwide. Through its in-house business development, merchandising, advertising and public relations departments Iconix manages its brands to drive greater consumer awareness and equity.
Other ICON owned Brands
What do imagination, creativity, innovation, passion, quality and excitement have in common? They are essential components of the world's most valued consumer products. The Sharper Image® has built its reputation on this realization, offering its customers only the best products that meet this unique set of standards.
Founded in 1977, The Sharper Image grew to over 200 retail locations and reached even more customers through its award winning monthly catalog and website, becoming a truly iconic American brand. Throughout its history The Sharper Image products are meant to be fun, unique and memorable and are something you never knew existed until you saw it - then you had to have it.
Today, working with our best in trade product licensees, Sharper Image products are built and designed around three core principles: quality, innovation and design. The Sharper Image was founded on these principles and remains committed to them. You can find many Sharper Image products at retailers such as; Bloomingdales, Lord & Taylor, Macy's, Bed, Bath & Beyond, Kohl's and many more as well as sharperimage.com.
Contact Us
Sharper Image / Iconix Brand Group
1450 Broadway, 3rd Floor
New York, NY 10018
T. 212.730.0030
F. 212.391.2057
eMail: info@sharperimage.com
Licensing Opportunities
Throughout our rich 35-year history, the Sharper Image has always exemplified innovative, fun and quality products offered with an attention to superior customer service.
Today, wholly owned by Iconix Brand Group, Sharper Image® is a global lifestyle brand licensor. We offer licenses to "best-in-class" manufacturers with the keen and proven abilities to develop new, unique, feature-rich, beautifully designed and exclusive products under the Sharper Image brand name.
Sharper Image® products are available at major retailers, department stores and specialty stores worldwide as well as through sharperimage.com and the Sharper Image catalog.
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