USA : Iconix Brand reports record earnings for Q1 2007
May 1, 2007
Iconix Brand Group Inc announced financial results for the first quarter ended March 31, 2007.
Q1 2007 results: Licensing revenue for the first quarter of 2007 increased to approximately $30.8 million, as compared to approximately $13.3 million in the first quarter of 2006.
EBITDA for the quarter increased to approximately $23.3 million as compared to approximately $8.4 million in the prior year quarter and free cash flow for the quarter increased to approximately $21.6 million as compared to approximately $6.1 million in the prior year quarter.
Net income as reported on the Company's income statement was approximately $12.7 million versus approximately $7.4 million
in 2006 and fully diluted earnings per share as reported was $0.21 versus $0.18.
The Company recognized non-cash tax benefits in the prior year quarter and therefore comparing net income on a tax-effected basis the Company reported net income of $12.7 million versus approximately $3.9 million (tax-effected) in 2006 and fully diluted earnings per share was approximately $0.21 for 2007 versus $0.10 (tax-effected) in 2006. EBITDA, free cash flow and tax effected EPS are non-GAAP metrics and reconciliation tables for all three are attached to this press release.
Neil Cole, Chairman and CEO of Iconix commented, "I am pleased with the continued momentum of our growth plan which is evident in our strong revenue, earnings, EBITDA and free cash flow."
It was a goodquarter for the growth of our existing portfolio of brands as well as with respect to acquisitions as we acquired two powerful new lifestyle brands, Roca Wear and Danskin, that on an annualized basis generate approximately $60 million in royalty revenue and significantly diversify our holdings.
1 2
