Iconix Brand Group licensing revenues decline 15 percent
Apr 29, 2015
Iconix Brand Group, in the first quarter ended March 31, 2015 reported licensing revenue of approximately 95.4 million dollars, a 15 percent decrease as compared to around 112.2 million dollars, same quarter of 2014. After excluding 17.1 million dollars of revenue recorded in the first quarter of 2014 related to the five-year renewal of the Peanuts specials with ABC, licensing revenue in the first quarter of 2015 was approximately flat to the prior year quarter.
EBITDA attributable to Iconix declined 25 percent. On a non-GAAP basis, net income attributable to Iconix decreased 32 percent compared to the prior year quarter. Non-GAAP diluted EPS for the first quarter declined 27 percent, GAAP net income attributable to Iconix increased 5 percent and GAAP diluted EPS for increased approximately 17 percent. In the first quarter of 2015, the company acquired the remaining 50 percent of its Iconix China joint venture and its Latin America joint venture.
“Our international business continued to grow in the first quarter with our joint ventures in Australia, India, Southeast Asia and the Middle East, as well as our Latin America business, each delivering double-digit gains. We expect our Strawberry Shortcake and PONY acquisitions will generate increasing value throughout the year for our entertainment and sports platforms,” said Neil Cole, Chairman and CEO of Iconix Brand Group.
The company, for fiscal 2015 expects to report revenues between 490 dollars-510 million dollars and non-GAAP diluted EPS of 3 dollars to 3.15 dollars The company is increasing its 2015 GAAP diluted EPS guidance to 3.65 dollars-3.79 dollars from 3.06 dollars - 3.20 dollars owing to the company's acquisition of full ownership and control of its Iconix China joint venture.