Iconix Brand Group has said that licensing revenue for the second quarter of 2015 was approximately 98.5 million dollars, a 1 percent increase as compared to approximately 97.5 million dollars in the second quarter of 2014. Total licensing revenue was negatively affected by approximately 3.7 million dollars due to foreign exchange rates. Excluding the effect of foreign exchange rates, licensing revenue increased 5 percent.

Licensing revenue for the six months was approximately 193.8 million dollars, an 8 percent decrease as compared to approximately 209.7 million dollars for the prior year period. Total licensing revenue was negatively affected by approximately 6.5 million dollars due to foreign exchange rates. In addition, licensing revenue in the 2014 period included 17.1 million dollars of revenue related to the five-year renewal of the Peanuts specials with ABC. After excluding the effect of foreign exchange rates and revenue related to the ABC renewal in the prior year, licensing revenue increased approximately 4 percent.

”In looking at today's results I believe the most important take-away is that Iconix' core underlying licensing business remains healthy and continues to generate significant free cash flow. I am genuinely optimistic about the future of our company and believe that Iconix has significant strengths upon which to build, including its global portfolio of over 35 diversified consumer brands and its profitable business model,” said F. Peter Cuneo, Chairman and Interim Chief Executive Officer of Iconix.

Adjusted EBITDA attributable to Iconix for the second quarter was approximately 51.2 million dollars, a 34 percent decrease as compared to approximately 78.2 million dollars in the prior year quarter. On a non-GAAP basis, as defined in the tables below, net income attributable to Iconix was approximately 22.3 million dollars, a 44 percent decrease as compared to the prior year quarter of approximately 39.6 million dollars.

Non-GAAP diluted EPS was 0.45 dollar, a 40 percent decrease as compared to 0.75 dollar in the prior year quarter. GAAP net income attributable to Iconix was approximately 14.8 million dollars, a 58 percent decrease as compared to 35.3 million dollars in the prior year quarter, and GAAP diluted EPS for the quarter decreased approximately 51 percent to 0.30 dollar compared to 0.60 dollar in the prior year quarter.

Adjusted EBITDA attributable to Iconix for the six month period was approximately 104 million dollars, a 30 percent decrease as compared to approximately 147.9 million dollars in the prior year period. On a non-GAAP basis, net income attributable to Iconix for the period was approximately 49.3 million dollars, a 38 percent decrease as compared to approximately 78.9 million dollars in the prior year period, and non-GAAP diluted earnings per share was approximately 0.99 dollar for the six month period, a 33 percent decrease versus 1.49 dollars for the prior year period.

GAAP net income attributable to Iconix for the six month period was approximately 77.6 million dollars, an 18 percent decrease as compared to 95.1 million dollars in the prior year period and GAAP diluted EPS for the six month period was 1.53 dollars, a 6 percent decrease as compared to 1.63 dollars in the prior year period.

The company is revising its 2015 guidance and expects licensing revenue to achieve low single digit growth, and to be in a range of 410 dollars - 425 million dollars. The company will continue to look for strategic opportunities and is forecasting approximately 5 dollars - 15 million dollars of ‘Other revenue’ in 2015. The company is revising its 2015 non-GAAP diluted EPS guidance to a range of 2 - 2.15 dollars, and its 2015 GAAP diluted EPS to a range of 2.24 - 2.39 dollars.

 

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