Iconix Brand Group, Inc. Revises Full Year 2008 Earnings Guidance
June 09 2008 - 8:00AM
PR Newswire (US)
NEW YORK, June 9 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc.
(NASDAQ:ICON) ("Iconix" or the "Company"), today announced that it
is revising its full year 2008 revenue and earnings guidance.
Revenue for the full year 2008 is now expected to be in a range of
$215 - $220 million and diluted earnings per share are now
forecasted to be in a range of $1.15 - $1.20. Previous guidance was
for revenue in a range of $250 - $260 million and diluted earnings
per share in a range of $1.35 - $1.40. The previous guidance
assumed approximately $30 million in 2008 revenue related to new
brand acquisitions. The new guidance relates to the existing
portfolio of brands only and includes no revenue assumption from
acquisitions. However, the Company is continuing to evaluate a
number of different acquisition opportunities. The Company is
forecasting free cash flow for 2008 to be in a range of
approximately $116 - $119 million and free cash flow per diluted
share to be in a range of approximately $1.87 - $1.92. Free cash
flow and free cash flow per diluted share are both non-GAAP metrics
and reconciliation tables for each are attached to this press
release. Neil Cole, Chairman and CEO of Iconix Brand Group
commented, "We have built a strong company that, despite a very
challenging macro-economic environment, will generate at least $116
million in free cash flow this year and has many compelling long
term growth opportunities. Acquisitions will continue to play an
important part in our growth strategy and it is possible that we
will acquire more brands this year. However, we will continue to be
diligent and not force acquisitions that are not in the best
interest of our shareholders." Iconix Brand Group Inc.
(NASDAQ:ICON) 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) and STARTER (R). 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
around the world. Iconix, through its in-house advertising,
promotion and public relations agency, markets its brands to
continually drive greater consumer awareness and equity. Safe
Harbor Statement under the Private Securities Litigation Reform Act
of 1995. The statements that are not historical facts contained in
this press release are forward looking statements that involve a
number of known and unknown risks, uncertainties and other factors,
all of which are difficult or impossible to predict and many of
which are beyond the control of the Company, which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. Such factors include, but are not limited to,
uncertainty regarding the results of the Company's acquisition of
additional licenses, continued market acceptance of current
products and the ability to successfully develop and market new
products particularly in light of rapidly changing fashion trends,
the impact of supply and manufacturing constraints or difficulties
relating to the Company's licensees' dependence on foreign
manufacturers and suppliers, uncertainties relating to customer
plans and commitments, the ability of licensees to successfully
market and sell branded products, competition, uncertainties
relating to economic conditions in the markets in which the Company
operates, the ability to hire and retain key personnel, the ability
to obtain capital if required, the risks of litigation and
regulatory proceedings, the risks of uncertainty of trademark
protection, the uncertainty of marketing and licensing acquired
trademarks and other risks detailed in the Company's SEC filings.
The words "believe", "anticipate," "expect", "confident",
"project", provide "guidance" and similar expressions identify
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward looking statements, which speak
only as of the date the statement was made. Contact Information:
David Conn Executive Vice President Iconix Brand Group 212.730.0030
Joseph Teklits ICR 203.682.8200 Iconix Brand Group, Inc and
Subsidiaries The following table details unaudited reconciliations
from non-GAAP amounts to U.S. GAAP and effects of these items: (in
millions, except per share data) Year Ended Dec 31, 2008E(2)
2008E(2) 2007A(2) Low-end High-end Free Cash Flow(1) $116 $119 $99
================ ======== Net Income $71 $74 $64 ----------------
-------- Reconciliation of Free Cash Flow: Add: Depreciation,
amortization of intangibles and finance fees, changes in the
reserve for accounts receivable and non-cash compensation 23 23 11
Add: Non-cash income taxes 27 27 31 Less: Capital expenditures (5)
(5) (0) Less: Non-cash portion of Unzipped litigation - - (6)
---------------- -------- Free Cash Flow $116 $119 $99
================ ======== Weighted average number of common shares
outstanding: Diluted 62 62 61 ---------------- -------- Free Cash
Flow - Per Diluted Share $1.87 $1.92 $1.61 ================
======== (1) Free Cash Flow, a non-GAAP financial measure,
represents net income before depreciation and amortization
increased by changes in the reserve for accounts receivable,
non-cash compensation and non-cash income taxes and decreased by
capital expenditures. The Company believes Free Cash Flow and Free
Cash Flow per diluted share is useful in evaluating its financial
condition because it is representative of cash flow from operations
that is available for repaying debt, investing and capital
expenditures. (2) Amounts may not calculate exactly due to rounding
to millions. DATASOURCE: Iconix Brand Group, Inc. CONTACT: David
Conn, Executive Vice President of Iconix Brand Group, +1-
212-730-0030; or Joseph Teklits of ICR, +1-203-682-8200, for Iconix
Brand Group, Inc. Web site: http://iconixbrand.com/
Copyright
Icon Energy (NASDAQ:ICON)
Historical Stock Chart
From Jun 2024 to Jul 2024
Icon Energy (NASDAQ:ICON)
Historical Stock Chart
From Jul 2023 to Jul 2024