ICON Icon Energy Corporation

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/

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