NEW YORK, Oct. 4, 2011 /PRNewswire/ -- Standard &
Poor's Ratings Services upgraded its outlook on Iconix Brand Group,
Inc. (Nasdaq: ICON) ("Iconix" or the "Company") to positive from
stable. According to Standard & Poor's, the upgrade primarily
relates to Iconix's increased EBITDA from good top line growth, and
the Company's reduced debt levels, which have resulted in improved
credit metrics. In May, the Company repaid the outstanding balance
on its term loan facility due January
2012. The positive outlook also reflects the Company's
strong cash position and ability to pay off its convertible notes
due June 2012, which will further
improve its credit metrics.
About Iconix Brand Group, Inc.
Iconix Brand Group, Inc. owns, licenses and markets a growing
portfolio of consumer brands including CANDIE'S®, BONGO®, BADGLEY
MISCHKA®, JOE BOXER®, RAMPAGE®, MUDD®, LONDON FOG®, MOSSIMO®, OCEAN PACIFIC®,
DANSKIN®, ROCA WEAR®, CANNON®, ROYAL VELVET®, FIELDCREST®,
CHARISMA®, STARTER®, ZOO YORK® and WAVERLY®. In addition, Iconix
owns an interest in the ARTFUL DODGER®, ED HARDY®, ECKO®, MARC
ECKO®, MATERIAL GIRL™ and PEANUTS® brands. 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 worldwide. Through
its in-house business development, merchandising, advertising and
public relations departments Iconix manages its brands to 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", "estimate", "expect",
"confident", "continue", "will", "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. All forward-looking statements are qualified by these
cautionary statements and apply only as of the date they are made.
The Company undertakes no obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Contact Information:
Jaime Sheinheit
Investor Relations
Iconix Brand Group
212.730.0030
SOURCE Iconix Brand Group, Inc.