Iconix Brand Group Q4 revenues slip by 10.4 million dollars

While announcing acquisition of Lee Cooper, iconic

global lifestyle brand with over 100-year heritage, Iconix Brand Group in its financial results for the fourth quarter and year ended December 31, 2012 said that its total revenue for the fourth quarter of 2012 was approximately 85.1 million dollars (Rs 460 crores), (down 10.4 million dollars/Rs 56 crores) compared to approximately 95.5 million dollars (Rs 516 crores) in the fourth quarter of 2011. Total revenue for the full year 2012 was about 353.8 million dollars, (down by 16 Million dollars/Rs 86 crores) compared to around 369.8 million dollars (Rs 1,999 crores) for the prior year.

EBITDA attributable to Iconix for the fourth quarter was approximately 50.0 million dollars (Rs 270 crores), as compared to approximately 57.3 million dollars (Rs 309 crores) in the prior year quarter. On a non-GAAP basis, as defined in the tables below, net income attributable to Iconix for the fourth quarter was approximately 28.9 million dollars (Rs 156 crores), as compared to approximately 31.3 million dollars (Rs 169 crores) in the prior year quarter. Non-GAAP diluted EPS for the fourth quarter was 0.41 dollars (Rs 22.1) compared to 0.41 dollars (Rs 22.1) in the prior year quarter. GAAP net income for the fourth quarter was approximately 26.1 million dollars (Rs 141 crores), as compared to approximately 27.2 million dollars (Rs 147 crores) in the prior year quarter and GAAP diluted EPS was 0.37 dollars (Rs 20) compared to 0.36 dollars (Rs 19.4) in the prior year quarter.

EBITDA attributable to Iconix for 2012 was approximately 217.0 million dollars (Rs 1,173 crores) as compared to approximately 229.6 million dollars (Rs 1,241 crores) in the prior year. On a non-GAAP basis, net income attributable for 2012 was approximately 122.0 million dollars (Rs 659 crores) as compared to approximately 127.4 million dollars in the prior year and non-GAAP diluted earnings per share for 2012 was approximately 1.70 dollars (Rs 91.0) versus 1.69 dollars (Rs 91.3) for the prior year. On a GAAP basis, net income attributable for 2012 was approximately 109.4 million dollars (Rs 591 crores) as compared to 126.1 million dollars (Rs 681 crores) in the prior year and GAAP diluted earnings per share was 1.52 dollars (Rs 82.1) versus 1.67 dollars (Rs 90.3) for the prior year.

Commenting on the results, Neil Cole, Chairman and CEO of Iconix Brand Group said, “Over the past year we have executed on several exciting initiatives that position our company for significant growth. We acquired three iconic brands, continued to expand our global footprint, signed a Peanuts movie deal and launched a new 1.1 billion dollars (Rs 5,947 crores) securitization facility. Looking to 2013 and beyond, with our powerful portfolio of over 30 brands that are well diversified across numerous industries and geographies along with our strong balance sheet and financial flexibility, we look forward to delivering continued growth and value to our shareholders.”

With the new Lee Cooper acquisition, Company is raising its revenue guidance to 425-435 million dollars (Rs 2,297-2,352 crores) from 415-425 million dollars (Rs 2,243-2,297 crores). The Company is raising its non-GAAP diluted EPS guidance to 2.05 dollars-2.15 dollars (Rs 110.8-Rs 116.2) from 2.00 dollars-2.10 dollars (RS 108-Rs 113.5). The Company is raising its 2013 GAAP diluted EPS guidance to 1.95 dollars-2.05 dollars (Rs105.4-Rs 110.8) from 1.90 dollars-2.00 dollars (Rs 102.7-Rs 108.1).