Iconix Brand Group, Inc. revised its full year 2008 revenue and earnings guidance.
Revenue for 2008 is now expected to be in a range of $215 million to $220 million and diluted earnings per share are now predicted to be in a range of $1.15 to $1.20.
Prior guidance was for revenue in a range of $250 million to $260 million and diluted earnings per share in a range of $1.35 to $1.40. The previous guidance assumed about $30 million in 2008 revenue to new 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 million to $119 million and free cash flow per diluted share to be in a range of $1.87 to $1.92.
“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,” said Neil Cole, chairman and CEO of Iconix Brand Group. “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.”
