Iconix reported 2011 revenue of $369.8 million, an 11 percent increase over prior year.
EBITDA attributable to Iconix for 2011 increased 10 percent from the prior year to approximately $229.6 million. Free cash flow for 2011 was approximately $179.2 million, an 8 percent increase over the prior year. On a non-GAAP basis, as described in the tables below, net income attributable to Iconix for 2011 increased 18 percent to approximately $127.4 million as compared to the prior year and non-GAAP diluted earnings per share increased to $1.69 versus $1.44 for the prior year. On a GAAP basis, net income attributable to Iconix for 2011 increased 28 percent to approximately $126.1 million as compared to the prior year and GAAP diluted earnings per share was $1.67 versus $1.32 for the prior year.
Q4 2011 Results for Iconix Brand Group, Inc.:
Total revenue for the fourth quarter of 2011 was approximately $95.5 million, a 9 percent increase as compared to approximately $88.0 million in the fourth quarter of 2010. EBITDA attributable to Iconix for the fourth quarter was approximately $57.3 million. Excluding a one-time litigation gain in the fourth quarter of 2010, EBITDA increased 34 percent over the prior year quarter. Free cash flow attributable to Iconix for the fourth quarter was approximately $44.9 million. On a non-GAAP basis, as described in the tables below, net income attributable to Iconix was $31.3 million, a 28 percent increase over the prior year quarter. Non-GAAP diluted EPS for the fourth quarter of 2011 was $0.41 compared to $0.33 in the prior year quarter. GAAP net income attributable to Iconix for the fourth quarter of 2011 increased 23 percent to approximately $27.2 million as compared to the prior year quarter and GAAP diluted EPS for the fourth quarter of 2011 was $0.36 compared to $0.30 in the prior year quarter.
EBITDA, free cash flow, non-GAAP net income and non-GAAP EPS are all non-GAAP metrics and reconciliation tables for each are attached to this press release.
Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, “We are pleased to report that 2011 was another record year for our Company. We continued to successfully execute our growth strategy through organic initiatives and acquisitions and look forward to continuing to build global businesses for our diverse portfolio of iconic brands. We see international expansion as the next big phase of growth for our Company and through our partnerships in China, Latin America, Europe and our newly announced joint venture in India we are well positioned to maximize the value of our brands around the world. In 2012, we remain committed to creating shareholder value by executing our growth initiatives and will continue to evaluate share repurchases as an additional way to deliver value.”
2012 Guidance for Iconix Brand Group, Inc.:
The Company is reaffirming its full year 2012 revenue guidance of $370-$385 million, 2012 non-GAAP diluted EPS guidance of $1.77-$1.84, 2012 GAAP diluted EPS guidance of $1.62-$1.69 and 2012 free cash flow guidance of $187-$194 million. This guidance relates to the existing portfolio of brands and does not include any additional acquisitions.
See reconciliation tables below for non-GAAP metrics. These non-GAAP metrics may be inconsistent with similar measures presented by other companies and should only be used in conjunction with our results reported according to U.S. GAAP. Any financial measure other than those prepared in accordance with U.S. GAAP should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.