Iconix Brand Group Q1 Revenues Up Double-Digits

Iconix Brand Group reported record Q1 revenue of $116.1 million, an 11 percent increase over prior year quarter

Highlights of the quarter include:

• Record Q1 revenue of $116.1 million, an 11 percent increase over prior year quarter
• Record Q1 non-GAAP diluted EPS of $0.72, a 33 percent increase over prior year quarter
• Record Q1 GAAP diluted EPS of $1.03, a 101 percent increase over prior year quarter
• Record Q1 free cash flow of $58.0 million, a 12 percent increase over prior year quarter
• Raising 2014 revenue guidance to $450-$460 million
• Raising 2014 non-GAAP diluted EPS guidance to $2.55-$2.65

Q1 2014 Results for Iconix Brand Group, Inc.:

Total revenue for the first quarter of 2014 was approximately $116.1 million, an 11 percent increase as compared to approximately $105.1 million in the first quarter of 2013. EBITDA attributable to Iconix for the first quarter was approximately $69.8 million, an 8 percent increase as compared to $64.6 million in the prior year quarter. Free cash flow attributable to Iconix for the first quarter was approximately $58.0 million, a 12 percent increase as compared to the prior year quarter of approximately $51.8 million.

On a non-GAAP basis, as described in the tables below, net income attributable to Iconix was $39.3 million, an 8 percent increase as compared to the prior year quarter of approximately $36.2 million. Non-GAAP diluted EPS for the first quarter of 2014 increased 33 percent to $0.72 compared to $0.54 in the prior year quarter. GAAP net income attributable to Iconix for the first quarter of 2014 was approximately $59.8 million, a 75 percent increase as compared to $34.2 million in the prior year quarter, and GAAP diluted EPS for the first quarter of 2014 increased approximately 101 percent to $1.03 compared to $0.51 in the prior year quarter.

GAAP net income in the first quarter of 2014 includes a non-cash gain of approximately $38 million before taxes related to the re-measurement of the Company's initial investment in Iconix Latin America in conjunction with its acquisition of the remaining 50 percent from its joint venture partner. 

EBITDA, free cash flow, non-GAAP net income and non-GAAP diluted 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, "With record results in the first quarter, 2014 is off to a strong start. Through our diversified portfolio of brands and expanding global footprint we continued to achieve strong growth. As we look ahead, we believe we can continue to deliver significant value to our Company and shareholders through a combination of organic growth driven by international expansion and Peanuts initiatives, as well as, additional acquisitions of global iconic brands."

2014 Guidance for Iconix Brand Group, Inc.:

The Company is raising its 2014 guidance as follows:

• Increasing 2014 revenue guidance to $450-$460 million from $440-$455 million
• Increasing 2014 Non-GAAP diluted EPS guidance to $2.55-$2.65 from $2.50-$2.60
• Increasing 2014 GAAP diluted EPS guidance to $2.50-$2.60 from $2.19-$2.29
• Increasing 2014 free cash flow guidance to $213-$220 million from $210-$217 million

This guidance relates to the Company's existing portfolio of brands and does not include any additional acquisitions. In addition, this guidance does not assume any additional share repurchases or dilution from the Company's convertible notes above the current stock price.

Iconix owns, licenses and markets a growing portfolio of consumer brands including: Candie's, Bongo, Badgley Mischka, Joe Boxer, Rampage, Mudd, Mossimo, London Fog, Ocean Pacific, Danskin, Rocawear, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Zoo York, Ed Hardy, Sharper Image, Umbro, Lee Cooper, Ecko Unltd., and Marc Ecko. In Addition, Iconix Owns Interests In The Artful Dodger, Material Girl, Peanuts, Truth Or Dare, Billionaire Boys Club, Ice Cream, Modern Amusement, and Buffalo Brands.

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