Iconix Brand Group Inc announced financial results for the second quarter and six months ended June 30, 2007.
Q2 2007 results: Licensing revenue for the second quarter of 2007 increased to approximately $39.1 million, as compared to approximately $18.4 million in the second quarter of 2006. EBITDA for the second quarter increased to approximately $31.2 million as compared to approximately $11.4 million in the prior year quarter and free cash flow for the quarter increased to approximately $25.8 million as compared to approximately $9.3 million in the prior year quarter.
Net income for the second quarter as reported on the Company's income statement was approximately $14.8 million versus approximately $8.3 million in 2006, and fully diluted earnings per share as reported on the Company's income statement, was $0.24 versus $0.19.
The Company recognized non-cash tax benefits in the prior year quarter and therefore comparing net income on a tax-effected basis the Company reported net income of $14.8 million versus approximately $5.2 million (tax-effected) in 2006 and fully diluted earnings per share was approximately $0.24 for 2007 versus $0.12 (tax-effected) in 2006.
EBITDA, free cash flow and tax effected EPS are non-GAAP measures and reconciliation tables for all three are attached to this press release. These non-GAAP measures should not be considered in isolation or as an alternative to GAAP measures of performance.
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