Licensing revenue for the six months ended June 30, 2007 increased to approximately $69.9 million as compared to approximately $31.7 million in the prior year six month period. EBITDA for the six month period increased to approximately $54.6 million as compared to approximately $19.8 million in the prior year, and free cash flow increased to approximately $47.4 million as compared to approximately $15.4 million in the prior year.
Net income as reported on the Company's income statement for the six month period increased to approximately $27.5 million as compared to approximately $15.7 million in the prior year and fully diluted earnings per share as reported on the Company's income statement were $0.45 versus $0.37 in the prior year.
The Company recognized non-cash tax benefits in the prior year six month period and therefore comparing net income on a tax-effected basis the Company reported net income of approximately $27.5 million as compared to approximately $9.2 million (tax-effected) in the prior year six months.
In comparing fully diluted earnings per share on a tax-effected basis the Company reported fully diluted earnings per share of $0.45 in the first six months of 2007 as compared to $0.21 (tax-effected) in the prior year six month period.
Neil Cole, Chairman and CEO of Iconix, commented, "I am pleased with our financial results this quarter as we more than doubled our revenue from a year ago and at the same time increased ourEBITDA margins year over year. These metrics continue to underscore the compelling growth and profitability of our unique business model and strategy."
"Our portfolio performed well in the quarter and we were able to successfully integrate our two recent acquisitions, Danskin and Roca Wear and I am very excited about the earnings power both of these brands will bring to our portfolio. In light of the current conditions in the debt and equity markets we feel the approximately $250 million that we raised in the quarter through our convertible bond offering was opportune and has positioned us well to continue to execute our growth strategy and has also materially lowered our overall cost of capital."
2007 Guidance: The Company is re-affirming its previously stated 2007 guidance of revenue in a range of $150-$160 million and fully diluted earnings per share in a range of $0.96-$1.00.
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