Iconix Brand Group Inc, the US clothing and footwear licensor behind brands like Candie's, Joe Boxer and Badgley Mischka, announced financial results for the first quarter of 2006 which are the first year-over-year comparable results as a brand management company.
Licensing revenue for the period increased to approx. $13.3 million as compared to approx. $4.3 million in the first quarter of last year. The increase in licensing revenue was driven primarily by the continued roll out and success of the Candie's brand at Kohl's and contribution from the company's 2005 acquisitions of the Joe Boxer and Rampage brands.
The company reported fully diluted earnings per share of $0.18 versus $0.03 in the first quarter of last year; this year's earnings included a non-cash tax benefit that added $0.03 to the quarter.
Pre- tax income increased to $6.1 million from approx. $800,000 in the first quarter of last year. Net income was $7.4 million, including a $1.3 million non-cash tax benefit, versus net income of $800,000 in the first quarter of last year.
Neil Cole, Chairman and CEO of Iconix said, "These are our first year over year comparable results as a brand management company and they begin to indicate the strength of our growth strategy and the scalability of this business model. Our performance in the quarter was nicely balanced between continued expansion of our brands, Candie's, Bongo and Badgley Mischka, and a significant contribution from newly acquired brands Joe Boxer and Rampage.”
marketing@alchempro.com
