Iconix Reports Q1 2013
Iconix Brand Group reported its first quarter 2013 results at the end of last week. Total revenue for the first quarter of 2013 was approximately $105.1 million, a 19 percent increase compared to approximately $88.5 million in the first quarter of 2012. EBITDA attributable to Iconix for the first quarter was approximately $64.6 million, a 14 percent increase as compared to $56.8 million in the prior-year quarter. Free cash flow attributable to Iconix for the first quarter was approximately $51.8 million, a 9 percent increase as compared to the prior-year quarter of approximately $47.4 million. On a non-GAAP basis, net income attributable to Iconix was $36.2 million, a 13 percent increase as compared to the prior year quarter of approximately $31.9 million. Non-GAAP diluted EPS for the first quarter of 2013 increased 26 percent to $0.54 compared to $0.43 in the prior-year quarter. GAAP net income attributable to Iconix for the first quarter of 2013 was approximately $34.2 million, a 24 percent increase as compared to $27.6 million in the prior-year quarter and GAAP diluted EPS for the first quarter of 2013 increased 38 percent to $0.51 compared to $0.37 in the prior year quarter.
“With record results in the first quarter, 2013 is off to a strong start and we are on track to deliver over 20 percent revenue and EPS growth for the full year,” said Neil Cole, chairman and CEO of Iconix Brand Group, Inc., in a statement. “We successfully completed three acquisitions in the past five months and with our current pipeline we believe there are additional opportunities, which would continue to enhance our portfolio. As we look ahead, we are also focused on continuing to build our portfolio of brands organically through our global platform, and we believe that with our free cash flow and strong balance sheet we will continue to create increased shareholder value.”
• The company is maintaining its 2013 revenue guidance of $425–$435 million
• The company is raising its 2013 non-GAAP diluted EPS guidance to $2.10–$2.20 from $2.05–$2.15
• The company is revising its 2013 GAAP diluted EPS guidance to $1.87–$1.97 from $1.95–$2.05
• The company is maintaining its free cash flow guidance of $203–$210 million
Iconix says that this guidance relates to the company’s existing portfolio of brands and does not include any additional acquisitions.
Time to Play’s Spring Showcase Set for Tomorrow
Time to Play (that’s us!) will reveal the hottest movies and coolest summer toys at our annual Media Spring Showcase in New York City tomorrow.
Taking place at The Altman Building, Time to Play will feature the latest and greatest new toys from all the major companies such as Mattel, Hasbro, LeapFrog, MEGA Brands, TOMY, Patch Products, Razor, and so many more. Plus, Time to Play will feature toys from this summer’s biggest blockbusters such as Despicable Me 2, Iron Man 3, Monsters University, and many more.
Care Bears in Burger King Promo
AG Properties (AGP), the intellectual property and outbound licensing division of American Greetings Corp., announced a worldwide Care Bears QSR promotion with Burger King. The promotion will run in participating restaurants in the United States and Canada and in select countries in Asia, Latin America, the Caribbean, Europe, and the Middle East.
The promotion, which kicks of this spring with varying start dates for each country, is tied to the Care Bears: Welcome to Care-a-Lot television series, which airs in the U.S. on The Hub TV Network. Customers will receive one of four Care Bears premiums with the purchase of a BK Kids Meal, while supplies last.