Iconix Brand Group posts "record Q1"
Home Textiles Today Staff -- Home Textiles Today, 4/24/2013 2:11:22 PM
New York -- Iconix Brand Group Inc. today reported "record results" for its first quarter, as revenue and net income each enjoyed double-digit percentage growth.
Total revenue for the quarter, which ended March 31, was up 19% to $105.1 million, compared to $88.5 million a year ago. And net income, on a non-GAAP basis, increased 13% to $36.2 million versus last year's $31.9 million.
Non-GAAP diluted earnings per share jumped an even-better 26% to $0.54 compared to $0.43 in the prior year quarter, while GAAP net income grew 24% to $34.2 million versus $27.6 million. GAAP diluted EPS was up a significant 38% 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% revenue and EPS growth for the full year," said Neil Cole, chairman and ceo of Iconix, owns, licenses and markets a broad portfolio of consumer brands that includes Cannon, Royal Velvet, Fieldcrest and Charisma.
With three acquisitions completed over the past five months, Iconix is confident "there are additional opportunities, which would continue to enhance our portfolio," he added. "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."
Encouraged by this recent performance, the company is maintaining its 2013 revenue guidance of $425 million to $435 million but is raising its 2013 non-GAAP diluted EPS guidance to $2.10 to $2.20 from $2.05 to $2.15.
Iconix is also raising its 2013 GAAP diluted EPS guidance to $2.00 to $2.10 from $1.95 to $2.05.
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