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Published
Nov 9, 2016
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Iconix reduces full year guidance following mixed third quarter results

Published
Nov 9, 2016

Iconix Brand Group reported its third quarter and year-to-date results on Tuesday, which Iconix CEO John Haugh was very pleased with.


 
He said, “Performance across the brands was mixed, but with our balanced portfolio of brands and the Company's attractive margins, we were able to achieve stable revenue, increased profits and healthy free cash flow.”
 
Due to the mixed performance, the company reduced its financial guidance. Full year revenue is now expected to be at the low end of its $370 million to $390 million guidance and its non-GAAP EPS to be at the low end of $1.06 and $1.21.

Third quarter licensing revenue was flat at $90.9 million, with women’s licensing revenue decreasing 13% and men’s decreasing 14%.

The decreases were offset by the16% increase in home licensing revenue and the 22% increase in entertainment licensing revenue. Licensing revenue in Japan increased 93% in the third quarter and 49% in the nine months ended on September 30, 2016.
 
Nine month women’s licensing revenue fell 5% and men’s licensing revenue decreased 15%, but the home category increased 2% and the entertainment category increased 18%. Overall licensing revenue for the nine month period fell 1%.
 
Total SG&A expenses fell 19% to $50.6 million from $62.8 million in the prior year, and operating income increased 46% to $40.7 million from $27.8 million largely related to the men’s segment.
 
Other income for the third quarter was $10.2 million due to the sale of a minority interest in Complex Media, GAAP net income was $15.2 million compared to a net loss of $4.2 million in the previous year and non-GAAP net income increased 114% to $11.1 million from $5.2 in the third quarter of 2015. Non-GAAP diluted EPS was $0.19.

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