Iconix Brand Group, Inc announced financial results for the first quarter ended March 31, 2013.
Q1 2013 Results for Iconix Brand Group, Inc.:
Total revenue for the first quarter of 2013 was approximately $105.1 million, a 19% increase as 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% 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% increase as compared to the prior year quarter of approximately $47.4 million. On a non-GAAP basis, as described in the tables below, net income attributable to Iconix was $36.2 million, a 13% 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% 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% increase as compared to $27.6 million in the prior year quarter and GAAP diluted EPS for the first quarter of 2013 increased 38% to $0.51 compared to $0.37 in the prior year quarter.
Highlights:
- Record Q1 revenue of $105.1 million, a 19% increase over prior year quarter
- Record Q1 non-GAAP diluted EPS of $0.54, a 26% increase over prior year quarter
- Record Q1 free cash flow of $51.8 million and EBITDA of $64.6 million
- Raising 2013 non-GAAP diluted EPS guidance to $2.10-$2.20
Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, "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.
"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."
