US: Iconix business model boosts FY earnings
Consumer brands owner Iconix said 2005 was the most profitable year in the company's history, as it implemented a new brand management and licensing business model.
Net income for the year totalled about US$15.9m compared to $0.2m last year, with licensing revenue of about $30.2m compared to $10.6m a year ago.
Fourth-quarter net income totalled about $7.5m compared to a loss of $900,000 last year, while licensing revenue was $12.4m compared to $2m last year.
Chairman and chief executive Neil Cole said: "Our fourth-quarter results helped us exceed our full year guidance, driven by stronger-than-anticipated licensing revenue from within our Candie's and Rampage divisions, and we see this strength continuing into 2006.
"Our Joe Boxer brand continues to grow internationally and we are working on several new license agreements for both Bongo and Badgley Mischka. We believe that we can continue to complement our organic growth with additional accretive acquisitions and are currently evaluating several interesting opportunities."
The company reaffirmed its previously announced 2006 full-year earnings-per-share guidance of $0.65-$0.70 cents per share.
Iconix Brand Group owns, licenses and markets a growing portfolio of consumer brands including Candie's, Bongo, Badgley Mischka, Joe Boxer and Rampage.
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