(Filed Under Financial and General Interest News). New York-based marketing and licensing firm Iconix Brand Group reported a 69.3 percent increase in net income, attributed to the strong performance of many brands during the second quarter ended June 30, 2011.
"We are pleased to report that our company achieved record results for the second quarter both on the top and bottom line," stated Neil Cole, chairman and chief executive officer of Iconix. "As our brands gain momentum both domestically and internationally, we continue to demonstrate the power of our business model."
Net income rose to $41.5 million, or 55 cents a diluted share, from the $24.5 million, or 33 cents, in the prior year’s quarter. Total second quarter revenue was up 17 percent to $89.3 million from $76 million. Earnings per share came in at 43 cents compared with 36 cents in the second quarter of 2010. Iconix reaffirmed its 2011 full-year revenue guidance of $355 to $365 million, with an earnings per share guidance of $1.63 to $1.68.
The company additionally announced it is increasing its ownership interest in the Zoo York brand from 51 percent to 100 percent. The remaining 49 percent will be officially acquired for $18 million. Iconix has licensed distribution to Li & Fung since acquiring 51 percent of Zoo York in 2009 and the brand is sold at large-scale mid-tier department stores including Kohl’s and JCPenney.
Iconix Brand Group, Inc. owns several consumer brands, including Candie’s, Badgley Mischka, Joe Boxer and Danskin, and has an interest in brands such as Ecko, Material Girl and Ed Hardy.
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