Iconix Net Leaps 66 Percent in Second Quarter
July 27, 2011,
NEW YORK-In what Neil Cole, chairman and CEO, said were record results for both the top and bottom lines, Iconix rang in with net income of $44.8 million in its fiscal second quarter, 66 percent ahead of last year's second-quarter result.
The company benefited from a 17.5 percent increase in licensing revenue, to $89.3 million, for the quarter, which ended on June 30. In addition, the bottom line grew thanks to a non-recurring non-cash gain of about $21.5 million from its acquisition of the Ed Hardy apparel brand, in which it transitioned from a non-controlling interest to a controlling interest. Selling, general and administrative expenses rose 20 percent on a dollar basis and 77 basis points as a percentage of sales, to 35.5 percent.