Iconix Brand Group reports revenue increase for Q2 2015
Iconix Brand Group on Monday reported its financial results for second quarter 2015 and for the six months ended June 30, 2015.
The company reported an increase of licensing revenue to $98.5 million, up 1% from $97.5 million in the second quarter of the previous year. Free cash flow attributable to Iconix increased 117% to $75.4 million from $34.7 million in the previous year.
The company reported losses for the six-month period, however. Licensing revenue for the six-month period decreased 8% to $193.8 million from $209.7 million in the previous year’s six-month period. With the exclusion of foreign exchange rates and the 5-year renewal of the Peanuts specials with ABC made in the previous year, licensing revenue increased 4%. Free cash flow for the six-month period increased 25% to $105.4 million from $84.1 million.
F. Peter Cuneo, Chairman and Interim Chief Executive Officer of Iconix, said, "In looking at today's results I believe the most important take-away is that Iconix' core underlying licensing business remains healthy and continues to generate significant free cash flow. I am genuinely optimistic about the future of our Company and believe that Iconix has significant strengths upon which to build, including its global portfolio of over 35 diversified consumer brands and its profitable business model.
For the full year, Iconix expects licensing revenue to range between $410 million and $425 million.
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