15536 Mon, 11/03/2008 - 12:44pm
NEW YORK–Third-quarter net income for Iconix Brand Group rose 8 percent to $18.3 million on a 29 percent increase in revenue.
Total licensing revenue for the brand-management company finished the quarter at $55.1 million, up from $42.7 million in the third quarter of 2007. This gain helped offset a 38.5 percent increase in its selling, general and administrative expenses as Iconix posted a 23 percent jump in earnings before interest, depreciation and amortization. In a company statement, Neil Cole, chairman and chief executive officer, said the company’s strong quarter “demonstrates more than ever that our business model is extremely well suited to thrive in the current economic environment.”
The statement added that Iconix now expects achieve its previous forecast for annual revenue in the range of $215 million to $220 million for all of 2008. The company also projected that 2009 revenue will reach between $225 million and $235 million.