Iconix today announced that it is revising its full year 2008 revenue and earnings guidance. Revenue for the full year 2008 is now expected to be in a range of $215 – $220 million and diluted earnings per share are now forecasted to be in a range of $1.15 – $1.20.
Previous guidance was for revenue in a range of $250 – $260 million and diluted earnings per share in a range of $1.35 – $1.40. The previous guidance assumed approximately $30 million in 2008 revenue related to new brand acquisitions. The new guidance relates to the existing portfolio of brands only and includes no revenue assumption from acquisitions.
However, the Company is continuing to evaluate a number of different acquisition opportunities. The Company is forecasting free cash flow for 2008 to be in a range of approximately $116 – $119 million and free cash flow per diluted share to be in a range of approximately $1.87 – $1.92.
Neil Cole, Chairman and CEO of Iconix Brand Group commented, “We have built a strong company that, despite a very challenging macro-economic environment, will generate at least $116 million in free cash flow this year and has many compelling long term growth opportunities. Acquisitions will continue to play an important part in our growth strategy and it is possible that we will acquire more brands this year. However, we will continue to be diligent and not force acquisitions that are not in the best interest of our shareholders.”
Iconix Brand Group Inc. (Nasdaq: ICON) owns, licenses and markets a growing portfolio of consumer brands including CANDIE’S (R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R) RAMPAGE (R) MUDD (R), LONDON FOG (R), MOSSIMO (R) OCEAN PACIFIC(R), DANSKIN (R) ROCA WEAR(R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R) and STARTER (R).