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Iconix Reports Financial Results For The First Quarter 2019
NEW YORK, May 14, 2019 /Globe Newswire/ --
|·||Total revenue of $35.9 million, a 26% decline from prior quarter. Mens segment revenue up 10% from the prior year.|
|·||Signed 65 license deals year to date, representing $40 million of aggregate guaranteed minimum royalties.|
Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company") today reported financial results for the first quarter ended March 31, 2019.
Bob Galvin, CEO commented, “Results for the first quarter of 2019 were as expected, as we continue to stabilize the business and our operational cost structure. We also continue to build the pipeline of our future business, as we have signed 65 deals year to date for aggregate guaranteed minimum royalties of approximately $40 million.”
First Quarter 2019 Financial Results
|GAAP Revenue by Segment||Three months ended March 31,|
|($, 000's)||2019||2018||% Change|
For the first quarter of 2019, total revenue was $35.9 million, a 26% decline, compared to $48.5 million in the prior year quarter. Such decline was expected, principally as a result of the transition of our Danskin and Mossimo direct to retail licenses in our Womens segment, as previously announced. Our revenue for the first quarter of 2019 was also impacted by the effect of the Sears bankruptcy on our Joe Boxer and Bongo brands in Womens and the Cannon brand in Home. Our Mens segment revenue increased 10% in the first quarter of 2019, compared to the prior year quarter primarily from the Starter and Buffalo brands. Our International segment declined 15% in the first quarter of 2019 primarily as a result of performance of our Diamond Icon joint venture, which was higher in the prior year due to sales leading up to the World Cup.
Total SG&A expenses in the first quarter of 2019 were $18.1 million, a 46% decrease compared to $33.6 million in the first quarter of 2018. Most of the decline for the quarter was a decrease in compensation, advertising and professional expenses. The decrease in compensation was part of the Company’s continued efforts to reduce costs. Additionally, expenses for the first quarter of 2018 included $5.4 million in costs associated with a debt refinancing.
The following information was filed by Iconix Brand Group, Inc. (ICON) on Tuesday, May 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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