Exhibit 99.1

Iconix Reports Financial Results For The Third Quarter 2019

 

NEW YORK, November 12, 2019 /Globe Newswire/ -

 

Total revenue of $35.5 million compared with $46.2 million from the prior year quarter.

 

GAAP Operating Income- reports $8.1 million loss as compared to $12.1 million of income in the prior year quarter.

 

Adjusted EBITDA increases 30% from the prior year quarter, while Adjusted EBITDA margin improves to 59% from 35% in the prior year quarter.

 

Signed 155 license deals year to date, representing $126 million of aggregate guaranteed minimum royalties over the life of these contracts.

Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company") today reported financial results for the third quarter ended September 30, 2019.

Bob Galvin, CEO commented, “Results for the third quarter of 2019 were consistent with managements’ expectations, as we continue to stabilize the business and our operational cost structure.  Our focus on the business and costs continue to help improve our Adjusted EBITDA margin. We continue to develop our pipeline of future business, as we have signed 155 deals year to date for aggregate guaranteed minimum royalties of approximately $126 million. Additionally, we have entered into an agreement regarding our shareholder class action litigation and an agreement in principle regarding the SEC investigation, potentially putting both of these lingering legacy matters behind us.”

Third Quarter 2019 Financial Results

GAAP Revenue by Segment

(000’s)

 

 

 

For the Three Months

Ended September 30,

 

 

For the Nine Months

Ended September 30,

 

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

Licensing revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Women's

 

$

10,317

 

 

$

15,201

 

 

$

26,855

 

 

$

48,670

 

 

Men's

 

 

7,942

 

 

 

7,282

 

 

 

25,491

 

 

 

27,752

 

 

Home

 

 

3,430

 

 

 

7,060

 

 

 

11,205

 

 

 

20,533

 

 

International

 

 

13,782

 

 

 

16,681

 

 

 

42,255

 

 

 

48,029

 

 

 

 

$

35,471

 

 

$

46,224

 

 

$

105,806

 

 

$

144,984

 

 

 

For the third quarter of 2019, total revenue was $35.5 million, a 23% decline, compared to $46.2 million in the third quarter of 2018. Such decline was expected, principally as a result of the transition of our Danskin and Mossimo direct to retail licenses in our Women’s segment, as previously announced. Our revenue for the third quarter of 2019 was also impacted by the effect of the Sears bankruptcy on our Joe Boxer and Bongo brands in Women’s and the Cannon brand in Home. While we recently signed new agreements with the new Sears and Kmart for the Cannon and Joe Boxer brands, the overall revenue for the Cannon and Joe Boxer brands was down year over year. Our Men’s segment revenue increased 9% in the third quarter of 2019, compared to the prior year quarter primarily from the Buffalo and Starter brands.  Our International segment declined 17% in the third quarter of 2019 primarily as a result of poor performance of Umbro in China and Umbro and Lee Cooper in Europe.

For the nine months ended September 30, 2019, total revenue was $105.8 million, a 27% decline, compared to $145 million in the nine months ended September 30, 2018.

SG&A Expenses:

Total SG&A expenses in the third quarter of 2019 were $26.3 million, a 13% decline compared to $30.2 million in the third quarter of 2018. Most of the decline for the quarter was a decrease in advertising and bad debt expense somewhat offset by the cost related to the potential SEC settlement and the impairment of the contract assets. Total SG&A expenses in the nine months


The following information was filed by Iconix Brand Group, Inc. (ICON) on Tuesday, November 12, 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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