Exhibit 99.1

Iconix Reports Financial Results for the Fourth Quarter & Full Year 2020

NEW YORK, March 31, 2021 /Globe Newswire/ -

 

Total revenue of $33.9 million compared to $43.2 million in the prior year quarter.

 

GAAP Operating Income $2.6 million as compared to a loss of $60.4 million in the prior year quarter.

 

Adjusted EBITDA of $18.4 million, compared to $21.1 million in the prior year quarter.

 

Continued to improve cost structure, decreasing SG&A expenses by 27% from prior year quarter.

 

Signed 190 license agreements during 2020, representing $134 million of aggregate minimum royalties over the life of these contracts.

 

Completed Sale of Lee Cooper China in March 2021 with net proceeds of $15.8 million and repaid $11.8 million of Senior Secured Term Loan.

Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company") today reported financial results for the fourth quarter and full year ended December 31, 2020.

Bob Galvin, CEO commented, “Our entire organization committed to delivering the best possible results for our licensees and our shareholders this past year and I want to thank each of our associates for their dedication during this very difficult period. We operated at a high level throughout the pandemic due to our consistent focus on our business objectives. While we are hopeful that the pandemic will subside in 2021, we will continue to address the many pandemic-related challenges we face between now and then, and, at the same time, continue to focus on realizing the opportunity that exists for our brands through focusing on building our pipeline of future business. We had great success during this pandemic year, as we signed 190 deals for aggregate guaranteed minimum royalties of approximately $134 million, approximately the same amount that we signed in 2019.  

Galvin continued, “We have also made great strides to de-lever our balance sheet.  From December 31, 2019 to today, through proceeds from assets sales and cash flow, we have reduced our Term Loan balance by over 52%, or approximately $92 million.”

Fourth Quarter & Full Year 2020 Financial Results

GAAP Revenue by Segment

(000’s)

 

 

For the Three Months

Ended December 31,

 

For the Twelve Months

Ended December 31,

 

 

2020

 

2019

 

2020

 

2019

Licensing revenue:

 

 

 

 

 

 

 

 

Women's

 

$8,443

 

$10,637

 

$25,248

 

$37,491

Men's

 

7,318

 

11,302

 

22,737

 

36,793

Home

 

5,758

 

3,548

 

16,194

 

14,753

International

 

12,369

 

17,691

 

44,397

 

59,947

 

 

$33,888

 

$43,178

 

$108,576

 

$148,984

 

For the fourth quarter of 2020, total revenue was $33.9 million, a 22% decline, compared to $43.2 million in the fourth quarter of 2019. Revenue across all segments, except our Home segment, was primarily negatively impacted by the effects of the COVID-19 pandemic on the global economy. The 21% decrease in revenue in our Women’s segment was principally as a result of a decrease in licensing revenue from our Mudd and London Fog brands partially offset by an increase in our Danskin Brand. Revenue from the Men’s segment decreased 35% mainly due to a decrease in licensing revenue from our Buffalo and Ecko Unltd brands partly offset by an increase in our Umbro brand. Sales in our Home segment improved by 62% principally due to an increase in licensing revenue from our Charisma and Cannon brands, partially offset by a decrease in our Fieldcrest brand. Our International segment revenue declined 30% mainly due to decreases in Latin America and Europe.

For the twelve months ended December 31, 2020, total revenue was $108.6 million, a 27% decline, compared to $149.0 million in the twelve months ended December 31, 2019. The decrease was primarily driven by decreases in our Woman’s, Men’s and International segments as a result of the negative impacts of the COVID-19 pandemic on the global economy.

 


The following information was filed by Iconix Brand Group, Inc. (ICON) on Wednesday, March 31, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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