Earnings Call Excerpt
Iconix Brand Group, Inc. (ICON)
Q2 2009 Earnings Call
August 4, 2009 10:00 am ET
Executives
Warren Clamen – Chief Financial Officer
Neil Cole – Chairman and Chief Executive Officer
Yehuda Shmidman – Executive Vice President of Operations
Analysts
Todd Slater - Lazard Capital Markets
Robert Drbul - Barclays Capital
[Spencer Hill] for Omar Saad – Credit Suisse
[Helena] for Robert Ohmes - BAS-ML
Jeffrey Klinefelter - Piper Jaffray
Eric Beder - Brean Murray, Carret & Co.
Mimi Bartow - Telsey Advisory Group
Jim Chartier - Monness, Crespi, Hardt & Co.
Michael Weisberg - Crestwood Capital
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the Q2 2009 Iconix Brand Group earnings conference call. My name is [Antoine] and I’ll be your operator for today. (Operator Instructions)
The Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this conference call are forward-looking statements and involve a number of risks, uncertainties and other factors, all of which are difficult or impossible to predict and many of which are beyond the control of the company. This may cause the actual results, performance or achievements of the company to be materially different from the result, performance or achievements expressed or implied by such forward-looking statements.
The words believe, anticipate, expect, confident and similar expressions identify forward-looking statements. Listeners are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statement was made.
I would now like to turn the call over to Neil Cole, Chairman and Chief Executive Officer, Warren Clamen, Chief Financial Officer and Yehuda Shmidman, Executive Vice President of Operations. I will now introduce Warren Clamen. Please proceed.
Warren Clamen
Good morning everyone, and welcome to the Iconix Brand Group second quarter 2009 earnings conference call. Reviewing our results for the second quarter ended June 30, 2009, revenue was approximately $56.4 million, a 9% increase as compared to $51.7 million in the prior year quarter. EBITDA in the second quarter was approximately $41.8 million, a 19% increase as compared to approximately $35.2 million in the prior year quarter. Our EBITDA margins improved over 600 basis points to 74%, demonstrating the continued scalability of our business model.
Our non-GAAP basis, which excludes non-cash interest related to the adoption of the new accounting treatment for the convertible debt, net income increased 29% to approximately $21.3 million as compared to approximately $16.5 in the prior year quarter. Diluted non-GAAP earnings per share for the second quarter was $0.33, $0.06 higher than the prior year quarter of $0.27 and $0.03 above the consensus of $0.30.
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