(Filed Under Financial and General Interest News). Iconix Brand Group, Inc. reported revenue of approximately $50.5 million during the first quarter ended March 31, 2009, a 9 percent decrease from an approximate revenue of $55.7 million during last year’s first quarter.

Free cash flow totaled at $29.8 million, an 8 percent decrease from the prior 1st quarter’s $32.6 million. On a GAAP basis, net income declined by 5 percent to approximately $15.6 million, as compared to $16.5 million. Diluted earnings per share were 26 cents versus 27 cents.

According to Iconix chairman and CEO, Neil Cole, in addition to the recently announced investment in the Ed Hardy brand, the company is looking into some “larger acquisition opportunities that we feel could be actionable this year [...] based on our better than expected performance in the quarter.”

The company raised its full year GAAP diluted EPS guidance to between $1.16 and $1.21, compared to previously-released guidance in the range of $1.06 to $1.16. The company also raised its 2009 revenue guidance to between $218 and $225 million compared to its previous guidance of between $210 and $220 million.

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Published 05-07-2009 by Amanda Torres Price