Iconix Brand Group reported its financial results for the second quarter ended June 30, 2015. Q2 licensing revenue was approximately $98.5 million, a 1% increase as compared to approximately $97.5 million in Q2 2014.
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Total licensing revenue was negatively affected by approximately $3.7 million due to foreign exchange rates. Excluding the effect of foreign exchange rates, licensing revenue increased 5%.
There was no "Other revenue" in the second quarter of 2015, as compared to approximately $21.4 million of Other revenue recorded in the second quarter of 2014 related to the sale of the Sharper Image e-commerce business and a transaction related to our Southeast Asia joint venture.
Due in large part to there being no Other revenue in the quarter, all metrics decreased. Adjusted EBITDA attributable to Iconix for the second quarter of 2015 was approximately $51.2 million, a 34% decrease as compared to approximately $78.2 million in the prior year quarter.
On a non-GAAP basis, as defined in the tables below, net income attributable to Iconix was approximately $22.3 million, a 44% decrease as compared to the prior year quarter of approximately $39.6 million.
Non-GAAP diluted EPS for the second quarter of 2015 was $0.45, a 40% decrease as compared to $0.75 in the prior year quarter.
GAAP net income attributable to Iconix for the second quarter of 2015 was approximately $14.8 million, a 58% decrease as compared to $35.3 million in the prior year quarter, and GAAP diluted EPS for the second quarter of 2015 decreased approximately 51% to $0.30 compared to $0.60 in the prior year quarter.
Free cash flow attributable to Iconix for the second quarter of 2015 was approximately $75.4 million, a 117% increase as compared to the prior year quarter of approximately $34.7 million.
Free cash flow for the second quarter of 2015 includes a $15.5 million tax refund of which there was no comparable refund in the prior year quarter and additionally benefited from the timing of approximately $11.4 million of tax withholding payments that will be paid in the third quarter.
Excluding these items, free cash flow increased $13.8 million or 40% from the prior year quarter. ■