United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
|
☒ |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarterly Period Ended September 30, 2017
OR
|
☐ |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Transition Period From to .
Commission file number 1-10593
ICONIX BRAND GROUP, INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
11-2481903 |
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
|
|
1450 Broadway, New York, NY |
|
10018 |
|
(Address of principal executive offices) |
|
(Zip Code) |
(212) 730-0030
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
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☐ |
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Accelerated filer |
|
☒ |
|
|
|
|
|
|
|
|
|
Non-accelerated filer |
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☐ (Do not check if a smaller reporting company) |
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Smaller reporting company |
|
☐ |
Emerging growth company ☐
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.
Common Stock, $.001 Par Value- 57,213,279 shares as of December 20, 2017.
Item 1. Financial Statements
Iconix Brand Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except par value)
|
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
50,966 |
|
|
$ |
137,114 |
|
|
Restricted cash |
|
|
279,759 |
|
|
|
177,269 |
|
|
Accounts receivable, net |
|
|
64,855 |
|
|
|
64,376 |
|
|
Other assets – current |
|
|
23,229 |
|
|
|
31,676 |
|
|
Current assets held for sale |
|
|
— |
|
|
|
302,342 |
|
|
Total Current Assets |
|
|
418,809 |
|
|
|
712,777 |
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
|
Furniture, fixtures and equipment |
|
|
21,600 |
|
|
|
20,508 |
|
|
Less: Accumulated depreciation |
|
|
(15,102 |
) |
|
|
(13,827 |
) |
|
|
|
|
6,498 |
|
|
|
6,681 |
|
|
Other Assets: |
|
|
|
|
|
|
|
|
|
Other assets |
|
|
8,179 |
|
|
|
10,719 |
|
|
Deferred income tax asset |
|
|
6,122 |
|
|
|
884 |
|
|
Trademarks and other intangibles, net |
|
|
468,520 |
|
|
|
1,003,895 |
|
|
Investments and joint ventures |
|
|
114,080 |
|
|
|
99,309 |
|
|
Goodwill |
|
|
63,882 |
|
|
|
171,250 |
|
|
|
|
|
660,783 |
|
|
|
1,286,057 |
|
|
Total Assets |
|
$ |
1,086,090 |
|
|
$ |
2,005,515 |
|
|
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
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Accounts payable and accrued expenses |
|
$ |
36,518 |
|
|
$ |
60,401 |
|
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Deferred revenue |
|
|
8,780 |
|
|
|
8,399 |
|
|
Current portion of long-term debt |
|
|
553,549 |
|
|
|
160,435 |
|
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Other liabilities – current |
|
|
8,648 |
|
|
|
1,311 |
|
|
Current liabilities held for sale |
|
|
— |
|
|
|
28,583 |
|
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Total Current Liabilities |
|
|
607,495 |
|
|
|
259,129 |
|
|
Deferred income tax liability |
|
|
52,762 |
|
|
|
86,099 |
|
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Other tax liabilities |
|
|
1,078 |
|
|
|
5,243 |
|
|
Long-term debt, less current maturities |
|
|
459,769 |
|
|
|
1,093,725 |
|
|
Other liabilities |
|
|
11,918 |
|
|
|
9,946 |
|
|
Total Liabilities |
|
|
1,133,022 |
|
|
|
1,454,142 |
|
|
Redeemable Non-Controlling Interest, net of installment payments due from non-controlling interest holders, redemption value of $30,729 and $60,665, respectively |
|
|
30,729 |
|
|
|
56,729 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
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Stockholders’ (Deficit) Equity: |
|
|
|
|
|
|
|
|
|
Common stock, $.001 par value shares authorized 150,000; shares issued 90,129 and 89,717, respectively |
|
|
90 |
|
|
|
89 |
|
|
Additional paid-in capital |
|
|
1,039,538 |
|
|
|
1,033,729 |
|
|
Retained (loss) earnings |
|
|
(248,053 |
) |
|
|
257,704 |
|
|
Accumulated other comprehensive loss |
|
|
(50,153 |
) |
|
|
(70,428 |
) |
|
Less: Treasury stock – 32,810 and 32,680 shares at cost, respectively |
|
|
(844,030 |
) |
|
|
(842,952 |
) |
|
Total Iconix Brand Group, Inc. Stockholders’ (Deficit) Equity |
|
|
(102,608 |
) |
|
|
378,142 |
|
|
Non-Controlling Interest, net of installment payments due from non-controlling interest holders |
|
|
24,947 |
|
|
|
116,502 |
|
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Total Stockholders’ (Deficit) Equity |
|
|
(77,661 |
) |
|
|
494,644 |
|
|
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity |
|
$ |
1,086,090 |
|
|
$ |
2,005,515 |
|
See Notes to Unaudited Condensed Consolidated Financial Statements.
2
Iconix Brand Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except earnings per share data)
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
|
Licensing revenue |
|
$ |
53,165 |
|
|
$ |
60,457 |
|
|
$ |
173,535 |
|
|
$ |
196,342 |
|
|
Selling, general and administrative expenses |
|
|
21,509 |
|
|
|
29,870 |
|
|
|
73,702 |
|
|
|
91,976 |
|
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Loss on termination of licenses |
|
|
2,750 |
|
|
|
— |
|
|
|
25,980 |
|
|
|
— |
|
|
Depreciation and amortization |
|
|
592 |
|
|
|
233 |
|
|
|
1,814 |
|
|
|
2,093 |
|
|
Equity earnings on joint ventures |
|
|
(483 |
) |
|
|
(574 |
) |
|
|
(2,475 |
) |
|
|
(3,130 |
) |
|
Gain on deconsolidation of joint venture |
|
|
— |
|
|
|
— |
|
|
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(3,772 |
) |
|
|
— |
|
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Gain on sale of trademarks |
|
|
(875 |
) |
|
|
(147 |
) |
|
|
(875 |
) |
|
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(9,991 |
) |
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Trademark impairment |
|
|
521,653 |
|
|
|
— |
|
|
|
521,653 |
|
|
|
— |
|
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Goodwill impairment |
|
|
103,877 |
|
|
|
— |
|
|
|
103,877 |
|
|
|
— |
|
|
Operating (loss) income |
|
|
(595,858 |
) |
|
|
31,075 |
|
|
|
(546,369 |
) |
|
|
115,394 |
|
|
Other expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
16,911 |
|
|
|
18,334 |
|
|
|
45,787 |
|
|
|
59,751 |
|
|
Interest income |
|
|
(150 |
) |
|
|
(140 |
) |
|
|
(417 |
) |
|
|
(687 |
) |
|
Other income |
|
|
(2,648 |
) |
|
|
(10,164 |
) |
|
|
(2,649 |
) |
|
|
(10,180 |
) |
|
Loss (gain) on extinguishment of debt |
|
|
1,539 |
|
|
|
(4,186 |
) |
|
|
20,939 |
|
|
|
(8,473 |
) |
|
Foreign currency translation loss (gain) |
|
|
(1,091 |
) |
|
|
733 |
|
|
|
2,755 |
|
|
|
617 |
|
|
Other expenses – net |
|
|
14,561 |
|
|
|
4,577 |
|
|
|
66,415 |
|
|
|
41,028 |
|
|
(Loss) income from continuing operations before income taxes |
|
|
(610,419 |
) |
|
|
26,498 |
|
|
|
(612,784 |
) |
|
|
74,366 |
|
|
Provision (benefit) for income taxes |
|
|
(29,606 |
) |
|
|
9,433 |
|
|
|
(29,220 |
) |
|
|
25,157 |
|
|
Net (loss) income from continuing operations |
|
|
(580,813 |
) |
|
|
17,065 |
|
|
|
(583,564 |
) |
|
|
49,209 |
|
|
Less: Net income attributable to non-controlling interest from continuing operations |
|
|
(30,242 |
) |
|
|
2,885 |
|
|
|
(23,857 |
) |
|
|
9,802 |
|
|
Net (loss) income from continuing operations attributable to Iconix Brand Group, Inc. |
|
|
(550,571 |
) |
|
|
14,180 |
|
|
|
(559,707 |
) |
|
|
39,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from discontinued operations before income taxes |
|
|
(2,308 |
) |
|
|
3,231 |
|
|
|
(26,232 |
) |
|
|
13,857 |
|
|
Gain (loss) on sale of Entertainment segment |
|
|
(228 |
) |
|
|
— |
|
|
|
104,099 |
|
|
|
— |
|
|
Provision (benefit) for income taxes |
|
|
(406 |
) |
|
|
497 |
|
|
|
28,555 |
|
|
|
3,074 |
|
|
Net income (loss) from discontinued operations |
|
|
(2,130 |
) |
|
|
2,734 |
|
|
|
49,312 |
|
|
|
10,783 |
|
|
Less: Net income attributable to non-controlling interest from discontinued operations |
|
|
— |
|
|
|
1,698 |
|
|
|
2,943 |
|
|
|
4,778 |
|
|
Net income (loss) from discontinued operations attributable to Iconix Brand Group, Inc. |
|
|
(2,130 |
) |
|
|
1,036 |
|
|
|
46,369 |
|
|
|
6,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Iconix Brand Group, Inc. |
|
$ |
(552,701 |
) |
|
$ |
15,216 |
|
|
$ |
(513,338 |
) |
|
$ |
45,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per share - basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(9.64 |
) |
|
$ |
0.26 |
|
|
$ |
(9.83 |
) |
|
$ |
0.77 |
|
|
Discontinued operations |
|
$ |
(0.04 |
) |
|
$ |
0.02 |
|
|
$ |
0.81 |
|
|
$ |
0.12 |
|
|
(Loss) earnings per share - basic |
|
$ |
(9.67 |
) |
|
$ |
0.27 |
|
|
$ |
(9.02 |
) |
|
$ |
0.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per share - diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(9.64 |
) |
|
$ |
0.25 |
|
|
$ |
(9.83 |
) |
|
$ |
0.75 |
|
|
Discontinued operations |
|
$ |
(0.04 |
) |
|
$ |
0.02 |
|
|
$ |
0.81 |
|
|
$ |
0.11 |
|
|
(Loss) earnings per share - diluted |
|
$ |
(9.67 |
) |
|
$ |
0.27 |
|
|
$ |
(9.02 |
) |
|
$ |
0.86 |
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
57,189 |
|
|
|
55,584 |
|
|
|
57,081 |
|
|
|
51,060 |
|
|
Diluted |
|
|
57,189 |
|
|
|
57,355 |
|
|
|
57,081 |
|
|
|
52,802 |
|
See Notes to Unaudited Condensed Consolidated Financial Statements.
3
Iconix Brand Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income
(in thousands)
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
|
Net (loss) income from continuing operations |
|
$ |
(580,813 |
) |
|
$ |
17,065 |
|
|
$ |
(583,564 |
) |
|
$ |
49,209 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain (loss) |
|
|
6,353 |
|
|
|
3,000 |
|
|
|
20,900 |
|
|
|
7,955 |
|
|
Change in fair value of available for sale securities |
|
|
46 |
|
|
|
47 |
|
|
|
(625 |
) |
|
|
(2,179 |
) |
|
Total other comprehensive income |
|
|
6,399 |
|
|
|
3,047 |
|
|
|
20,275 |
|
|
|
5,776 |
|
|
Comprehensive (loss) income |
|
$ |
(574,414 |
) |
|
$ |
20,112 |
|
|
$ |
(563,289 |
) |
|
$ |
54,985 |
|
|
Less: comprehensive income attributable to non-controlling interest from continuing operations |
|
|
(30,242 |
) |
|
|
2,885 |
|
|
|
(23,857 |
) |
|
|
9,802 |
|
|
Comprehensive (loss) income from continuing operations attributable to Iconix Brand Group, Inc. |
|
$ |
(544,172 |
) |
|
$ |
17,227 |
|
|
$ |
(539,432 |
) |
|
$ |
45,183 |
|
See Notes to Unaudited Condensed Consolidated Financial Statements.
4
Iconix Brand Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statement of Stockholders’ (Deficit) Equity
Nine Months Ended September 30, 2017
(in thousands)
|
|
|
Common Stock |
|
|
Additional Paid- |
|
|
Retained |
|
|
Accumulated Other Comprehensive |
|
|
Treasury |
|
|
Non-Controlling |
|
|
|
|
|
||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
In Capital |
|
|
Earnings |
|
|
Loss |
|
|
Stock |
|
|
Interest |
|
|
Total |
|
||||||||
|
Balance at January 1, 2017 |
|
|
89,717 |
|
|
$ |
89 |
|
|
$ |
1,033,729 |
|
|
$ |
257,704 |
|
|
$ |
(70,428 |
) |
|
$ |
(842,952 |
) |
|
$ |
116,502 |
|
|
$ |
494,644 |
|
|
Shares issued on vesting of restricted stock |
|
|
412 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
Shares repurchased on vesting of restricted stock and exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,078 |
) |
|
|
— |
|
|
|
(1,078 |
) |
|
Compensation expense in connection with restricted stock and stock options |
|
|
— |
|
|
|
— |
|
|
|
4,248 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,248 |
|
|
Write off of accretion expense due to deconsolidation of joint venture |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,527 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,527 |
|
|
Payments from non-controlling interest holders, net of imputed interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,925 |
|
|
|
2,925 |
|
|
Elimination of non-controlling interest related to sale of the Entertainment segment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36,907 |
) |
|
|
(36,907 |
) |
|
Additional paid in capital associated with purchase of additional interest in Iconix Canada joint venture |
|
|
— |
|
|
|
— |
|
|
|
1,473 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,473 |
|
|
Elimination of non-controlling interest related to purchase of additional interest in Iconix Canada joint venture |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,530 |
) |
|
|
(19,530 |
) |
|
Elimination of non-controlling interest related to the sale of NGX |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,529 |
) |
|
|
(2,529 |
) |
|
Change in redemption value of redeemable non-controlling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,054 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,054 |
|
|
Change in fair value of available for sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(625 |
) |
|
|
— |
|
|
|
— |
|
|
|
(625 |
) |
|
Net (loss) income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(513,338 |
) |
|
|
— |
|
|
|
— |
|
|
|
(20,914 |
) |
|
|
(534,252 |
) |
|
Tax benefit related to amortization of convertible notes' discount |
|
|
— |
|
|
|
— |
|
|
|
78 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
78 |
|
|
Foreign currency translation |
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
20,900 |
|
|
|
— |
|
|
|
— |
|
|
|
20,910 |
|
|
Distributions to joint ventures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,600 |
) |
|
|
(14,600 |
) |
|
Balance at September 30, 2017 |
|
|
90,129 |
|
|
$ |
90 |
|
|
$ |
1,039,538 |
|
|
$ |
(248,053 |
) |
|
$ |
(50,153 |
) |
|
$ |
(844,030 |
) |
|
$ |
24,947 |
|
|
$ |
(77,661 |
) |
See Notes to Unaudited Condensed Consolidated Financial Statements.
5
Iconix Brand Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
|
|
|
Nine Months Ended September 30, |
|
|||||
|
|
|
2017 |
|
|
2016 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net (loss) income from continuing operations |
|
$ |
(583,564 |
) |
|
$ |
49,209 |
|
|
Income from discontinued operations |
|
$ |
49,312 |
|
|
$ |
10,783 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
1,247 |
|
|
|
1,129 |
|
|
Amortization of trademarks and other intangibles |
|
|
567 |
|
|
|
964 |
|
|
Amortization of deferred financing costs and debt discount |
|
|
2,299 |
|
|
|
7,233 |
|
|
Amortization of convertible note discount |
|
|
13,225 |
|
|
|
17,789 |
|
|
Stock-based compensation expense |
|
|
3,825 |
|
|
|
4,498 |
|
|
Provision for doubtful accounts |
|
|
5,386 |
|
|
|
8,348 |
|
|
Earnings on equity investments in joint ventures |
|
|
(2,475 |
) |
|
|
(3,130 |
) |
|
Distributions from equity investments |
|
|
2,824 |
|
|
|
3,412 |
|
|
Gain on deconsolidation of joint venture |
|
|
(3,772 |
) |
|
|
— |
|
|
Gain on sale of trademarks, net |
|
|
(875 |
) |
|
|
(9,991 |
) |
|
Loss on sale of NGX |
|
|
79 |
|
|
|
— |
|
|
Gain on sale of Complex Media |
|
|
(2,728 |
) |
|
|
(10,164 |
) |
|
Loss (gain) on extinguishment of debt |
|
|
20,939 |
|
|
|
(8,473 |
) |
|
Goodwill impairment |
|
|
103,877 |
|
|
|
— |
|
|
Trademark impairment |
|
|
521,653 |
|
|
|
— |
|
|
Deferred income tax (benefit) provision |
|
|
(31,721 |
) |
|
|
16,528 |
|
|
Loss (gain) on foreign currency translation |
|
|
2,755 |
|
|
|
617 |
|
|
Changes in operating assets and liabilities, net of business acquisitions: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(4,596 |
) |
|
|
(7,043 |
) |
|
Other assets – current |
|
|
(9,541 |
) |
|
|
(1,198 |
) |
|
Other assets |
|
|
2,543 |
|
|
|
6,188 |
|
|
Deferred revenue |
|
|
(13 |
) |
|
|
(4,588 |
) |
|
Accounts payable and accrued expenses |
|
|
(34,375 |
) |
|
|
(6,537 |
) |
|
Other tax liabilities |
|
|
(4,165 |
) |
|
|
— |
|
|
Other liabilities |
|
|
(297 |
) |
|
|
1,190 |
|
|
Net cash provided by continuing operating activities |
|
|
3,097 |
|
|
|
65,981 |
|
|
Net cash (used in) provided by discontinued operating activities |
|
|
(6,966 |
) |
|
|
12,980 |
|
|
Net cash (used in) provided by operating activities |
|
|
(3,869 |
) |
|
|
78,961 |
|
|
Cash flows provided by (used in) investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(829 |
) |
|
|
(844 |
) |
|
Acquisition of additional interest in Iconix MENA |
|
|
(1,800 |
) |
|
|
— |
|
|
Acquisition of interest in Galore Media |
|
|
— |
|
|
|
(500 |
) |
|
Acquisition of remaining interest in Iconix Canada |
|
|
(11,177 |
) |
|
|
— |
|
|
Proceeds received from note due from American Greetings |
|
|
1,250 |
|
|
|
3,750 |
|
|
Proceeds received from note due from Buffalo International |
|
|
— |
|
|
|
4,100 |
|
|
Proceeds from sale of BBC Ice Cream |
|
|
— |
|
|
|
3,500 |
|
|
Proceeds from sale of Badgley Mischka |
|
|
— |
|
|
|
14,000 |
|
|
Proceeds from sale of interest in TangLi International Holding Ltd. |
|
|
— |
|
|
|
11,352 |
|
|
Proceeds from sale of interest in Mecox Lane Limited |
|
|
— |
|
|
|
363 |
|
|
Proceeds from sale of Galore Media |
|
|
250 |
|
|
|
— |
|
|
Proceeds from sale of Complex Media |
|
|
2,728 |
|
|
|
35,284 |
|
|
Proceeds from sale of NGX |
|
|
2,561 |
|
|
|
— |
|
|
Proceeds from sale of interest in certain Badgley Mischka related assets in respect of the Greater China territory |
|
|
— |
|
|
|
1,200 |
|
|
Proceeds from sale of minority interest in Umbro trademarks in the Greater China territory |
|
|
— |
|
|
|
2,500 |
|
|
Proceeds from sale of interest in Badgley Mischka Canada |
|
|
375 |
|
|
|
— |
|
|
Proceeds from sale of interest in Sharper Image Canada |
|
|
500 |
|
|
|
— |
|
|
Proceeds from sale of trademarks and related notes receivable |
|
|
— |
|
|
|
1,172 |
|
|
Proceeds from sale of discontinued operation, net of cash sold |
|
|
336,675 |
|
|
|
— |
|
|
Decrease in cash and cash equivalents from deconsolidation of joint venture |
|
|
(1,853 |
) |
|
|
— |
|
|
Additions to trademarks |
|
|
(109 |
) |
|
|
(134 |
) |
|
Net cash provided by continuing investing activities |
|
|
328,571 |
|
|
|
75,743 |
|
|
Net cash used in discontinued investing activities |
|
|
(84 |
) |
|
|
(305 |
) |
|
Net cash provided by investing activities |
|
|
328,487 |
|
|
|
75,438 |
|
|
Cash flows provided by (used in) financing activities: |
|
|
|
|
|
|
|
|
|
Prepaid financing costs |
|
|
(7,145 |
) |
|
|
(35,754 |
) |
|
Proceeds from Variable Funding Notes, net of discount and fees |
|
|
73,437 |
|
|
|
— |
|
|
Proceeds from long-term debt, net of discount and fees |
|
|
288,000 |
|
|
|
300,000 |
|
|
Payment of long-term debt |
|
|
(583,157 |
) |
|
|
(209,428 |
) |
|
Repurchase of convertible notes |
|
|
(58,810 |
) |
||||