 Total revenue of 22.3 million compared to 34.4 million in the prior year quarter. GAAP Operating Income 3.5 million as compared to 18.6 million in the prior year quarter. Adjusted EBITDA of 11.4 million, compared to 20.3 million in the prior year quarter. Continued to improve cost structure, decreasing SGA expenses 9 from prior year quarter. Completed Sale of Umbro China in July 2020 with net proceeds of 59.6 million and repaid 44.7 million of Senior Secured Term Loan.NEW YORK, Aug. 12, 2020 GLOBE NEWSWIRE -- Iconix Brand Group, Inc. Nasdaq: ICON Iconix or the Company today reported financial results for the second quarter ended June 30, 2020.Bob Galvin, CEO commented, With the onset of COVID-19 during the first quarter, we quickly responded to remove costs and preserve liquidity. During the second quarter while we continued those efforts, we also continued to develop our pipeline of future business, as we have signed 92 deals during 2020 for aggregate guaranteed minimum royalties of approximately 69 million. As we move forward, if we experience a slower recovery, or if further disruptions occur later in the year, we will be vigilant in an attempt to identify additional areas for cost savings.Galvin continued, In late July, we closed the previously announced sale of Umbro China and realized net proceeds of over 59 million. Seventy five percent of the net proceeds were used to repay our Senior Secured Term Loan. We continue to look for other opportunities within our portfolio of brands to realize value.As previously disclosed, on July 10, 2020, the Companys Board of Directors determined to commence a process to broaden its exploration of strategic alternatives available to the Company to enhance shareholder value. The Board has authorized management and its external advisors to consider a broader range of strategic alternatives, including a potential sale of the Company, merger or other business combination, a recapitalization of its existing capital structure, financings or re-financings of its existing indebtedness, sales of equity and equity-linked securities, dispositions of discrete brands and related assets, licensing or other strategic transactions involving the Company, or any combination of the foregoing. This is in addition to the Companys previously announced executed definitive agreements to sell the rights to the UMBRO and STARTER brands in China. In connection with such strategic review, the Company retained Ducera Partners LLC as a financial advisor, together with Dechert LLP, its existing legal counsel, to assist in this effort. There can be no assurance that the exploration of strategic alternatives will result in any transaction or specific course of action. The Company does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a specific transaction or course of action or the Company has otherwise determined that further disclosure is appropriate or required by lawsecond Quarter 2020Financial ResultsGAAP Revenue by Segment 000s For the Three Months For the Six Months Ended June 30,Ended June 30, 2020 2019 2020 2019 Licensing revenue: Womens 4,409 8,171 10,887 16,538 Mens 2,957 6,614 9,713 17,550 Home 3,787 4,285 6,949 7,775 International 11,124 15,324 22,677 28,473 22,277 34,394 50,226 70,336 For the second quarter of 2020, total revenue was 22.3 million, a 35 decline, compared to 34.4 million in the second quarter of 2019. Revenue across all segments was primarily negatively impacted by the effects of the COVID-19 pandemic on the global economy. The 46 decrease in revenue in our Womens segment was principally as a result of a decrease in licensing revenue from our Mudd and Candies brands. Revenue from the Mens segment decreased 55 in the Current Quarter mainly due to a decrease in licensing revenue from our Buffalo and Umbro brands. Sales in our Home segment declined 12 principally due to a decrease in licensing revenue from our Cannon brand. Our International segment revenue declined 27 in the current quarter mainly due to decreases in Latin America and Europe.SGA Expenses: Total SGA expenses in the second quarter of 2020 were 15.0 million, a 9 decline compared to 16.4 million in the second quarter of 2019. The decline for the quarter was primarily driven by a decrease in advertising and compensation expense somewhat offset by an increase in bad debt expense.Trademark and Investment Impairment: In the second quarter of 2020, the Company recorded a non-cash trademark impairment charge of 5.2 million. The charge for the second quarter of 2020 was based on the impact of the COVID-19 pandemic and related SearsKmart store closures on current and estimated future cash flows primarily on the fair value of the Joe Boxer and Cannon indefinite-lived trademarks.Operating Income and Adjusted EBITDA 1:Adjusted EBITDA is a non-GAAP metric, and a reconciliation table is included below. Operating income for the second quarter of 2020 was 3.5 million, as compared to operating income of 18.6 million for the second quarter of 2019. The second quarter 2020 results include 5.2 million of charges related to trademark impairments. Adjusted EBITDA in the second quarter of 2020 was 11.4 million, which represents operating income of 3.5 million excluding net charges of 7.9 million. Adjusted EBITDA in the second quarter of 2019 was 20.3 million, which represents operating income of 18.6 million excluding net charges of 1.8 million. The change period over period in Adjusted EBITDA is primarily as a result of reduced revenue largely driven by the impact of COVID-19 on our business, somewhat offset by reduced expenses driven by the Companys cost reduction initiative. Refer to footnote 1 below for a full detailed reconciliation of operating income to Adjusted EBITDA. Note: All items in the following tables are attributable to the Companys interest in its subsidiaries and joint ventures, as applicable, and exclude the results related to any non-controlling interest in such entities. Certain numbers may not add due to rounding.Adjusted EBITDA by Segment 1For the Three Months Ended June 30, For the Six Months Ended June 30, 000s2020 2019 Change 2020 2019 Change Womens4,126 8,622 -52 9,675 16,249 -40 Mens 2,016 3,478 -42 4,429 7,545 -41 Home 3,517 3,783 -7 6,081 6,789 -10 International 5,165 9,306 -44 11,075 17,299 -36 Corporate 3,398 4,858 30 8,224 9,109 10 Adjusted EBITDA11,426 20,331 -44 23,036 38,773 -41 Adjusted EBITDA Margin 2 51 59 46 55 Adjusted EBITDA margin in the second quarter of 2020 was 51 as compared to Adjusted EBITDA margin in the second quarter of 2019 of 59. The change period over period in Adjusted EBITDA margin is primarily as a result of the Companys decrease in revenue. Interest Expense and Other Income Loss, net:Interest expense in the second quarter of 2020 was 17.0 million as compared to 14.5 million in the second quarter of 2019. The legal final maturity date of the Securitization Notes is in January of 2043. The Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date. Therefore, beginning January 2020, the Company accrues additional interest on the Securitization Notes that is not payable until 2043. The increase in interest expense period over period is primarily the result of the step up in interest for the securitization. In the second quarter of 2020, Other income loss was a loss of 2.9 million as compared to 1.1 million in the second quarter of 2019. This loss results primarily from the Companys accounting for the 5.75 Convertible Notes, which requires recording the fair value of this debt at the end of each period with any change from the prior period accounted for as other income or loss in the respective periods consolidated income statement.Provision for Income Taxes:The effective income tax rate for the second quarter of 2020 is approximately 5.3, which resulted in a 0.9 million income tax benefit, as compared to an effective income tax rate of -3.9 in the second quarter of 2019, which resulted in a 0.1 million income tax benefit. The increase in the tax benefit is a result of a decrease in foreign withholding tax for the second quarter of 2020.GAAP Net Income and GAAP Diluted EPS:GAAP net income attributable to Iconix for the second quarter of 2020 reflected a loss of 17.4 million, compared to net income of 1.3 million for the second quarter of 2019. GAAP diluted EPS for the second quarter of 2020 reflected a loss of 1.46 per share, compared to income of 0.12 per share for the second quarter of 2019.Adjusted EBITDA 1:Adjusted EBITDA for the second quarter of 2020 was 11.4 million, compared to 20.3 million for the second quarter of 2019. 