Mossimo, Inc. Reports Second Quarter Fiscal 2006 Results; Sets Record Date

Mossimo, Inc. (NASDAQ: MOSS) today announced financial
results for the second quarter ended June 30, 2006.
   Mossimo, Inc. reported second quarter 2006 total net revenues
increased to $10.3 million compared to $9.0 million for the same
period last year. The Company reported second quarter net earnings of
$2.71 million compared to net earnings of $2.2 million for the same
period last year, and diluted earnings per share of $0.17 compared to
diluted earnings per share of $0.14 for the same period last year.
   Net revenues for the six months ended June 30, 2006 were $15.2
million, net of a one-time $6 million rebate to Target (recognized in
the first quarter of 2006 as a reduction in revenue), compared to
$17.7 million in the same period last year. The company reported net
earnings for the first six months of 2006 of $1.5 million compared to
net earnings of $4.0 million in the corresponding period a year ago,
and diluted earnings per share of $0.10 compared to diluted earnings
per share of $0.26 for the same period last year. As noted above, the
six month net revenue and earnings numbers reflect the impact of the
previously announced changes to the Company's license agreement with
Target, which included a one-time $6 million rebate to Target of
previously earned royalties, recognized as a reduction in revenue in
the first quarter of 2006.
   Edwin Lewis, President and Co-Chief Executive Officer stated, "We
were pleased with the pace of our business during the quarter, as we
registered meaningful gains in our both men's and women's business at
Target. With regard to Modern Amusement, we experienced better
full-price selling compared to a year ago, and while there is still
work to be done, we are encouraged by our recent progress."
   Founded in 1987, Mossimo, Inc. is a designer, licensor and
distributor of men's, women's, boys' and girls' apparel, footwear, and
other fashion accessories such as jewelry, watches, handbags and
belts.
   The Company also announced that it has set a record date of August
15, 2006 for the special meeting of stockholders which will be held to
vote on the proposed merger in which Iconix brands, Inc. will acquire
the Company. The Company expects this meeting to be held in September,
2006 but has not yet set the actual meeting date.
   The matters discussed in this news release with respect to
operations and future results, and the benefits thereof, are
forward-looking statements that involve risks and uncertainties,
including the demand for the Company's products in Target stores,
changes in consumer demands and preferences, shifting trends in the
overall retail and apparel market, competition from other lines,
changes in consumer spending patterns and general economic conditions,
and uncertainties generally associated with product introductions and
apparel retailing. Forward-looking statements are not guarantees and
involve known and unknown risks and uncertainties, any of which could
cause actual results to vary materially from anticipated results.
Operating results stated herein are not necessarily indicative of
results that may be expected in future periods. More information on
risk factors, which could affect the Company's financial results, is
included in the Company's Forms 10-K and 10Q, periodically filed with
the Securities and Exchange Commission.

-0-
*T

                             MOSSIMO, INC.
                      CONSOLIDATED BALANCE SHEETS
                   (IN THOUSANDS, EXCEPT SHARE DATA)
                              (Unaudited)


                                                 June 30, December 31,
                                                 -------- ------------
                                                    2006       2005
                                                 -------- ------------
                       ASSETS
 CURRENT ASSETS:
Cash and cash equivalents                         $21,490   $19,658
   Restricted cash                                    843       726
   Accounts receivable, net                         6,042     4,372
   Merchandise inventory                              263       101
   Deferred income taxes                            3,702     4,004
   Prepaid expenses and other current assets          426       388
                                                 --------  --------
      Total current assets                         32,766    29,249

PROPERTY AND EQUIPMENT, at cost, net of accumulated
 depreciation and amortization                        808       893

DEFERRED INCOME TAXES                               1,581     1,923

TRADENAME                                              84        90

OTHER ASSETS                                           60        79
                                                 --------  --------
                                                  $35,299   $32,234
                                                 ========  ========

            LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable                                     $887      $884
   Accrued liabilities                              1,102       503
   Accrued commissions                              1,542       388
   Accrued bonuses                                  2,144     3,458
                                                 --------  --------
    Total current liabilities                       5,675     5,233

DEFERRED RENT                                         117       128
                                                 --------  --------
    Total liabilities                               5,792     5,361

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
 Preferred stock, par value $.001; authorized shares
  3,000,000; no shares issued or outstanding            -         -
 Common stock, par value $.001; authorized shares
  30,000,000; issued and outstanding 16,002,775 at
  June 30, 2006 and 15,828,754 at December 31,
  2005                                                 15        15
 Additional paid-in capital                        41,316    40,222
 Accumulated deficit                              (11,824)  (13,364)
                                                 --------  --------
  Net stockholders' equity                         29,507    26,873
                                                 --------  --------
                                                  $35,299   $32,234
                                                 ========  ========

                                          MOSSIMO, INC.
                          CONSOLIDATED STATEMENTS OF EARNINGS
                         (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                           (Unaudited)

                                     For the Three      For the Six
                                          Months          Months
                                         June 30,         June 30,
                                     --------------- -----------------
                                       2006    2005     2006     2005
                                     ------- ------- -------- --------
Revenue from license royalties and
 design service fees                 $9,020  $8,113  $11,581  $15,467

Product sales                         1,278     932    3,655    2,242
                                     ------- ------- -------- --------
Total revenues                       10,298   9,045   15,236   17,709

Operating expenses:
Cost of product sales                   545     695    1,842    1,734
  Selling, general and administrative 5,438   5,353   11,215    9,928
                                     ------- ------- -------- --------
     Total operating expenses         5,983   6,048   13,057   11,662
                                     ------- ------- -------- --------

Operating earnings                    4,315   2,997    2,179    6,047

Interest income                         222      79      416      110
                                     ------- ------- -------- --------
Earnings before income taxes          4,537   3,076    2,595    6,157

Income taxes                          1,823     848    1,055    2,108
                                     ------- ------- -------- --------

Net earnings                         $2,714  $2,228   $1,540   $4,049
                                     ======= ======= ======== ========

Net earnings per common share:
  Basic                               $0.17   $0.14    $0.10    $0.26
                                     ======= ======= ======== ========
  Diluted                             $0.17   $0.14    $0.10    $0.26
                                     ======= ======= ======== ========

Weighted average common shares
 outstanding:

  Basic                              15,996  15,738   15,943   15,738
                                     ======= ======= ======== ========
  Diluted                            16,061  15,768   15,997   15,762
                                     ======= ======= ======== ========
*T