US: Iconix Q3 profit soars 114%
Iconix Brand Group Inc, which licenses brands such as Candie's, Bongo, Badgley Mischka and Joe Boxer, has posted a 114% hike in third quarter profit, and says it expects full year earnings to meet the top end of its current guidance.
For the three months to 30 September, net income soared to $17.0m from $7.9m, with earnings per share rising to $0.28 from $0.18.
Licensing revenue for the quarter increased 93% to $42.7m from $22.1m.
Neil Cole, chairman and CEO, said: "Our performance this quarter highlights the unique attributes of our licensing model where diversification from a portfolio of 15 brands and almost 200 licensees, combined with contractually guaranteed revenue and no inventory exposure reduces our risk and volatility in difficult retail environments.
"Looking ahead to the remainder of this year and for 2008, I am confident we will continue to deliver strong increases in both revenue and profitability and execute our long term growth plan."
For the nine months, net income rose 88% to $44.5m from $23.6m, and licensing revenue increased 109% to $112.6m.
The company expects full year revenues to be at the high of end of its guidance of $150-160m and earnings per share of $0.96-1.00.
For 2008 it is forecasting full year revenues in the range of $240-250m and earnings per share of $1.35-1.40.
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