US: Iconix raises FY guidance on Lee Cooper buy
- Q4 profit fell 4% to $26.1m from $27.2m
- Revenues were down 10.9% to $85.1m
- Sees FY earnings rising to $2.05-$2.15 per share
The $72m addition of Lee Cooper, also announced today (20 February), is expected to help lift 2013 revenues to $425-$435m, up from earlier forecasts for $415-$425m. And earnings per share are seen rising to $2.05-$2.15 from $2.00-$2.10 forecast earlier.
"Over the past year we have executed on several exciting initiatives that position our company for significant growth," explained Neil Cole, chairman and CEO.
"We acquired three iconic brands, continued to expand our global footprint, signed a Peanuts movie deal and launched a new $1.1bn securitization facility."
For the fourth quarter, Iconix posted a net income of $26.1m or $0.37 per share, a drop of 4% on last year's $27.2m or $0.36. However, excluding one-time items, it said adjusted profit was $0.41 per share.
Revenues in the three months to 31 December were down 10.9% to $85.1m from $95.5m a year earlier.
For the full year, net income fell 13.2% to $109.4m from $126.1m, while revenues slipped 4.3% to $353.8m from $369.8m.
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