Women's apparel company Candie's Inc has posted improved annual financial results after completing its transition to a licensing and marketing company.

The company reported consolidated net income of $241,000 for the 11-month current year, compared to a loss of $11.3 million for the prior year.

The Company reported a consolidated net loss of $912,000 for the fourth quarter compared to a consolidated net loss of $6.4m for the prior year quarter.

The Company has now completed the process of transforming from a footwear and jeanswear operating company to a multi-brand licensing and management business.

Neil Cole, president and chief executive officer, said that the company was now completely focused on "generating the maximum revenue" from its three brands and added that it believed the company was positioned to achieve "sustained growth and profitability in 2005 and beyond."

Candie's Inc licenses the Candie's, Bongo and Badgley Mischka trademarks on a variety of women's apparel, footwear and accessories. Through its wholly owned subsidiary Brightstar Footwear Inc, the Company also arranges for the manufacture of footwear products for mass market and discount retailers under the private label brand of the retailer.