The boss of Iconix Brand Group said the apparel firm will continue to pursue acquisitions after profits soared in the fourth quarter and full-year periods.
The US company said earnings for 2009 increased 9% to approximately US$163.1m. Revenue for the full year 2009 was approximately $232.1m, a 7% increase compared to 2008.
Revenue for the fourth quarter of 2009 was approximately $65.8m, a 21% increase, and contributing towards an 11% rise in profits during the period.
Neil Cole, chairman and CEO of Iconix Brand Group, said: “In 2009, we successfully launched five new direct-to-retail partnerships in the US, renewed four direct-to-retail contracts, formed our third international joint venture for Europe and acquired stakes in Ecko and Ed Hardy, two of the leading brands in today’s youth market.
“We have strengthened our balance sheet and today have approximately $230m of cash available to be opportunistic in the pursuit of acquisitions. As we begin 2010, we believe our company is well positioned to deliver continued growth and we look forward to the exciting opportunities ahead of us.”
The company reaffirmed full year 2010 revenue guidance of $260-$270m. It also reaffirmed 2010 non-GAAP diluted EPS guidance of between $1.25 and $1.30, compared to $1.22 for the 2009 fiscal year.
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By GlobalDataClick here to view the company’s full financial statement.
