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UPDATE 2-Iconix Q4 profit meets estimates; backs 2010 view
February 23, 2010 / 1:35 PM / 8 years ago

UPDATE 2-Iconix Q4 profit meets estimates; backs 2010 view

* Q4 adj EPS $0.30 in line with Street

* Q4 revenue $65.8 mln vs est $59.7 mln

* Shares fall 3 pct (Recasts; adds details, share movement)

Feb 23 (Reuters) - Iconix Brand Group Inc’s (ICON.O) fourth-quarter profit met market estimates, helped by a rise in licensing revenue and the success of its direct to retail channels, and the company held on to its 2010 profit view.

The New York-based company, which owns and licenses brands including Candie‘s, Joe Boxer and Badgley Mischka, launched five new direct-to-retail partnerships in the United States and renewed four contracts for the same in 2009.

“We have strengthened our balance sheet and today have approximately $230 million of cash available to be opportunistic in the pursuit of acquisitions,” Chief Executive Neil Cole said in a statement.

During the quarter, the company earned $19.7 million, or 27 cents a share, compared with $15.3 million, or 25 cents a share a year ago.

However, on an adjusted basis, it posted a profit of 30 cents a share, the same as the market consensus, according to Thomson Reuters I/B/E/S.

Revenue rose 21 percent to $65.8 million.

The company, whose brands are sold at WalMart Stores Inc (WMT.N), Target Corp (TGT.N) and Kohl’s Corp (KSS.N), also backed its 2010 forecast for earnings of between $1.25 a share and $1.30 a share.

Iconix shares were down 3 percent at $13.39 Tuesday morning on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anthony Kurian, Anne Pallivathuckal)

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