* Fourth-quarter earnings per share $0.41 vs est $0.37
* Fourth-quarter revenue $85.1 mln vs est $82.5 mln
* Raises FY 2013 adj earnings per share view to $2.05-$2.15
* Raises FY 2013 revenue view to $425 mln-$435 mln
* Buys Lee Cooper label for $72 mln in cash
By Maria Ajit Thomas
Feb 20 Iconix Brand Group Inc acquired
British denim label Lee Cooper to grow its international
business and raised its 2013 forecast to reflect the new
Iconix, which licenses shoe and clothing brands to retailers
and manufacturers, said it paid $72 million in cash for the Lee
"(The purchase) is an opportunity to take what is largely a
British brand and bring it into the United States," C.L. King &
Associates analyst Steven Marotta told Reuters, adding that the
purchase fits with Iconix's strategy for greater international
Iconix has attempted to grow international sales over the
last four years through a series of brand acquisitions and joint
ventures in China, India, Europe and Latin America.
In August 2011 the company bought the global rights to the
Ed Hardy brand in a deal that raised its stake in the label to
Lee Cooper licenses casual wear, footwear and accessories
under its namesake brand. The brand is sold in over 80 countries
and represents about $500 million in annual global sales.
Iconix, which also owns brands such as Candie's, Rocawear
and London Fog, said it purchased the label through its
Luxembourg subsidiary -- Iconix Luxembourg Holdings Sarl.
The company said it now expects full-year 2013 revenue of
$425 million to $435 million, up from its previous forecast of
$415 million to $425 million.
Iconix sees 2013 adjusted profit in the range of $2.05 to
$2.15 per share, above its earlier view of $2.00 to $2.10 per
FOURTH-QUARTER RESULTS BEAT
Fourth-quarter profit fell to $26.1 million, or 37 cents per
share, from $27.2 million, or 36 cents per share, a year
Excluding adjustments related to the accounting of
convertible debt and other one-time items, Iconix earned 41
cents per share. Analysts on average were expecting profit of 37
cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell 11 percent to $85.1 million, but beat market
estimates of $82.51 million.
Iconix also said its board authorized a program to
repurchase up to $300 million of its stock over a three year
Shares of the company were down 2 percent at $23.95 on the
Nasdaq on Wednesday morning.