Iconix 3rd-quarter profit rises

posted: 29 DAYS 12 HOURS AGO

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NEW YORK -Iconix Brand Group Inc., which owns apparel brands including Candie's, Joe Boxer, Mossimo and London Fog, said Tuesday third-quarter profit rose 25 percent, but shares fell as investors reacted to the company's 2010 outlook.

Profit rose 25 percent to $20.5 million, or 28 cents per share, from $16.4 million, or 27 cents per share, last year. Excluding non-cash interest related to the adoption of the new accounting treatment for convertible debt, income totaled 31 cents per share.

Revenue rose 8 percent to $59.4 million from $55.1 million a year ago.

Analysts polled by Thomson Reuters, on average, predicted a profit of 28 cents per share on revenue of $53.9 million.

Separately, Iconix said it agreed to take a controlling interest in the Ecko portfolio of brands.

It also reiterated guidance for 2009 and issued 2010 guidance a bit below analyst expectations.

The company expects 2010 earnings excluding one-time items to total $1.25 to $1.30 per share, while analysts expect $1.34 per share. Analysts estimates typically exclude one-times.

Shares fell $1.04, or 7.8 percent, to $12.33 during morning trading. The stock has traded between $5.11 and $18.30 over the past year.

2009-10-27 11:18:49