Iconix Brand Group (ICON) Misses Q4 EPS by 2c; Lowers FY EPS Outlook

Iconix Brand Group (NASDAQ: ICON) reported Q4 EPS of $0.25, $0.02 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $94.7 million versus the consensus estimate of $93.33 million.

GUIDANCE:

Iconix Brand Group sees FY2016 EPS of $1.15-$1.30, versus prior guidance of $1.30-$1.50 and the consensus of $1.41. Iconix Brand Group maintains FY2016 revenue of $370-390 million.

Peter Cuneo, Chairman and Interim CEO of Iconix commented, "Despite a challenging year in 2015, I believe our ability to continue to generate significant free cash flow speaks to the overall resilience of our business model and the ongoing strength of a diversified portfolio of global brands." Cuneo continued, "When I took over as Interim CEO about eight months ago, there were three key areas of concern. These were the need to refinance the $300 million convertible notes due in June, the continuing dialog with the Staff of the SEC regarding certain historical accounting, and finally to bring a new CEO into the Company with the right experience and leadership qualities to take us into the future. I am pleased to say we have met each of these challenges. We signed a new $300 million term loan in order to address the upcoming maturity of our convertible notes. The Company has reached conclusions on the matters that were the subject of our comment letter process with the Staff of the SEC, and we brought John Haugh to the Company. Looking forward, 2016 will be a year of restaging the business, but I believe with the right investments in our brands and our organization, as well as increased support to our licensing partners, we can strengthen our revenue and continue to generate strong free cash flow in the future, driving long term value for our Company and our shareholders."

For earnings history and earnings-related data on Iconix Brand Group (ICON) click here.

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