16237 Tue, 02/24/2009 - 1:46pm
NEW YORK–Net income in the fourth quarter for Iconix Brand Group decreased 11 percent to about $17.1 million.
The bottom-line decline factored in a one-time, pretax gain relating to a litigation of about $7.1 million in the fourth quarter of 2007. Excluding this, Iconix’s net earnings rose 4 percent. Fourth-quarter revenues for the brand-management company jumped 14 percent to $54.3 million.
For the full 2008 year, Iconix’s net income climbed 10.2 percent to $70.2 million on an increase in revenues of 35 percent, to about $216.8 million. Neil Cole, chairman and chief executive officer, said the company’s financial performance for the year shows that the company’s model of allowing retailers to offer national brands is “extremely relevant” in a difficult economic environment.
Looking ahead to this year, Iconix expects revenue to range between $210 million to $220 million.