Iconix Brand Group Q4 Results Top Estimates; Backs 2014 Outlook

(RTTNews) - Iconix Brand Group Inc. (ICON) said that GAAP net income attributable to the company for the fourth quarter of 2013 was about $26.15 million compared to $26.09 million in the prior year quarter. GAAP earnings per share for the fourth quarter increased 19% to $0.44 compared to $0.37 in the prior year quarter.

On a non-GAAP basis, net income attributable to the company was $30.2 million, a 5% increase as compared to the prior year quarter of approximately $28.9 million.

Non-GAAP earnings per share for the fourth quarter increased 32% to $0.54 compared to $0.41 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter was approximately $105.3 million, a 24% increase as compared to approximately $85.1 million last year. Four analysts estimated revenues of $102.80 million for the quarter.

The company maintained its full year 2014 guidance. The company still expects its 2014 revenue in the range of $440 million-$455 million, non-GAAP earnings per share of $2.50-2.60 and GAAP earnings per share of $2.19-$2.29. Street currently is looking for fiscal year 2014 earnings of $2.58 per share on annual revenues of $448.91 million.

Earlier today, Iconix Brand Group announced that its Board has authorized a new program to repurchase up to $500 million of its common stock over a three-year period. The company has approximately $110 million remaining under the previous $300 million stock repurchase program which was approved by the Board of Directors in July 2013.