06.11.2015 02:37:28

Iconix Brand To Restate Financial Statements, Cuts 2015 Outlook; Stock Plunges

(RTTNews) - Iconix Brand Group Inc. (ICON) announced that the Company intends to restate certain of its historical financial statements. The company also announced preliminary third quarter 2015 results and cut its guidance for the full year 2015.

ICON closed Thursday trading at $16.14, down $0.08 or 0.46%. In after hours, the stock further dropped $8.27 or 51.24%.

Based on the Special Committee's review and additional review by the Company's Audit Committee and current management team, the Board of Directors, Audit Committee and the Company's current management team concluded that the Company will restate its historical financial statements in respect of the fourth quarter and annual results of 2013, the 2014 fiscal year and each quarterly period thereof and the first and second quarters of 2015, to correct certain errors in accounting.

The Company believes that the amount of such adjustments will have no impact on the Company's 2013 income, are estimated to reduce the Company's 2014 operating income by approximately $6.0 million, and are estimated to increase the Company's first half of 2015 operating income by approximately $1.6 million. The adjustments do not impact cash and will have no impact on the Company's previously reported free cash flow or securitized net cash flow within the Company's securitized financing facility.

The company expects third quarter 2015 licensing revenue to be approximately $89 million. The Company expects third quarter 2015 GAAP loss per share to be approximately $0.13.

The Company expects third quarter 2015 non-GAAP EPS to be approximately $0.09. This included the negative impact from the increase in accounts receivable reserve and a tax adjustment. Excluding items, non-GAAP earnings per share would be approximately $0.33.

The company revised its full year 2015 guidance estimates to reflect the preliminary third quarter results, the elimination of "Other Revenue" from its estimates, revised expectations for the Peanuts brand, weak performance in men's fashion, and reductions in revenue in the first nine months of 2015 and reductions in revenue assumptions for the fourth quarter of 2015 related to the accounting adjustments recorded as a result of the Special Committee and current management team's reviews.

The company revised its 2015 licensing revenue guidance to a range of $370 million - $380 million from $410 million - $425 million. The company revised its 2015 "Other Revenue" guidance to zero from $5 million to $15 million. The company revised its 2015 non-GAAP earnings per share guidance to a range of $1.35 - $1.40 from $2.00 - $2.15. The company revised its 2015 GAAP earnings per share guidance to a range of $1.55 - $1.60 from $2.24 - $2.39.

Nachrichten zu Iconix Brand Group IncShsmehr Nachrichten

Keine Nachrichten verfügbar.

Analysen zu Iconix Brand Group IncShsmehr Analysen

Eintrag hinzufügen
Hinweis: Sie möchten dieses Wertpapier günstig handeln? Sparen Sie sich unnötige Gebühren! Bei finanzen.net Brokerage handeln Sie Ihre Wertpapiere für nur 5 Euro Orderprovision* pro Trade? Hier informieren!
Es ist ein Fehler aufgetreten!