Q4 profit drops for Iconix
Iconix Brand Group (Nasdaq: ICON), parent of Danskin Fitness, said its fourth-quarter profit fell 11 percent from results a year earlier that included a gain from a lawsuit.
For the quarter ended Dec. 31, its net income dropped $17.1 million, or $0.28 per share, compared with $19.2 million, or $0.31 per share, a year earlier. The previous year’s earnings included a $7.1 million gain related to a lawsuit.
Sales climbed 15 percent to $54.3 million from $47.4 million last year.
Full-year earnings increased 10 percent to $70.2 million, or $1.15 per share, compared with $63.8 million, or $1.04 per share, in the prior year. Yearly revenue grew to $216.8 million from $160 million.
The company maintained its 2009 adjusted earnings forecast of $1.20 to $1.30 per share. The forecast excludes an accounting policy change related to convertible debt. It also anticipates 2009 revenue of $210 million to $220 million.
Hanesbrands amends earnings growth forecast
Hanesbrands (NYSE: HBI), parent of Champion, revised its adjusted long-term annual earnings growth forecast, saying it anticipates an earnings growth outlook in a range of 10 percent to 20 percent. Previously, the company said it expected income to grow by a percentage in the double digits.
While the company said it expects the first half of 2009 to be difficult, it anticipates the second half of the year may benefit from increased prices, lower commodity costs and reduced inventory and capital spending needs.
Hanesbrands predicts long-term annual sales growth of 1 percent to 3 percent, which does not include acquisitions.
For the three-year period ending in 2009, the company expects restructuring charges of about $250 million. It has recognized $209 million in restructuring and related costs to date.
Winmark swings to Q4 loss
Despite saying its franchising business performed well in 2008, Winmark Corp. (Nasdaq: WINA), parent of Play It Again Sports, saw its income for the year drop and reported a loss for the fourth quarter.
Net income for the year was $1.13 million, or $0.21 per share diluted, compared to net income of $3.04 million, or $0.54 per share diluted, in 2007.
The fourth quarter 2008 net loss was $2.07 million, or $0.38 per share diluted, compared to net income of $853,000, or $0.15 per share diluted, for the same period last year.
Revenues for the year were $35.4 million, up from $31.1 million in 2007.
The company added that its results were negatively impacted by a $2.8 million after-tax earnings charge, or $0.52 per share, in the fourth quarter related to the impairment in its investment in Tomsten.
–Compiled by Wendy Geister
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.outsidebusinessjournal.com/cgi-bin/snews/stock_report.html.