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Iconix Brand Q1 Profit Slips

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4/25/2012 1:49 PM ET

Iconix Brand Group Inc. (ICON: Quote) Wednesday reported a decrease in profit for the first quarter, due mainly to lower revenues.

The New York-based company's attributable profit dropped to $27.60 million or $0.37 per share from $31.43 million or $0.42 per share last year.

Adjusted net income for the quarter dropped to $31.94 million or $0.43 per share from $33.74 million or $0.45 per share in the prior-year quarter. On average, six analysts polled by Thomson Reuters expected the company to earn $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined 4 percent to $88.45 million from $92.36 million in the prior-year quarter. Five analysts had a consensus revenue estimate of $94.70 million for the quarter.

Moving ahead, the company lowered its earnings guidance for the full-year 2012 to a range of $1.48 to $1.57 per share from previous estimate of $1.62 to $1.69 per share. The company also slashed down its adjusted earnings guidance to a range of $1.65 to $1.74 per share, compared to prior estimate of $1.77 to $1.84 per share. Analysts currently expect earnings of $1.80 per share for the year.

Iconix now expects revenues for 2012 in the range of $340 million to $350 million compared to previous estimate of $370 million to $385 million. Analysts currently expect revenues of $379.07 million for the year.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
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