* Q1 adj EPS 29 cents vs est 25 cents
* Ups 2009 EPS view
* Says buys 50 pct stake at Hardy Way
* Shares up more than 9 pct in pre-mkt trade
May 5 Iconix Brand Group Inc (ICON.O) posted
first-quarter profit above market view and raised its full-year
earnings outlook, sending the fashion house's shares up more
than 9 percent in pre-market trading.
The company also said it acquired a 50 percent stake in
Hardy Way LLC, the owner of the edgy Ed Hardy brand and
trademarks, for $17 million in a cash and stock deal.
Iconix paid $9 million in cash and $8 million in stock to
Hardy Way, and the sellers could get $1 million more in
performance-based delayed payment, it said separately.
Ed Hardy, known for its tattoo inspired clothes, is known
to be patronised by celebrities like Madonna and Britney
Spears, and brings "tremendous growth opportunities" to Iconix,
Hardy Way estimates that 2009 royalty revenue will be about
$10 million and the acquisition led Iconix to raise its 2009
forecast, it said.
Iconix, which sells its Op, Starter and Danskin Now brands
at Walmart, earned $15.6 million, or 26 cents a share, for the
first quarter compared with $16.5 million, or 27 cents a share,
in the year-ago quarter.
Excluding charges, it earned 29 cents, against estimates of
The company, several of whose brands are also sold at
stores of Target Corp (TGT.N) and Kohl's Corp (KSS.N) amongst
others, now expects to earn between $1.30 a share and $1.35 a
share, up from its earlier view of $1.20-$1.30 per share.
Shares of the company were up 10 percent in trading before
the bell. They closed at $15.51 Monday on Nasdaq.
(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by