Iconix Brand Group (ICON) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $15.22 million, or $ 0.27 a share in the quarter, against a net loss of $5.39 million, or $0.11 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $11.12 million, or $0.19 a share compared with $5.20 million or $0.11 a share, a year ago. Revenue during the quarter went down marginally by 0.42 percent to $90.94 million from $91.33 million in the previous year period. Total expenses were 55.29 percent of quarterly revenues, down from 69.58 percent for the same period last year. This has led to an improvement of 1429 basis points in operating margin to 44.71 percent.
Operating income for the quarter was $40.66 million, compared with $27.78 million in the previous year period.
John Haugh, chief executive officer of Iconix commented, "I am pleased to report that Iconix delivered another solid quarter. Performance across the brands was mixed, but with our balanced portfolio of brands and the Companys attractive margins, we were able to achieve stable revenue, increased profits and healthy free cash flow.
Iconix Brand Group projects revenue to be in the range of $3 million to $5 million for financial year 2016. For fiscal year 2016, the company projects diluted earnings per share to be $0.04. For financial year 2016, the company forecasts diluted earnings per share to be in the range of $1.06 to $1.21 on adjusted basis.
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