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Wednesday, February 24, 2016

Iconix Brand Group News Summary

Iconix Brand Group has had several important news reports during the past few months.  They were investigated by the SEC, created a short-term shareholder rights plan, took steps toward a conclusion with SEC, and appointed a new president and member of the board.  Sure seems like a bumpy road an plenty of significant issues unrelated to marketing fashion brands.  Hopefully they will now be able to turn their attentions back to the apparel industry and consumers of fashion.

Feb. 23, 2016: The Board of Directors of Iconix Brand Group, Inc. announced that John N. Haugh has been appointed President and a member of the Board of Directors effective February 23, 2016.  Mr. Haugh will become Chief Executive Officer of Iconix on April 1, 2016.   At that time, Interim CEO Peter Cuneo will transition to Executive Chairman of the Iconix Board.  Mr. Haugh is a proven executive with more than 30 years of experience leading premier global brands and retail businesses at highly respected companies, including Luxottica S.p.A., Build-A-Bear Workshop, Inc. and Mars, Inc.  In his role as President of Sun, Luxury and Retail Services for Luxottica Retail, N.A., he led more than 14,000 Sunglass Hut associates; managed the Luxottica and Macy's, Inc. license operations business; directed the luxury optical business; and managed real estate, design and construction for Luxottica Retail, N.A.

Feb. 18, 2016: Iconix Brand Group, Inc. announced that it will restate historical financial statements based on the Company's conclusions related to the accounting treatment applied to certain transactions in connection with the previously disclosed comment letter process with the Staff of U.S. Securities and Exchange Commission (the "Staff").  The Company has responded to the Staff with a Confirming Letter on all of the questions the Staff has raised.  The Company also reaffirmed its guidance for 2015 licensing revenue, non-GAAP diluted EPS and free cash flow.  Due to the restatements, the Company anticipates filing its Form 10-K for the year ended December 31, 2015, and reporting fourth quarter and full year 2015 financial results by, the extended filing date of March 15, 2016.  Please refer to the Form 8-K filed February 18, 2016 for additional details on the restatement, including tables detailing the estimated adjustments.  Peter Cuneo, Chairman and Interim CEO, commented "As we have stated in the past, the comment letter process was related to highly technical accounting standards and while we are disappointed to have to restate our financial statements, as we expected, there will be no impact on free cash flow.  Moving forward we are highly focused on positioning Iconix for long term success and are pleased to announce that our core operating business is on track to achieve our 2015 and 2016 projections. We also remain on track with our financing plans and expect to be in the position to refinance our convertible notes that mature in June 2016."

Jan. 27, 2016  Iconix Brand Group, Inc. announced that its Board of Directors has adopted a short-term shareholder rights plan (the "Rights Plan"), which will expire following the 2016 annual meeting of shareholders, absent an extension being approved by shareholders. The Board adopted the Rights Plan in light of recent activity in the Company's shares, including the recent accumulation of meaningful positions by holders of derivative securities, and what the Iconix Board and management believes is a currently depressed share price for the Company's common stock.  They pointed out that the Rights Plan is similar to plans adopted by numerous publicly-traded companies and was not adopted in response to any specific takeover bid or other proposal to acquire control of the Company.

Dec. 28, 2015: Iconix Brand Group, Inc. announced that the Company received a formal order of investigation from the Staff of the SEC.  The Company intends to fully cooperate with the SEC.  As previously disclosed, the Company is currently in a comment letter process with the Staff of the SEC related to the accounting treatment for the formation of certain joint ventures.  Additionally, the Company formed a Special Committee of the Board of Directors to conduct a review of the accounting treatment related to certain of the Company's transactions.  As announced in a Form 8-K filed on November 5, 2015, the Company's current management team determined, based in part on the Special Committee's review, that the Company would restate its historical financial statements in respect of (i) the 2013 fiscal year and the fourth quarter thereof, (ii) the 2014 fiscal year and each quarterly period thereof and (iii) the first and second quarters of 2015, to correct certain errors in accounting. The Company completed these restatements, which were filed at the end of November 2015.

About Iconix Brand Group, Inc.

Iconix Brand Group, Inc. owns, licenses and markets a growing portfolio of consumer brands including: CANDIE'S (R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R), RAMPAGE (R), MUDD (R), MOSSIMO (R), LONDON FOG (R), OCEAN PACIFIC (R), DANSKIN (R), ROCAWEAR (R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R), WAVERLY (R), ZOO YORK (R), SHARPER IMAGE (R), UMBRO (R), LEE COOPER (R), ECKO UNLTD. (R), MARC ECKO (R) and STRAWBERRY SHORTCAKE (R). In addition, Iconix owns interests in the ARTFUL DODGER (R), MATERIAL GIRL (R), PEANUTS (R), ED HARDY (R), TRUTH OR DARE (R), MODERN AMUSEMENT (R), BUFFALO (R), NICK GRAHAM (R) and PONY (R) brands. The Company licenses its brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and worldwide. Through its in-house business development, merchandising, advertising and public relations departments, Iconix manages its brands to drive greater consumer awareness and equity.

Learn more about Iconix Brand Group here on Apparel Search.

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