Iconix Brand Group, Inc. Announces Stock Repurchase Program
November 03 2008 - 7:30AM
PR Newswire (US)
NEW YORK, Nov. 3 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc.
(NASDAQ:ICON) ("Iconix" or the "Company"), today announced that its
Board of Directors has authorized a program to repurchase up to $75
million of its common stock over a three year period. The Company
intends, from time to time, as business conditions warrant, to
purchase stock in the open market or through private transactions.
Purchases may be increased, decreased or discontinued at any time
without prior notice. The plan does not obligate the company to
repurchase any specific number of shares and may be suspended at
any time at management's discretion. The Company currently has 58.1
million shares issued and outstanding. Iconix Brand Group Inc.
(NASDAQ:ICON) 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), LONDON FOG (R), MOSSIMO
(R) OCEAN PACIFIC(R), DANSKIN (R) ROCA WEAR(R), CANNON (R), ROYAL
VELVET (R), FIELDCREST (R), CHARISMA (R) STARTER (R) and WAVERLY
(R). 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 around the world. Iconix, through its in-house
advertising, promotion and public relations agency, markets its
brands to continually drive greater consumer awareness and equity.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995. The statements that are not historical facts
contained in this press release are forward looking statements that
involve a number of known and unknown risks, uncertainties and
other factors, all of which are difficult or impossible to predict
and many of which are beyond the control of the Company, which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements. Such factors include, but are not limited to,
uncertainty regarding the results of the Company's acquisition of
additional licenses, continued market acceptance of current
products and the ability to successfully develop and market new
products particularly in light of rapidly changing fashion trends,
the impact of supply and manufacturing constraints or difficulties
relating to the Company's licensees' dependence on foreign
manufacturers and suppliers, uncertainties relating to customer
plans and commitments, the ability of licensees to successfully
market and sell branded products, competition, uncertainties
relating to economic conditions in the markets in which the Company
operates, the ability to hire and retain key personnel, the ability
to obtain capital if required, the risks of litigation and
regulatory proceedings, the risks of uncertainty of trademark
protection, the uncertainty of marketing and licensing acquired
trademarks and other risks detailed in the Company's SEC filings.
The words "believe", "anticipate," "expect", "confident", "will",
"project", "provide" "guidance" and similar expressions identify
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward looking statements, which speak
only as of the date the statement was made. Contact Information:
Jaime Sheinheit Director of Strategic Development Iconix Brand
Group 212.730.0030 Joseph Teklits Integrated Corporate Relations
203.682.8200 DATASOURCE: Iconix Brand Group, Inc. CONTACT: CONTACT:
Jaime Sheinheit, Director of Strategic Development of Iconix Brand
Group, +1-212-730-0030; or Joseph Teklits of Integrated Corporate
Relations for Iconix Brand Group, +1-203-682-8200 Web Site:
http://iconixbrand.com/
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