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Iconix Brand (ICON) Takes Majority Stake in Buffalo David Bitton; Boosts FY13 Revs Outlook

February 4, 2013 8:21 AM EST Send to a Friend
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Iconix Brand Group, Inc. (Nasdaq: ICON) announced that it has acquired a 51% interest in the Buffalo David Bitton brand from Buffalo International ULC, owned by David Bitton and his brothers. To acquire the trademark, Iconix formed a new joint venture company with Buffalo International ULC. Iconix will control this joint venture and consolidate its results. Buffalo International ULC will be the core licensee for the new joint venture.

Founded in 1985, Buffalo is a lifestyle brand consisting of denim, sportswear, activewear, and accessories. Buffalo is primarily sold through better department stores including Macy's, Dillard's and Lord & Taylor, and has 30 stand-alone retail stores, mainly in Canada, operated by the core licensee.

The Company is raising its 2013 revenue guidance to a range of $415-$425 million from $395-$405 million. The Company is raising its 2013 non-GAAP diluted EPS guidance to a range of $2.00-$2.10 from $1.85-$1.95, and its 2013 GAAP diluted EPS guidance to a range of $1.90-$2.00 from $1.75-$1.85.

*** The Street sees FY13 revs of $399.40 million and EPS of $1.92.




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