Mossimo (MOSS) Reports a Q1 Loss of $0.07
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Mossimo (Nasdaq: MOSS) reports a Q1 loss of $0.07 vs. a profit of $0.12 for Q1 of 2005. Revenues were $4.9 million vs. $8.7 from Q1 of 2005.
In connection with its negotiations with Iconix Brand Group, Inc. (NASDAQ: ICON), the Company amended and restated its license agreement with Target to extend the term through January 31, 2010 and transferred certain expenses associated with the license to Target. In exchange Target received a one time non-refundable rebate of $6 million in royalties earned to date for contract year 2006 and a reduction of 40 basis points in the royalties for contract years 2007 and beyond. The Company may charge Target for certain expenses incurred in contract year 2006, up to the amount of the rebate.
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