Iconix Brand Group reduces 2008 guidance

The company now expects earnings per share in a range of $1.15 to $1.20 and revenue between $215 million and $220 million. Iconix previously predicted earnings of $1.35 to $1.40 per share on revenue of $250 million to $260 million.

The company said its previous guidance assumed about $30 million in revenue related to new brand acquisitions in 2008. Although Iconix continues to evaluate potential purchases, the new guidance includes no revenue assumption from acquisitions.

Analysts surveyed by Thomson Financial forecast earnings of $1.31 per share on revenue of $245.4 million.

"We have built a strong company that, despite a very challenging macro-economic environment, will generate at least $116 million in free cash flow this year and has many compelling long term growth opportunities," Chairman and Chief Executive Neil Cole said.

Cole said Iconix still may acquire more brands this year.