Iconix Shares Rise on Q1 ResultsSeparately, a judge ordered Jay Z to testify on why he should not be required to answer SEC questions over Iconix's purchase of his apparel line Rocawear.

[Collection]Shares of Iconix Brand Group Inc. rose 12.9 percent in midafternoon trading after the company reported first-quarter earnings that showed the company ended the period in the black. For the three months ended March 31, the company posted net income of $32.7 million, or 51 cents a diluted share, from a net loss of $4.3 million, or 9 cents, a year ago. GAAP diluted earnings per share from continuing operations for the quarter were 51 cents, versus 6 cents a year ago. Licensing revenues slipped 17 percent to $48.5 million from $58.7 million. Wall Street was expecting 12 cents on revenues of $51.1 million. John N. Haugh, president and chief executive officer, said, “As many of you know, over the past several months, we’ve been highly focused on improving our balance sheet while actively managing our brands. We’re happy to say that we’ve made good progress on both fronts.” He said the company is evolving its business into three areas. The first includes partnerships that are still in the start-up phase, including Umbro and Target, and Starter and Amazon. The second is the reinvention of several legacy brands, which include Mossimo, Ocean Pacific and Danskin. Third is the direct-to-retail and licensee relationships for many

Follow WWD on Twitter or become a fan on Facebook.

Read More...http://wwd.com/business-news/financial/iconix-brand-group-shares-rise-on-q1-results-jay-z-rocawear-sec-legal-1202666616/