Iconix Delays Filing Of Annual Financial Report

Iconix Brand Group Inc. needs a little more time.

The brand management firm said Monday that it has delayed the filing of its annual financial report, for the year ended Dec. 31, 2015, beyond Tuesday’s extended filing due date.

Iconix, which owns and manages such brands as London Fog, Candie’s and Peanuts, is in the process of restating its historical financial statements for the fiscal years ended Dec. 31, 2013, and Dec. 31, 2014, and for the first three quarters of 2015. As a result, the company said it is unable to complete the restatement by Tuesday and anticipates filing its Form 10-K by March 30.

Iconix said it now plans to report fourth quarter and full-year 2015 financial results prior to March 30.

After wrapping up a comment letter process with the U.S. Securities and Exchange Commission last month, the firm announced on Feb. 18 that it intended to restate the filings and revise its accounting treatment to consolidate the financial statements of several international joint ventures and eliminate previously reported sales gains.

Iconix has experienced a series of challenges over the past 18 months, including multiple C-suite changes, an SEC investigation and slipping shares. After much speculation on the part of analysts and investors about the company’s financial future, the firm said last week it has secured a $300 million loan to pay off a looming debt, due June 2016.

At press time, the firm’s share price dipped more than 6 percent, to $8.16.

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