Cherokee Global Brands announced fourth-quarter financials that slightly exceeded Wall Street expectations.
The Sherman Oaks licensing company reported net income of $1.7 million (19 cents a share) for the fiscal quarter ended Jan. 31, compared to $1.0 million (11 cents) for the same quarter last year. Revenues increased 18 percent to $7.5 million
Analysts on average expected earnings of 17 cents a share on revenue of $7.4 million, according to Thomson Financial Network.
For the full fiscal year, the company reported net income of $9.8 million ($1.15 a share) compared to $6.1 million (72 cents) for the previous year. Revenue increased 22 percent to $36 million. Analysts on average expected net income of $1.14 a share on revenue of $34.8 million.
“International growth of the Cherokee brand is where we saw the majority of our organic growth in fiscal 2015,” said Chief Executive Henry Stupp in a statement. “We successfully executed against our long-term business strategy by growing both organically and through acquisitions.”
Shares closed up 55 cent or 2.8 percent to $20.32 on the Nasdaq.
Amgen Inc. has gained regulatory approval to sell the drug Corlanor for heart failure.
The Thousand Oaks pharmaceutical company said Corlanor is the first chronic heart failure medicine approved by the Food and Drug Administration in nearly a decade. It is an oral drug that blocks chemicals responsible for regulating heart rate, providing a more stable rhythm.
Corlanor is recommended for patients with a chronic heart rate of 70 beats per minute or more, and may be used with other medications.
“Many heart failure patients are repeatedly admitted to the hospital, which can cause a great burden on the patient and on healthcare resources. We hope that today’s approval of Corlanor as an innovative therapeutic option will address a major unmet need for patients, their families and the healthcare system,” Dr. Sean Harper, Amgen’s executive vice president of research and development, said in a statement.
Amgen announced Corlanor’s approval on Wednesday. Shares closed Thursday up $1.40 cents, or nearly 1 percent, to $166.87 on the Nasdaq.