Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today reported net income for the Third quarter ended September 29, 2012 of $267,000 or $0.03 per share.

Third Quarter and First Nine Months of 2012

  • Net Income for the third quarter improved to $267,000 or $0.03 per share compared to earnings of $73,000 or $0.01 per share during the third quarter of fiscal 2011.
  • Operating earnings for the quarter improved to $619,000, a 156% improvement from Operating earnings of $242,000 for third quarter of fiscal 2011.
  • As Phoenix previously announced, during the quarter the Company entered into a new senior credit facility with Alostar Bank of Commerce and subordinated notes with Gibraltar Business Capital and MGPLA LP. The new credit facilities expand the Company’s working capital while substantially lowering its borrowing costs.
  • For the quarter the Company incurred $379,000 of interest expense, of which $221,000, or $0.02 per share, resulted from the early termination of its prior credit facility.
  • Net sales from continuing operations for the first nine months increased 7.1% to $13.6 million compared to $12.7 million for the first nine months of 2011.
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the first nine months improved to $913,400 compared to $181,000 for the first nine months of 2011.

For the quarter ended September 29, 2012, net sales increased to $4.74 million or 1.6% from $4.66 million when compared to the third quarter of fiscal 2011. Net sales for the first nine months of fiscal 2012 increased $945,000 or 7.1% to $13.6 million compared to $12.7 million for the first nine months of fiscal 2011. For the first nine months of fiscal 2012, the Company experienced improving unit sales volumes in most all of its channels of distribution, as well as an increase in the average net unit selling price.

Gross margin for the third quarter of 2012 increased to 39.7% compared to 38.2% for the third quarter of fiscal 2011. For the first nine months of fiscal 2012, gross margins improved 130 basis points to 38.0% compared to 36.7% in 2011. The improved gross margin for the period resulted from an increase in the average net unit selling price on a higher unit volume during the first nine months of fiscal 2012 that was partly offset by an increase in the average net cost per unit.

Operating expenses continued to decrease in the third quarter and first nine months of fiscal 2012 when compared to the same periods of the prior year, primarily due to reductions in legal, public company, rent and other operating expenses associated with the restructuring of the Company’s operations that was largely completed during the first quarter of fiscal 2011.

Selling, general and administrative expenses or SG&A, totaled $1.3 million and $4.4 million for the third quarter and first nine months of fiscal 2012, compared to $1.5 million and $5.1 million for the third quarter and first nine months of fiscal 2011. SG&A as a percentage of net sales for the third quarter and first nine months of fiscal 2012 was 26.5% and 32.1% compared to 32.8% and 40.0% for the third quarter and first nine months of fiscal 2011.

The Company reported earnings from continuing operations of $240,000 or $0.03 per share for the third quarter, compared to earnings from continuing operations of $65,000 or $0.01 per share for the same period of the prior year.

For the first nine months of fiscal 2012, the Company reported earnings from continuing operations of $31,000 or $0.01 per share, compared to a net operating loss from continuing operations of $945,000 or $0.12 per share for the first nine months of fiscal 2011.

Earnings before interest, taxes, depreciation and amortization (or “EBITDA”) from continuing operations for the first nine months of fiscal 2012 improved to $913,400 compared to $181,000 for the first nine months of fiscal 2011.

About Phoenix Footwear Group, Inc.

Phoenix Footwear Group, Inc., headquartered in Carlsbad, California, specializes in quality comfort women’s and men’s footwear with a design focus on fitting features. Phoenix Footwear designs, develops, markets and sells footwear in a wide range of sizes and widths under the brands Trotters® and SoftWalk®, These brands are primarily sold through department stores, leading specialty and independent retail stores, mail order catalogues and internet retailers and are carried by approximately 677 customers in over 905 retail locations throughout the U.S. Phoenix Footwear has been engaged in the manufacture or importation and sale of quality footwear since 1882.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements regarding Phoenix Footwear’s ability to repay its bank debt in a timely manner, future growth and performance of its individual brands, expected financial performance and condition for fiscal 2012 and/or statements preceded by, followed by or that include the words “believes,” “could,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “projects,” “seeks,” “exploring,” or similar expressions. Although Phoenix Footwear believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Phoenix Footwear or any other person that the objectives and plans of Phoenix Footwear will be achieved. All forward-looking statements included in this press release speak only as of the date of this press release and are based on Phoenix Footwear's current expectations and projections about future events, based on information available at the time of the release, and Phoenix Footwear expressly disclaims any obligation to release publicly any update or revision to any forward-looking statement contained herein if there are changes in Phoenix Footwear’s expectations or if any events, conditions or circumstances on which any such forward-looking statement is based.

  Phoenix Footwear Group, Inc. Condensed Consolidated Balance Sheets (In thousands)         (Unaudited) September 29, 2012 December 31, 2011 ASSETS   Current assets: Cash and cash equivalents $ 31 $ 41 Accounts receivable, net 3,922 2,020 Inventories, net 7,000 6,733 Other current assets 1,009 1,451 Income taxes receivable   149   146 Total current assets 12,111 10,391   Property, plant and equipment, net 458 556 Other assets   235   51 TOTAL ASSETS $ 12,804 $ 10,998   LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities: Notes payable, current $ 5,092 $ 3,784 Accounts payable 2,522 3,200 Accrued expenses 778 902 Other current liabilities 186 205 Current liabilities of discontinued operations   127   174 Total current liabilities 8,705 8,265   Notes payable 947 - Convertible notes payable 1,350 1,000 Other non-current liabilities   153   154 Total liabilities 11,155 9,419   Stockholders' equity   1,649   1,579 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 12,804 $ 10,998

 

 

  Phoenix Footwear Group, Inc. Consolidated Statements of Operations (In thousands, except per share data)             (Unaudited) Three Months Ended   September 29, 2012 October 1, 2011 Net sales $ 4,735 100 % $ 4,661 100 % Cost of goods sold   2,854 60 %   2,880 62 %   Gross profit 1,881 40 % 1,781 38 %   Operating expenses: Selling, general and administrative expenses   1,262 27 %   1,539 33 % Total operating expenses   1,262 27 %   1,539 33 %   Operating loss 619 13 % 242 5 %   Interest expense, net   379 8 %   177 4 %   Loss before income taxes and discontinued operations 240 5 % 65 1 %   Income tax (benefit) expense   - 0 %   - - %   Earnings (loss) from continuing operations 240 5 % 65 1 %   Earnings (loss) from discontinued operations, net of tax   27 1 %   8 0 %   Net earnings (loss) $ 267 6 % $ 73 2 %       Earnings (loss) per share:   Basic and diluted Continuing operations $ 0.03 $ 0.01 Discontinued operations   -   - Net earnings (loss) $ 0.03 $ 0.01   Weighted-average shares outstanding: Basic 8,238 8,179 Diluted 13,601 8,179     Phoenix Footwear Group, Inc. Consolidated Statements of Operations (In thousands, except per share data)             (Unaudited) Nine Months Ended   September 29, 2012 October 1, 2011 Net sales $ 13,590 100 % $ 12,688 100 % Cost of goods sold   8,432 62 %   8,027   63 %   Gross profit 5,158 38 % 4,661 37 %   Operating expenses: Selling, general and administrative expenses   4,386 32 %   5,070   40 % Total operating expenses   4,386 32 %   5,070   40 %   Operating loss 772 6 % (409 ) -3 %   Interest expense, net   741 6 %   536   4 %   Loss before income taxes and discontinued operations 31 0 % (945 ) -7 %   Income tax (benefit) expense   - 0 %   -   - %   Earnings (loss) from continuing operations 31 0 % (945 ) -7 %   Earnings (loss) from discontinued operations, net of tax   26 0 %   464   4 %   Net earnings (loss) $ 57 0 % $ (481 ) -4 %       Earnings (loss) per share:   Basic and diluted Continuing operations $ 0.01 $ (0.12 ) Discontinued operations   -   0.06   Net earnings (loss) $ 0.01 $ (0.06 )   Weighted-average shares outstanding: Basic 8,212 8,179 Diluted 12,898 8,179  
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