Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today
reported results for the First quarter ended March 30, 2013.
First Quarter 2013
- Gross sales increased $496,500 or 7.9%
to $6.7 million compared to $6.3 million for the first quarter of
fiscal 2012
- Earnings before interest, taxes,
depreciation and amortization (“EBITDA”) for the first three months
of fiscal 2013 improved to $510,000 compared to $484,000 for the
first three months of fiscal 2012.
- Net sales from continuing operations
for the first quarter increased $92,000 or 1.6% to $5.8 million
compared to $5.7 million for the first quarter of fiscal 2012.
- Consolidated net earnings from
continuing operations for the first quarter was $268,000 compared
to net earnings of $261,000 in the first quarter of fiscal
2012.
For the quarter ended March 30, 2013, net sales increased to
$5.8 million or 1.6% from $5.7 million when compared to the first
quarter of fiscal 2012. Gross sales for the first quarter of fiscal
2013 increased $496,500 or 7.9% to $6.7 million compared to $6.3
million for the first quarter of fiscal 2012.
The increase in gross sales for the period was largely driven by
a 34.3% increase in pairs sold to internet based retailers when
compared to the first quarter of 2012. Similar to the Company’s own
direct to consumer e-commerce sales, the rate of product returns
for these internet based customers is significantly higher than for
its other customers. As a result, the Company has substantially
increased its provision for returns as sales to these internet
customers continues to grow.
Gross profit margin for the first quarter of 2013 declined to
36.9% compared to 37.5% for the first quarter of fiscal 2012. The
decrease in the gross profit margin for the quarter was mostly
associated with the clearance of discontinued and closed-out styles
during the period and a 2.1% increase in the standard unit cost
that was partly offset by a 2.2% increase in the average unit
wholesale and 5.2% increase in the volume of full-priced pairs
sold.
Selling, general and administrative expenses or SG&A,
totaled $1.68 million for the first quarter of fiscal 2013,
compared to $1.70 million for the first quarter of fiscal 2012.
SG&A as a percentage of net sales for the first quarter of
fiscal 2013 was 28.9% compared to 29.0% for the first quarter of
fiscal 2012.
The Company reported net earnings from continuing operations of
$268,000 compared to net earnings from continuing operations of
$261,000 for the first quarter of fiscal 2012. Basic and diluted
earnings’ per share for the first quarter of fiscal 2013 and 2012
was $0.03 and $0.02, respectively.
Earnings before interest, taxes, depreciation and amortization
(or “EBITDA”) from continuing operations for the first three months
of fiscal 2013 improved to $510,000 compared to $484,000 in the
year ago period.
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 659 customers
in over 997 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 2013 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)
March 30, 2013 December 29, 2012
ASSETS Current
assets: Cash and cash equivalents $ 211 $ 43 Accounts receivable,
net 4,133 1,768 Inventories, net 7,116 6,974 Other current assets
889 1,039 Income taxes receivable 149 149 Total
current assets 12,498 9,973 Property, plant and equipment,
net 380 418 Other assets 174 204 TOTAL ASSETS $
13,052 $ 10,595
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Notes payable, current $ 5,920 $ 3,506
Accounts payable 2,142 2,574 Accrued expenses 822 592 Other current
liabilities 203 208 Total current liabilities 9,087
6,880 Term notes payable 927 936 Convertible notes payable
1,350 1,350 Other non-current liabilities 164 164
Total liabilities 11,528 9,330 Stockholders' equity
1,524 1,265 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $
13,052 $ 10,595
Phoenix Footwear Group, Inc. Condensed Consolidated
Statements of Operations (In thousands, except per share
data) (Unaudited) Three
Months Ended March 30, 2013 March 31, 2012 Net sales $ 5,797
100 % $ 5,705 100 % Cost of goods sold 3,659 63 %
3,568 63 % Gross profit 2,138 36.9 % 2,137
37.5 % Operating expenses: Selling, general and
administrative expenses 1,678 29 % 1,699 30 % Goodwill and
intangible impairment charges - - % - 0
% Total operating expenses 1,678 29 % 1,699
30 % Operating income 460 8 % 438 8 % Interest
expense, net 192 3 % 177 3 %
Income before income taxes and discontinued operations 268 5 % 261
5 % Income tax (benefit) expense - 0 %
- - % Earnings from continuing operations 268 5 % 261
5 % Loss from discontinued operations, net of tax (9
) 0 % (1 ) 0 % Net earnings $ 259 5 % $ 260
5 %
Earnings per share: Basic
Continuing operations $ 0.03 $ 0.03 Discontinued operations
- - $ 0.03 $ 0.03
Diluted
Continuing operations $ 0.02 $ 0.02 Discontinued operations
- - Net earnings $ 0.02 $ 0.02
Weighted-average shares outstanding: Basic 8,238
8,178 Diluted 14,108 11,227
Phoenix Footwear (PK) (USOTC:PXFG)
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