Net Income for the Quarter Increases 71.6% to $548,000
Net Sales for the Quarter Increased 14.3%
Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today
reported results for the Third Quarter and First Nine months ended
September 27, 2014.
Third Quarter and First Nine Months of Fiscal 2014
- Net income for the third quarter
improved 71.6% to $548,000 or $0.07 per share, compared to earnings
of $320,000 or $0.04 per share during the third quarter of fiscal
2013. Included in net income for fiscal 2013 was a nonrecurring
loss from discontinued operations of $43,000. Excluding this loss,
net income increased 51.6%
- Net sales from continuing operations
for the third quarter increased $794,000 or 14.3% to $6.4 million
compared to $5.6 million for the third quarter of fiscal 2013.
- The Company generated earnings before
interest, taxes, depreciation and amortization (“EBITDA”) of
$801,000 from continuing operations for the third quarter of fiscal
2014, compared to EBITDA of $628,000 for the third quarter of
fiscal 2013.
- Net sales from continuing operations
for the first nine months increased 10.4% or $1.5 million to $16.3
million compared to $14.8 million for the nine months of fiscal
2013.
- Net income from continuing operations
for the first nine months of fiscal 2014 increased by 29.8% to
$353,000 or $0.04 per share compared to a net income from
continuing operations of $272,000 or $0.03 per share for the first
nine months of fiscal 2013.
During the quarter, Phoenix continued its efforts to expand its
distribution of key product categories resulting in accelerated
growth. Notably, the Company increased its presence in several
national retailers including Nordstrom, Dillard’s and Uniform
Advantage.
In addition, during the quarter the Company also received the
American Podiatric Medical Association’s (APMA) Seal of Acceptance
for its Grey’s Anatomy by SoftWalk Collection. This innovative
footwear for medical professionals is now sold in over 560 retail
locations nationwide including many of the uniform industry’s
leading retailers, such as Scrubs and Beyond, Work ‘n Gear and
Uniform Advantage.
THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 2014
For the quarter ended September 27, 2014, net sales increased by
$794,000, or 14.3% to $6.4 million compared to $5.6 million for the
third quarter of fiscal 2013. Net sales for the first nine months
of fiscal 2014 increased $1.5 million, or 10.4% to $16.3 million
compared to $14.8 million for the first nine months of fiscal 2013.
The increase in net sales for the quarter and first nine months of
fiscal 2014 was primarily driven by sales of licensed footwear
introduced during Spring 2014, together with increased sales to the
Company’s catalog, Internet, and national retail customers.
Gross profit as a percentage of net sales for the third quarter
of fiscal 2014 decreased to 38.3% compared to 39.3% for the third
quarter of fiscal 2013. Gross profit as a percentage of net sales
for the first nine months of fiscal 2014 decreased to 36.4%
compared to 37.8% for the first nine months of fiscal 2013. Lower
gross margins for the third quarter and first nine months of fiscal
2014 resulted primarily from the sale of lower margin licensed
footwear.
SG&A for the third quarter of fiscal 2014 increased to $1.7
million or 4.8% compared to $1.6 million for the third quarter of
fiscal 2013. SG&A as a percentage of net sales decreased to
26.6% for the second quarter of fiscal 2014 from 28.9% when
compared to the same period of fiscal 2013. SG&A for the first
nine months of fiscal 2014 increased to $5.0 million compared to
$4.7 million for the first nine months of fiscal 2013. SG&A as
a percentage of net sales decreased to 30.8% from 32.0% when
compared to the same period of fiscal 2013.
The increase in SG&A for the third quarter and first nine
months of fiscal 2014 is attributable to an increase in sales
commissions generated from 14.3% and 10.4% growth in net sales
during the third and first nine months of fiscal 2014.
The Company reported a net income from continuing operations of
$548,000 or $0.07 per share for the third quarter, compared to a
net operating income from continuing operations of $362,000 or
$0.04 per share during the third quarter of fiscal 2013.
For the first nine months of fiscal 2014, the Company reported
net income from continuing operations of $353,000 or $0.04 per
share, compared to net income from continuing operations of
$272,000 or $0.03 per share for the first nine months of fiscal
2013.
Earnings before interest, taxes, depreciation and amortization
(or “EBITDA”) from continuing operations for the first nine months
of fiscal 2014 was $1.06 million compared to $1.03 million for the
first nine months of fiscal 2013.
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 800 customers
in over 1,307 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 2014 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 27, 2014 December
28, 2013
ASSETS Current assets: Cash and cash
equivalents $ 186 $ 141 Accounts receivable, net 4,785 2,671
Inventories, net 8,626 7,646 Other current assets 493 753 Income
taxes receivable 30 30
Total current assets
14,120 11,241 Property, plant and equipment, net 77 73
Capital leased asset 543 589 Other assets - 75 TOTAL
ASSETS $ 14,740 $ 11,978
LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Notes payable, current $
6,343 $ 4,169 Accounts payable 2,695 2,733 Accrued expenses 1,081
646 Current portion of long term debt 190 220 Total
current liabilities 10,309 7,768 Convertible notes payable
1,350 1,350 Term notes payable 534 618 Capital lease obligation 554
577 Other non-current liabilities 256 286 Total
liabilities 13,003 10,599 Stockholders' equity 1,737
1,379 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 14,740 $
11,978
Phoenix Footwear Group, Inc.
Condensed Consolidated Statements of Operations (In
thousands, except per share data)
(Unaudited) Three Months Ended
September 27, 2014
September 28, 2013 Net sales $ 6,357 100 % $ 5,563 100 % Cost of
goods sold 3,922 62 % 3,379 61 % Gross
profit 2,435 38.3 % 2,184 39.3 % Operating expenses:
Selling, general and administrative expenses 1,688 27 % 1,610 29 %
Goodwill and intangible impairment charges - - % -
0 % Total operating expenses 1,688 27 % 1,610
29 % Operating income 747 12 % 574 10 %
Interest expense, net 199 3 % 212 4 %
Earnings before income taxes and discontinued operations 548 9 %
362 7 % Income tax (benefit) expense - 0 % -
- % Earnings from continuing operations 548 9 % 362 7
% Loss from discontinued operations, net of tax - 0 %
(42 ) -1 % Net Earnings $ 548 9 % $ 320 6 %
Earnings per share: Basic Continuing
operations $ 0.07 $ 0.04 Discontinued operations - -
Net Earnings $ 0.07 $ 0.04
Diluted Continuing
operations $ 0.04 $ 0.03 Discontinued operations - -
Net Earnings $ 0.04 $ 0.03
Weighted-average
shares outstanding: Basic 8,358 8,298 Diluted 14,717 14,168
Phoenix Footwear Group, Inc. Consolidated
Statements of Operations (In thousands, except per share
data) (Unaudited) Nine Months Ended
September 27, 2014 September 28, 2013 Net sales $ 16,345 100 % $
14,800 100 % Cost of goods sold 10,391 64 %
9,202 62 % Gross profit 5,954 36 % 5,598 38 %
Operating expenses: Selling, general and administrative expenses
5,044 31 % 4,739 32 % Total operating
expenses 5,044 31 % 4,739 32 %
Operating lncome 910 6 % 859 6 % Interest expense, net
557 3 % 587 4 % Earnings before
income taxes and discontinued operations 353 2 % 272 2 %
Income tax (benefit) expense - 0 % - -
% Earnings from continuing operations 353 2 % 272 2 %
Loss from discontinued operations, net of tax (9 ) 0 %
(61 ) 0 % Net Earnings $ 344 2 % $ 211
1 %
Earnings per share: Basic and
diluted Continuing operations $ 0.04 $ 0.03 Discontinued
operations - - Net Earnings $ 0.04
$ 0.03
Diluted Continuing operations $
0.02 $ 0.02 Discontinued operations - -
Net Earnings $ 0.02 $ 0.02
Weighted-average
shares outstanding: Basic 8,332 8,278 Diluted
14,961
14,148
Phoenix Footwear Group, Inc.Greg W. SlackChief Financial
Officer760-602-9688
Phoenix Footwear (PK) (USOTC:PXFG)
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