Phoenix Footwear Group, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 28, 2013
November 07, 2013 at 03:30 pm
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Phoenix Footwear Group Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 28, 2013. Consolidated earnings from continuing operations for the third quarter improved to $362,000 or $0.03 per diluted share compared to earnings of $240,000 or $0.02 per diluted share during the third quarter of fiscal 2012. Net sales from continuing operations for the third quarter increased $828,000 or 17.5% to $5.6 million compared to $4.7 million for the third quarter of fiscal 2012. The increase in net sales for the three and first nine months of fiscal 2013 was primarily driven by new product introductions designed to appeal to the broader customer demographic of the company's internet based accounts, the on-time delivery of spring and fall goods, together with an improvement in the in season customer reorder volume of the company's fall product offering. Operating income was $574,000 against $619,000 a year ago. Earnings before income taxes and discontinued operations were $362,000 against $240,000 a year ago. Net earnings were $320,000 or $0.03 per diluted share against $267,000 or $0.02 per diluted share a year ago.
Consolidated earnings from continuing operations for the first nine months of fiscal 2013 improved to $272,000 or $0.02 per diluted share compared to earnings of $31,000 or $0.01 per basic share for the first nine months of fiscal 2012. Net sales from continuing operations for the first nine months increased $1.2 million or 8.9% to $14.8 million compared to $13.6 million for the first nine months of 2012. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the first nine months improved to $1.03 million compared to $913,400 for the first nine months of 2012. Operating income was $859,000 against $772,000 a year ago. Earnings before income taxes and discontinued operations were $272,000 against $31,000 a year ago. Net earnings were $211,000 or $0.02 per diluted share against $57,000 or $0.01 per basic diluted share a year ago.
Phoenix Footwear Group, Inc. is engaged in the manufacture or importation and sale of footwear. The Company specializes in comfort womenâs footwear with a design focus on fitting features. The Company designs, develops, markets, and sells footwear in a wide range of sizes and widths under the brands Trotters and SoftWalk. The Company also distributes Bueno Footwear and Los Cabos Shoes. The Trotters brand is focused on providing customer with a wide range of sizes and widths in order to ensure the fitting shoes that customer can buy. The Companyâs Bueno brand footwear combines colors with a balance of style and comfort. Bueno brand is sold in over 30 countries, including Canada, Italy, France, Germany, Japan, and Australia. The Company's brands are primarily sold through department stores, specialty and independent retail stores, mail order catalogues and Internet retailers. Penobscot Shoe Company is a wholly-owned subsidiary of the Company.