Phoenix Footwear Group Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 28, 2013
March 13, 2014 at 01:00 pm EDT
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Phoenix Footwear Group Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 28, 2013. Net sales for the fourth quarter of fiscal 2013 increased 40.2% to $4.4 million compared to $3.1 million for the fourth quarter of fiscal 2012. Consolidated loss from continuing operations for the fourth quarter declined to $128,000 or $0.02 per share compared to a loss of $467,000 or $0.06 per share for the fourth quarter of fiscal 2012. Operating loss was $26,000 against $251,000 a year ago. Loss before income taxes and discontinued operations was $100,000 against $444,000 a year ago. Net loss was $140,000 or $0.02 per share against $541,000 or $0.07 per share a year ago.
Reported net income of $70,000 or $0.01 per share for the twelve months of fiscal 2013 compared to net loss of $484,000 for the twelve months of fiscal 2012. Net sales for the fiscal year of 2013 increased 14.8% to $19.2 million compared to $16.7 million for the fiscal year of 2012. Consolidated earnings from continuing operations for the fiscal year improved to $143,000 or $0.02 per share compared to a loss of $437,000 or $0.06 per share for the 2012 fiscal year. Earnings before interest, taxes, depreciation and amortization for fiscal year 2013 improved 49.3% to $1.15 million compared to $771,000 for fiscal year 2012. The increase in net sales for fiscal year 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 customer reorder volume of the Company's fall product offering. Operating income was $822,000 against $513,000 a year ago. Earnings before income taxes and discontinued operations was $171,000 against loss of $414,000 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.