Phoenix Footwear Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended January 2, 2016
March 24, 2016 at 03:58 pm EDT
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Phoenix Footwear Group Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended January 2, 2016. Net Sales for the fourth quarter of fiscal 2015 decreased 9.7% to $5.10 million compared to $5.65 million for the fourth quarter of fiscal 2014. The decrease in fourth quarter net sales were a result of the company's realignment of its distribution of Trotters products in a large national account, combined with shipments of an additional week in fiscal 2014. The company generated an operating Loss for the fourth quarter of $135,000 compared to operating income of $216,000 for the fourth quarter of fiscal 2014. Loss from continuing operations was $296,000 against $17,000 a year ago. Net loss was $296,000 against $17,000 a year ago. Basic loss from continuing operations per share was $0.02. Basic net loss per share was $0.02.
Net Sales for fiscal 2015 decreased 1.5% to $21.7 million from $22.0 million in fiscal 2014. The decrease in full year net sales were a result of the Company's realignment of its distribution of Trotters products in a large national account, combined with shipments of an additional week in fiscal 2014. The operating loss for the twelve months of fiscal 2015 totaled $256,000 compared to operating income of $1.1 million for the twelve months of fiscal 2014. Earnings before interest, taxes, depreciation and amortization for fiscal year 2015 declined to $34,300 from $1.32 million for fiscal year 2014. Loss from continuing operations was $1,032,000 against profit of $341,000 a year ago. Net loss was $1,032,000 against profit of $327,000 a year ago. Basic and diluted loss from continuing operations per share was $0.11 against $0.02 a year ago. Basic and diluted net loss per share was $0.11 against $0.02 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.