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Phoenix Footwear Group posts Q4 profit versus year-earlier loss

Mar '06
Multi-brand footwear and accessories company Phoenix Footwear Group Inc has announced consolidated results for the fourth quarter and full fiscal year ended December 31st 2005.

The net sales for the fourth quarter increased 60.2 percent to $33.2 million, compared to $20.7 million for the fourth quarter of 2004. The strong top-line performance during the fourth quarter was driven by robust growth from the Royal Robbins brand and the recently acquired Chambers and Tommy Bahama brands.

The net income for the fourth quarter was $71,000, or $0.01 per diluted share, on 8.3 million weighted-average shares outstanding, compared to a net loss of $624,000, or $0.08 per diluted share, on 7.3 million weighted-average shares outstanding, for the comparable quarter a year ago.

James Riedman, Phoenix Footwear's Chairman, said, "We are very pleased with the company's top-line growth and our return to profitability from a loss a year ago. We significantly improved all of our operating and financial metrics during the quarter.”

Riedman continued, "As we begin 2006, our efforts are paying off. The trend for each of our brands is positive and we believe will continue to strengthen in 2006. In the first quarter of 2006, we expect to see organic growth across most of our brands, and anticipate that earnings will exceed those of 2005. Overall we are very optimistic about the opportunities that lie ahead."

For the twelve months ended December 31st 2005, net sales increased 42.9 percent to a record $109.2 million compared to $76.4 million for the comparable prior-year period. The growth was primarily attributable to a robust year-over-year increase from Royal Robbins and H.S. Trask and strong contribution from Chambers and Tommy Bahama in the second half of 2005.

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