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H.S. Trask performs better in Q2, says Phoenix Footwear

05
Aug '05
Gross margin for the six months ended July 2, 2005 was 39% of net sales, compared to 44% for the comparable prior year period. The decrease in the gross margin percentage was due to the addition of the Altama brand gross margins, which generate lower gross margins than the Company's other branded products and a higher level of footwear close-out sales as compared to the prior year period.

Operating expenses for the first six months of 2005 were $15.2 million, or 36% of net sales, versus $10.9 million, or 33% of net sales for the comparable prior year period. This increase is related to increased legal, acquisition, marketing and employee compensation costs along with operating costs associated with the recently acquired Altama brand. Additionally, other expense, net for the current year period includes severance and management restructuring charges totaling $615,000.

During the six months ended July 2, 2005, interest expense totaled $965,000, compared to $304,000 in the comparable prior year period. This increase is related to increased acquisition and working capital debt associated with brand acquisitions and higher interest rates.

UNIT RESULTS
Royal Robbins:
Second quarter 2005 net sales for Royal Robbins were $5.2 million, flat compared to second quarter 2004 levels. For the entirety of the Spring season (January 1 through June 30) Royal Robbins' sales grew by 17%. The first and third quarters are typically Royal Robbins' strongest periods, and early third quarter results are encouraging, as key retailers have again requested early delivery of Fall goods. Royal Robbins' travel related business also continues to grow. Additionally, the brand continues to open new accounts, such as Academy Sports. They continue to expect Royal Robbins to post strong growth for the full year 2005.


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