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Phoenix divests Altama Military Footwear Division
03 Jan '08
3 min read
Phoenix Footwear acquired Altama Delta Corporation on July 19, 2004 for approximately $35.3 million, as adjusted for a settlement previously reached with the former owner of the company.
Cathy Taylor, Chief Executive Officer of Phoenix Footwear Group, Inc., said, “Altama's divestiture completes the planned restructuring of our portfolio of businesses. This transaction is part of our overall strategic plan to develop a core group of brands representing key channels of distribution, price points and gender in the footwear and accessories categories.
We believe that H.S. Trask and Tommy Bahama represent tremendous growth opportunities in the better, lifestyle brand category while Softwalk and Trotters give us solid businesses in the moderate women's footwear category. Chambers continues to be a solid contributor with continuing growth in our Wal-Mart business and is being actively developed to support our in-house footwear brands along with the new Lee licensing opportunity in the moderate channels of distribution.”
"We are clearly gaining momentum in our remaining core businesses. Based on this and our other operational and organizational initiatives I am encouraged with the outlook for fiscal year 2008 and expect us to be profitable for the full year.”
Financial Outlook:
Phoenix Footwear will report an operating loss for the fourth quarter ended December 29, 2007. For fiscal year 2008, Phoenix Footwear expects to generate sales in the range of $95 million to $100 million and income from operations in the range of $2.0 million to $2.5 million.
The preceding statements are based on current information and expectations, and actual results may differ materially. Phoenix Footwear can give no assurances that such expectations will prove correct. These statements do not include the potential impact of any future mergers, acquisitions or other business combinations that may be completed.
Phoenix Footwear makes these statements as of and undertakes no obligation to update this information based on actual results during the period or changes in assumptions or estimates or other changes in the period. While it is currently expected that these business outlook statements will not be updated prior to the release of Phoenix Footwear's fiscal 2008 earnings announcement, Phoenix Footwear reserves the right to update the outlook for any reason during the year, including the occurrence of material events.
Cathy Taylor, Chief Executive Officer of Phoenix Footwear Group, Inc., said, “Altama's divestiture completes the planned restructuring of our portfolio of businesses. This transaction is part of our overall strategic plan to develop a core group of brands representing key channels of distribution, price points and gender in the footwear and accessories categories.
We believe that H.S. Trask and Tommy Bahama represent tremendous growth opportunities in the better, lifestyle brand category while Softwalk and Trotters give us solid businesses in the moderate women's footwear category. Chambers continues to be a solid contributor with continuing growth in our Wal-Mart business and is being actively developed to support our in-house footwear brands along with the new Lee licensing opportunity in the moderate channels of distribution.”
"We are clearly gaining momentum in our remaining core businesses. Based on this and our other operational and organizational initiatives I am encouraged with the outlook for fiscal year 2008 and expect us to be profitable for the full year.”
Financial Outlook:
Phoenix Footwear will report an operating loss for the fourth quarter ended December 29, 2007. For fiscal year 2008, Phoenix Footwear expects to generate sales in the range of $95 million to $100 million and income from operations in the range of $2.0 million to $2.5 million.
The preceding statements are based on current information and expectations, and actual results may differ materially. Phoenix Footwear can give no assurances that such expectations will prove correct. These statements do not include the potential impact of any future mergers, acquisitions or other business combinations that may be completed.
Phoenix Footwear makes these statements as of and undertakes no obligation to update this information based on actual results during the period or changes in assumptions or estimates or other changes in the period. While it is currently expected that these business outlook statements will not be updated prior to the release of Phoenix Footwear's fiscal 2008 earnings announcement, Phoenix Footwear reserves the right to update the outlook for any reason during the year, including the occurrence of material events.
Phoenix Footwear Group Inc
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