Home / Knowledge / News / Textiles / Phoenix Footwear posts Q4 & fiscal year 2009 results

Phoenix Footwear posts Q4 & fiscal year 2009 results

31
Mar '10
Phoenix Footwear Group Inc reported results for the fourth quarter and year ended January 2, 2010.

Fourth Quarter 2009

• Net earnings of $1.0 million, or $0.13 per share, compared to a net loss of $14.9 million for the fourth quarter of fiscal 2008.
• Income from continuing operations during the fourth quarter of $612,000, arising from a tax gain, compared to a loss from continuing operations of $4.4 million for the fourth quarter of fiscal 2008.
• Net sales from continuing operations of $4.4 million, down 25% compared to $5.9 million during the fourth quarter of fiscal 2008.
• Income from discontinued operations during the fourth quarter of $414,000 compared to a loss from discontinued operations of $10.5 million for the fourth quarter of fiscal 2008.
• Funded bank debt balance of $3.0 million at the close of the fourth quarter, which is an increase of $383,000 from the close of the third fiscal quarter of 2009.

Commenting on the quarter, Rusty Hall, CEO, said, "Despite not being profitable on an operating basis, we were able to report a profit for the quarter due to income from our Chambers divestiture and a tax gain. More importantly, the quarter marked further improvement in our capital base as we completed the refinancing of our revolving credit facility with First Community Financial. Also, the period was marked by a continued build of momentum in our sales efforts. During the second half of 2009, we opened over 60 new or former accounts and we continue to experience double digit growth in our future orders."

Full Year 2009

• Net loss of $7.0 million, or $0.86 per share, compared to $19.5 million for fiscal 2008.
• Loss from continuing operations of $5.3 million compared to $8.3 million for fiscal 2008.
• Net sales from continuing operations of $19.9 million, down 33% compared to $29.6 million for fiscal 2008.
• Loss from discontinued operations of $1.7 million compared to $11.1 million for fiscal 2008.

Commenting on the year, Rusty Hall, CEO, said, "It has been an unprecedented and challenging year both for our Company and the retail industry as a whole. Our focus this past 12 months has been on reducing our cost structure, retiring liabilities and positioning the Company for a return to growth and profitability. While we are disappointed with the year's sales and net loss, I applaud our team's success in reducing our cost structure by millions of dollars, our bank debt by 74% and our total liabilities by $11.6 million. More importantly, the work we have done to improve our product and sales efforts is resulting in growing backlogs and future orders. Our backlog presently stands approximately 37% above last year at this time. We are certainly not out of the woods yet, but our progress has been considerable and we have reason to be encouraged."

Other Events
Recently the Worker, Homeownership and Business Assistance Act of 2009 (the "Act") was enacted. The Act provides for an election for federal taxpayers to increase the carry back period for an applicable net operating loss to 3, 4 or 5 years. Accordingly, the Company received a refund of approximately $2.0 million from the Internal Revenue Service in the first quarter of fiscal 2010.

Phoenix Footwear Group Inc


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Mar 2020

Worldwide lockdowns, stimulus shots, raised PPE production

The global response this week to the unfolding COVID-19 crisis saw...

Pic: Shutterstock

Apparel/Garments | On 28th Mar 2020

Vietnam may outdo Bangladesh as 2nd largest RMG exporter

Though Bangladesh is now the second-largest garment exporter...

Pic: Shutterstock

Textiles | On 28th Mar 2020

Morgan Stanley rules out economic depression

With COVID-19 badly damaging the global economy, Morgan Stanley...

Interviews View All

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Paolo Crespi,

Paolo Crespi

Japan's Epson, a leader in digital textile printing, Italy's For.Tex, a...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions &amp; Vertriebs Gmbh, founded in 1978 and headquartered ...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search