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Phoenix Footwear Announce Results for the First Quarter of 2017
Phoenix Footwear Announce Results for the First Quarter of 2017.
About this update from Phoenix Footwear Group, Inc.
[{"type":"text","content":"Phoenix Footwear Reports first Quarter 2017 results\n \nCARLSBAD, Calif., May 11, 2017 -- Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today reported results for the first quarter ended April 1, 2017.\n \nFirst Quarter 2017\n \nØ Net Sales decreased $519,000, or 9.4%, to $5.0 million for the first quarter of fiscal 2017 from $5.5 million in the first quarter of fiscal 2016. In January of 2017, Shoes.com, ceased operations. Together with the loss of Benchmark Brands in the third quarter of 2016, these retailers accounted for a $348,000 year over year decline in revenue. The Company has taken certain actions to replace the loss of these two customers to further improve its profitability. \n \nØ Gross profit as a percentage of net sales declined 120 basis points to 36.7% from 37.9% with the clearance of slower moving and phased-out goods during the period.\n \nØ Operating expense decreased $349,000 or 16.3% to $1.80 million in the first quarter of fiscal 2017 compared to $2.15 million in the first quarter of fiscal 2016, reflecting steps the Company took to reduce operating expenses in the fall of 2016. \n \nØ Operating Income improved to $31,000 for the first quarter of fiscal 2017 compared to an Operating Loss of $57,000 in the first quarter of fiscal 2016. Net loss was $93,000, or $0.01 per share for the first quarter of fiscal 2017 compared to a net loss of $198,000 or $0.02 per share for the first quarter of fiscal 2016. EBITDA was $75,500 for the quarter, compared to break even EBITDA in 2016.\n \n \nFirst Quarter 2017\n \nFor the first quarter of fiscal 2017 ended April 1, 2017, net sales decreased 9.4%, or $519,000 million, to $5.0 million from $5.5 million when compared to the first quarter of fiscal 2016 ended April 2, 2016.The decrease in net sales for the first three months of fiscal 2017 was impacted by the loss of two internet based customers who accounted for net sales of $348,000 in the first quarter of fiscal 2016. The Company is actively moving to replace this lost revenue of these two customers. \n \nGross profit for the first quarter of fiscal 2016 decreased $261,000 or 12.5% to $1.8 million from $2.1 million when compared to the first quarter of fiscal 2016. Gross profit as a percentage of net sales for the ...