Business
Phoenix Footwear Announces Third Quarter Results
Phoenix Footwear Announces Third Quarter Results.
About this update from Phoenix Footwear Group, Inc.
[{"type":"text","content":"Phoenix Footwear\nReports third Quarter 2014 results\n \nNet income for the quarter increases 71.6% to $548,000\n \nNet sales for the quarter increased 14.3%\n \nCARLSBAD, Calif., November 5, 2014 -- Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today reported results for the Third Quarter and First Nine months ended September 27, 2014.\n \nThird Quarter and First Nine Months of Fiscal 2014\n \nØ Net income for the third quarter improved 71.6% to $548,000 or $0.07 per share, compared to earnings of $320,000 or $0.04 per share during the third quarter of fiscal 2013. Included in net income for fiscal 2013 was a nonrecurring loss from discontinued operations of $43,000. Excluding this loss, net income increased 51.6%\n \nØ Net sales from continuing operations for the third quarter increased $794,000 or 14.3% to $6.4 million compared to $5.6 million for the third quarter of fiscal 2013.\n \nØ The Company generated earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $801,000 from continuing operations for the third quarter of fiscal 2014, compared to EBITDA of $628,000 for the third quarter of fiscal 2013. \n \nØ Net sales from continuing operations for the first nine months increased 10.4% or $1.5 million to $16.3 million compared to $14.8 million for the first nine months of fiscal 2013.\n \nØ Net income from continuing operations for the first nine months of fiscal 2014 increased by 29.8% to $353,000 or $0.04 per share compared to a net income from continuing operations of $272,000 or $0.03 per share for the first nine months of fiscal 2013.\n \nDuring the quarter, Phoenix continued its efforts to expand its distribution of key product categories resulting in accelerated growth. Notably, the Company increased its presence in several national retailers including Nordstrom, Dillard’s and Uniform Advantage.\n \nIn addition, during the quarter the Company also received the American Podiatric Medical Association’s (APMA) Seal of Acceptance for its Grey’s Anatomy by SoftWalk Collection. This innovative footwear for medical professionals is now sold in over 560 retail locations nationwide including many of the uniform industry’s leading retailers, such as Scrubs and Beyond, Work ‘n Gear and Uniform Advantage.\n \n&nbs...