Originaltext
Diese Übersetzung bewerten
Mit deinem Feedback können wir Google Übersetzer weiter verbessern
Home
Phoenix Footwear Group, Inc.
Phoenix Footwear Group, Inc. Reports Second Quarter 2016 Results
Published Aug 9 2016
4 min read

Phoenix Footwear Group, Inc. Reports Second Quarter 2016 Results

Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today reported results for the Second Quarter and First Six months ended July 2, 2016.

Second Quarter and First Six Months of Fiscal 2016

  • Net Sales for the second quarter increased $184,000 or 4.5% to $4.2 million compared to $4.1 million for the second quarter of fiscal 2015.
  • Gross Margin as a percentage of net sales improved 870 basis points to 36.8% from 28.1% in the same quarter of the prior year.
  • Net loss for the second quarter decreased by $112,000 compared to the second quarter of the prior year. Net Loss per share decreased to $0.04 per share compared to $0.08 per share in the second quarter of fiscal 2015. EBITDA for the second quarter of was a loss of $330,000 compared to a loss of $448,000 for the second quarter of 2015.
  • Net sales for the first six months of fiscal 2016 decreased 9.2% to $9.7 million from $10.7 million when compared to the first six months of fiscal 2015,

SECOND QUARTER AND FIRST SIX MONTHS OF FISCAL 2016

For the quarter ended July 2, 2016, net sales increased $184,000, or 4.5% to $4.24 million compared to $4.05 million for the second quarter of fiscal 2015. Net sales for the quarter included growth in the Company’s e-commerce, independent, and internet based channels of distribution that was offset by declines in other channels.

Net sales for the first six months of fiscal 2016 decreased $987,000, or 9.2% to $9.7 million compared to $10.7 million for the first six months of fiscal 2015. Contributing to the lower net sales for the first six months was a decrease in sales to a large national retailer and a decrease in the Company’s catalog channel of distribution, that was partly offset by increases in the Company’s e-commerce sales and other internet based retailers.

Gross profit increased $421,000 from $1.1 million to $1.6 million in the second quarter of fiscal 2016. Gross margins as a percentage of net sales for the second quarter of fiscal 2016 improved to 36.8% compared to 28.1% for the second quarter of fiscal 2015.

Gross profit for the first six months of fiscal 2016 increased $134,000 to $3.6 million compared to $3.5 million during the first six months of fiscal 2015. Gross margin as a percentage of net sales for the first six months of fiscal 2016 improved to 37.4% compared to 32.7% for the first six months of fiscal 2015.

Contributing to the higher gross margin for the three and first six months of fiscal 2016 were the reduction in the inventory obsolescence reserve matched against the clearance of phased-out and discontinued goods together with the reduced air shipment of goods compared to the three and first six months of fiscal 2015.

SG&A for the second quarter and first six months of fiscal 2016 increased to $1.9 million and $4.1 million compared to $1.6 million and $3.7 million in the three and six months of fiscal 2015.

Contributing to the increase in SG&A for the second quarter and first six months of fiscal 2016 includes planned additions in sales, marketing and distribution along with planned increased spending supporting the Company’s e-commerce initiative and other related advertising and marketing investments.

The Company reported a net operating loss of $539,000 or $0.04 per share for the second quarter, compared to a net operating loss from continuing operations of $651,000 or $0.08 per share for the same period of the prior year.

For the first six months of fiscal 2016, the Company reported a net operating loss from continuing operations of $737,000 or $0.06 per share, compared to a net operating loss from continuing operations of $690,000 or $0.08 per share for the first six months of fiscal 2015.

The loss before interest, taxes, depreciation and amortization (or “EBITDA”) from continuing operations for the first six months of fiscal 2016 was $329,400 compared to $55,700 for the first six months of fiscal 2015.

About Phoenix Footwear Group, Inc.

Phoenix Footwear Group, Inc., headquartered in Carlsbad, California, specializes in quality comfort women’s and men’s footwear with a design focus on fitting features. Phoenix Footwear designs, develops, markets and sells footwear in a wide range of sizes and widths under the brands Trotters® and SoftWalk®. These brands are primarily sold through department stores, leading specialty and independent retail stores, mail order catalogues and internet retailers and are carried by approximately 839 customers in over 1,572 retail locations throughout the U.S. Phoenix Footwear has been engaged in the manufacture or importation and sale of quality footwear since 1882.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements regarding Phoenix Footwear’s ability to repay its bank debt in a timely manner, future growth and performance of its individual brands, expected financial performance and condition for fiscal 2016 and/or statements preceded by, followed by or that include the words “believes,”“could,”“expects,”“anticipates,”“estimates,”“intends,”“plans,”“projects,”“seeks,”“exploring,” or similar expressions. Although Phoenix Footwear believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Phoenix Footwear or any other person that the objectives and plans of Phoenix Footwear will be achieved. All forward-looking statements included in this press release speak only as of the date of this press release and are based on Phoenix Footwear's current expectations and projections about future events, based on information available at the time of the release, and Phoenix Footwear expressly disclaims any obligation to release publicly any update or revision to any forward-looking statement contained herein if there are changes in Phoenix Footwear’s expectations or if any events, conditions or circumstances on which any such forward-looking statement is based.

 
Phoenix Footwear Group, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
   
 
 
 
(Unaudited)
July 2, 2016 January 2, 2016
ASSETS
 
Current assets:
Cash and cash equivalents $ 283 $ 283
Accounts receivable, net 2,341 2,812
Inventories, net 11,203 10,363
Other current assets   477   407
Total current assets 14,304 13,865
 
Property, plant and equipment, net 43 54
Capital leased asset 477 515
Other assets   135   161
TOTAL ASSETS $ 14,959 $ 14,595
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Notes payable, current $ 5,165 $ 5,156
Accounts payable 4,204 2,974
Accrued expenses 846 805
Current portion of long term debt   435   446
Total current liabilities 10,650 9,381
 
Convertible notes payable 1,350 1,350
Term notes payable 257 444
Capital lease obligation 478 502
Other non-current liabilities   187   198
Total liabilities 12,922 11,875
 
Stockholders' equity   2,037   2,720
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 14,959 $ 14,595

 

 

         
Phoenix Footwear Group, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
 
 
 
(Unaudited)
Three Months Ended
 
July 2, 2016 July 4, 2015
Net sales $ 4,242 100% $ 4,058 100%
Cost of goods sold   2,680 63%   2,917 72%
 
Gross profit 1,562 36.8% 1,141 28.1%
 
Operating expenses:
Selling, general and administrative expenses 1,941 46% 1,629 40%
Goodwill and intangible impairment charges   - - %   - 0%
Total operating expenses   1,941 46%   1,629 40%
 
Operating loss (379) -9% (488) -12%
 
Interest expense, net   160 4%   163 4%
 
Loss before income taxes (539) -13% (651) -16%
 

Income tax (benefit) expense

  - 0%   - - %
Net loss $ (539) -13% $ (651) -16%
 
Loss per share:
Basic
Continuing operations $ (0.04) $ (0.08)
Net loss $ (0.04) $ (0.08)
Diluted
Continuing operations $ (0.04) $ (0.08)
Net loss $ (0.04) $ (0.08)
 
Weighted-average shares outstanding:
Basic 12,488 8,418
Diluted 12,488 8,418
 
Phoenix Footwear Group, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
         
 
 
(Unaudited)
Six Months Ended
 
July 2, 2016 July 4, 2015
Net sales $ 9,743 100% $ 10,730 100%
Cost of goods sold   6,095 63%   7,216 67%
 
Gross profit 3,648 37% 3,514 33%
 
Operating expenses:
Selling, general and administrative expenses   4,084 42%   3,724 35%
Total operating expenses   4,084 42%   3,724 35%
 

Operating (Loss) Income

(436) -5% (210) -2%
 
Interest expense, net   301 3%   480 4%
 
Loss before income taxes and discontinued operations (737) -8% (690) -6%
 
Income tax (benefit) expense   - 0%   - - %
 
Net loss $ (737) -8% $ (690) -6%
 
 
 
Loss per share:
 
Basic and diluted
Continuing operations $ (0.06) $ (0.08)
Net loss $ (0.06) $ (0.08)
 
Weighted-average shares outstanding:
Basic and diluted 12,453 8,398