Business
Phoenix Footwear Reports First Quarter Fiscal 2014 Results
Phoenix Footwear Reports First Quarter Fiscal 2014 Results.
About this update from Phoenix Footwear Group, Inc.
[{"type":"text","content":"Phoenix Footwear \nReports first Quarter 2014 results\n \n \nCARLSBAD, Calif., May 05, 2014 -- Phoenix Footwear Group, Inc. (OTCMarkets.com: PXFG) today reported results for the first quarter ended March 29, 2014. \n \nCOMPANY GENERATES NET INCOME OF $0.02 PER SHARE, OR $0.01 PER SHARE FULLY DILUTED.\n \nFirst Quarter 2014\n \n \n? Net income of $171,000, or $0.02 per share for the first quarter of fiscal 2014, a decrease of $88,000 or $0.01 per share when compared to Net income of $259,000 for the first quarter of fiscal 2013. \n? Net sales for the first quarter of fiscal 2014 decreased 1.4% to $5.7 million compared to $5.8 million for the first quarter of fiscal 2013.\n? Earnings before interest, taxes, depreciation and amortization (?EBITDA?) for the first quarter of fiscal 2014, were $382,000 compared to $512,000 for first quarter of fiscal 2014.\n? The Company continued to expand its distribution of Meredith, the Grey?s Anatomy by SoftWalk footwear line for professional caregivers. It is now available in more than 300 uniform and medical retailers.\n \n \n \nFirst Quarter 2014\n \nFor the first quarter of fiscal 2014 ended March 29, 2014, net sales decreased 1.4% or $80,000 to $5.7 million from $5.8 million when compared to the first quarter of fiscal 2013 ended March 30, 2013. The unusually cold weather, and extended winter throughout most of the country, adversely impacted the Company?s sales of scandalized footwear. The Company does expect its sales of sandals to normalize during the second quarter and to generate growth for the first half of this year. \n \nGross profit for the first quarter of fiscal 2014 decreased $27,000 or 1.3% to $2.11 million from $2.14 million when compared to the first quarter of fiscal 2012. Gross profit as a percentage of net sales for the first quarter of fiscal 2014 and 2013 was 36.9%. \n \nSelling, general and administrative expenses or SG&A, increased to $1.8 million during the first quarter of fiscal 2014 compared to $1.7 million for first quarter of fiscal 2013. SG&A as a percentage of net sales increased to 31.0% for the first quarter of fiscal 2014, compared to 28.9% for the first quarter of fiscal 2013. The 5.7% increase in SG&A was primarily attributable to the planned expansion of G...