Phoenix Footwear Group Inc, a multi-brand footwear, apparel and accessories company, announced today consolidated results for the first quarter ended April 1, 2006.
Net sales for the first quarter ended April 1, 2006 increased 52.8 percent to $40.3 million, compared to $26.4 million for the first quarter of 2005.
The strong top-line performance during the first quarter was attributable to robust growth from the Royal Robbins and H.S. Trask brands, as well as significant contributions from Altama, Tommy Bahama and Chambers.
The Company's organic growth of 7.3 percent excludes the Tommy Bahama and Chambers brands as these were acquired in the last twelve months.
This revenue reflects a 29.0 percent increase in Royal Robbins, a 16.2 percent increase in H.S. Trask, and a 5.4 percent increase in Altama, offset by declines in its Trotters and SoftWalk brands.
Net income for the first quarter was $3.0 million, or $0.37 per diluted share, on 8.2 million weighted-average shares outstanding, compared to net income of $1.2 million, or $0.15 per diluted share, on 7.9 million weighted-average shares outstanding, for the comparable quarter a year ago.
Included in net income is a $1.5 million gain associated with a purchase price adjustment for Altama. Excluding this gain, earnings per diluted share were $0.19, an increase of 27 percent.
Previously the Company announced that it has accepted the resignation of President and Chief Executive Officer, Rick White.
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