Phoenix Footwear Group Inc, a multi-brand footwear, apparel and accessories company, announced preliminary financial results for the quarter ended July 1, 2006.
Based on preliminary estimates, Phoenix anticipates its total net sales to be over $34 million for the second quarter of 2006 versus $15.4 million for the second quarter of 2005, reflecting both organic growth and newly acquired business units.
The organic growth rate for net sales is estimated to be in the mid 20% range. In addition, it expects to generate net earnings for the quarter in the range of $0.01 to $0.02 per diluted share, before a one-time severance charge of approximately $800,000. With this charge the company expects to report a net loss of $0.03 to $0.05 per share. It reported a net loss of $0.14 per share for the same period a year ago.
"The preliminary second quarter results reflect significant progress in our multi-brand strategy," said James Riedman, Phoenix's Chairman and CEO.
"During the quarter we generated robust organic growth. In fact, four of our five brands grew, led by Altama and Royal Robbins. We continued to expand our distribution, strengthen our management group, streamline operating efficiencies and optimize our manufacturing and sourcing capabilities. We are very excited about the growth opportunities ahead and are committed to further building shareholder value."
The company also announced that it will report its financial results for the second quarter after the market closed on Monday, August 14, 2006. James Riedman, Chairman and CEO, and Kenneth Wolf, CFO, will host a conference call to discuss the results on the same day at 4:30 pm Eastern Time.
marketing@alchempro.com
