Phoenix Footwear Group Inc announced consolidated results for its fourth quarter and fiscal year ended December 30, 2006.
Net sales for the fourth quarter of fiscal 2006 decreased 12.8% to $28.9 million compared to $33.2 million for the fourth quarter of fiscal 2005. The Company reported net sales increases of 26.2% and 11.5% in Royal Robbins and H.S. Trask, respectively, which were offset by declines in the other brands.
For fiscal 2006, net sales increased 28.8% to $140.6 million, compared to $109.2 million for the comparable period last year. The Company reported full- year organic growth of 3.9%, which excludes the Chambers Belt and Tommy Bahama Footwear brands that were acquired during June 2005 and August 2005, respectively. The positive organic growth was due to a 27.8% increase in Royal Robbins net sales, which was partially offset by declines in the Company's other brands.
For the fourth quarter of fiscal 2006, the Company reported a net loss of $23.4 million, or $2.95 per share, on 7.9 million fully diluted weighted- average shares outstanding, compared to net income of $71,000, or $0.01 per share, on 8.3 million fully diluted weighted-average shares outstanding for the comparable quarter during the previous fiscal year. In the fourth quarter of 2006, the Company recorded a non-cash intangible impairment charge of $23.5 million, or $2.42 per diluted share, associated with its Premium Footwear and Military Boot segments.
For fiscal2006, the Company's net loss totaled $20.4 million, or $2.58 per share, on 7.9 million fully diluted weighted-average shares outstanding, compared to net income of $1.2 million, or $0.15 per share, on 8.1 million fully diluted weighted-average shares outstanding for fiscal 2005. Excluding the non-cash intangible impairment charge, the Company's net loss for fiscal 2006 was $1.2 million, or $0.15 per diluted share.
Phoenix Footwear Group Inc
marketing@alchempro.com
