H.S. Trask performs better in Q2, says Phoenix Footwear
05 Aug '05
9 min read
Women's casual and dress shoes designing firm Phoenix Footwear Group Inc announced consolidated results for the second quarter ended July 2, 2005. Net sales for the second quarter increased 10.6% to $15.4 million compared to $13.9 million for the second quarter of 2004.
The Company's financial results for the second quarter of 2005 resulted in a net loss of $1.0 million or $0.14 per diluted share compared to net income of $643,000 or $0.12 per diluted share for the second quarter of 2004. Gross margin for the second quarter of 2005 was 38%, compared to 45% for the second quarter of 2004.
James R. Riedman, Chairman, commented, "Our second quarter results were in line with their revised expectations, reflecting softness at their Altama and Trotters units and, to a lesser extent, the impact of a poor Spring sandal selling season at retail which affected their SoftWalk brand. Nonetheless, they anticipate posting revenue growth at the majority of their brands in the second half of 2005.
They also expect to return to profitability in the current quarter and full year. Several factors support their improved outlook, principally the recent resumption of government orders for military boots at Altama, healthy demand for their Fall product lines at Royal Robbins and SoftWalk and an ongoing turnaround at H.S. Trask.
They will also benefit from the addition of their recent acquisition of the Chambers Belt Company, which they expect to add approximately $40 million in annualized revenues to their results. As they integrate the Chambers operations and focus on improving their performance across all of their brands, they anticipate generating increased value for their shareholders."
marketing@alchempro.com
