USA: Phoenix Footwear Doubles Q3 Sales
Phoenix Footwear Group Inc has more than doubled its third quarter net sales, boosted by its acquisition of military boot maker Altama in July.
Net sales for the third quarter increased 110.9 per cent to $23.2 million from $11.0 million for the third quarter of 2003.The Altama brand contributed $6.7 million of new revenue.
Excluding Altama, Phoenix's Trotters, SoftWalk, HS Trask, and Royal Robbins brands generated flat organic growth during the third quarter the company said.
Pre-tax income for the third quarter ended 25 September 2004 increased to $2.7 million, from $1.7 million in the third quarter of 2003.
Net income per diluted share was $0.24, compared to net income per diluted share of $0.26 for the prior year quarter.
Net income for the prior year quarter included a $285,000 non-taxable excise tax refund offset by $109,000 in acquisition and corporate relocation costs or $0.05 per diluted share.
Gross margin for the current year third quarter was 42.4 per cent, versus 41.3 per cent for the third quarter in 2003.
Looking ahead, Kenneth Wolf, chief financial officer, said the company has revised its financial guidance for 2004. "We now expect overall revenues of $70 to $75 million for the full year 2004, compared to our prior guidance of $79 to $89 million.
"In addition we now expect full-year 2004 diluted EPS of $0.65 to $0.70."
Companies: Phoenix Footwear Group Inc
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