US: Phoenix Footwear in credit talks after positive Q1
By Richard Woodard | 8 May 2012
- Q1 net profit of US$261,000, versus $436,000 loss
- Net sales up 18.4% to $5.7m
- In talks with lenders after credit breach
Phoenix Footwear Group is “actively engaged” in discussions over its credit facility after admitting that it was in breach of its loan agreement at the end of 2011.
The US company, which reported its first quarter and full year results, said a failure to refinance its debts could raise “significant uncertainty” about its ability to continue as a going concern.
The announcement came as Phoenix reported a profit for the first quarter of 2012, reversing last year’s loss, and a double-digit sales lift, driven by a 45%-plus increase in revenues from its SoftWalk brand.
This, the company said, had been boosted by stronger customer demand and improved on-time deliveries from third party manufacturers.
Meanwhile, Phoenix reported a full-year net loss of US$1.7m for 2011, down from $4.1m, with sales down 4% to $15.9m.
SoftWalk revenues had fallen 12.4%, the company said, but Trotters sales were up 1.4%.
Companies: Phoenix Footwear
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