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For Immediate Release |
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2003 |
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$33 |
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#458552 |
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PHOENIX FOOTWEAR GROUP, INC.
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FOR IMMEDIATE RELEASE
PHOENIX FOOTWEAR GROUP, INC. ANNOUNCES
THIRD QUARTER 2003 RESULTS
Carlsbad, California, October 21, 2003 -- Phoenix Footwear Group, Inc. (Amex:
PXG) announced today consolidated results for the third quarter ended September
27, 2003. Net sales totaled $11.0 million versus $9.5 million for the third
quarter of 2002, an increase of $1.5 million or 15.6%. Gross Profit for the
third quarter increased to $4.5 million as compared to $3.8 million for the
prior year quarter, an increase of 18.9%. The increase in net sales for the
third quarter of 2003 is primarily a result of the H.S. Trask(R) and Ducks
Unlimited(R) footwear lines that were acquired on August 7, 2003.
The Company's financial results for the third quarter of 2003 resulted in net
income of $1.1 million. Net income was impacted as a result of a $285,000 excise
tax refund associated with the 2001 Penobscot pension plan reversion, offset by
expenses totaling $109,000 related to the H.S. Trask & Co. acquisition and
corporate relocation costs. Net income per diluted share was $0.26 for the
current quarter and included $0.05 per share from the excise tax refund, offset
by acquisition and corporate relocation costs. Net income per diluted share for
the comparable prior year quarter was $0.14 and included ($0.03) per share in
asset impairment charges.
Net income per diluted share was $0.20 for the nine month period ended September
27, 2003 and included ($0.26) per share in litigation settlement, acquisition,
and corporate relocation costs totaling $1.9 million, offset by a $285,000
excise tax refund. Net income per diluted share for the comparable prior year
period was $0.39 and included ($0.03) per share in asset impairment charges.
The per share amounts for the quarter and nine months ended September 27, 2003
include the weighted average share effect of the 699,980 shares of newly issued
common stock associated with the H.S. Trask & Co. acquisition. Additionally, all
per share amounts reflect the Company's 2 for 1 stock split which was effective
May 22, 2003.
Greg A. Tunney, President and COO, commented, "Our third quarter revenue growth
reflects the addition of the H.S. Trask(R) and Ducks Unlimited(R) brands during
the quarter, offset by the soft environment in the footwear market. However, due
to our strict emphasis on product discipline, inventory management and cost
controls we were able to maintain a healthy 41% gross profit margin. With the
overall retail environment showing improvement, we are optimistic that our
organic sales growth can rebound during the fourth quarter and our underlying
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