Phoenix Footwear Announces Preliminary First Quarter 2008 Financial Results
[2008-4-15]
Phoenix Footwear Group, Inc. , a multi-brand footwear and accessories company, announced consolidated results on a preliminary basis for the first quarter of fiscal 2008 and its fourth quarter and full year results for the fiscal year ended December 29, 2007.
"Fiscal 2007 was an important transitional time for our Company, and we are very pleased with the success we achieved in executing each aspect of our revitalization plan," commented Cathy Taylor, Phoenix Footwear's Chief Executive Officer. "During the year, we significantly strengthened our management team, invested additional resources in our product design, and improved our sourcing and procurement capabilities, which are resulting in noticeable improvements in gross margins and accelerated growth across multiple brands. Additionally, we have dramatically improved our balance sheet, increasing our tangible net worth by over $30 million, increasing our working capital by over $28 million and repaying the majority of our bank debt. We are confident that the strengthened and focused portfolio of our remaining product lines, as well as the dramatically improved capital structure, position us well for supporting our growth plans and creating value for our shareholders in 2008 and beyond."
"Fiscal 2007 was an important transitional time for our Company, and we are very pleased with the success we achieved in executing each aspect of our revitalization plan," commented Cathy Taylor, Phoenix Footwear's Chief Executive Officer. "During the year, we significantly strengthened our management team, invested additional resources in our product design, and improved our sourcing and procurement capabilities, which are resulting in noticeable improvements in gross margins and accelerated growth across multiple brands. Additionally, we have dramatically improved our balance sheet, increasing our tangible net worth by over $30 million, increasing our working capital by over $28 million and repaying the majority of our bank debt. We are confident that the strengthened and focused portfolio of our remaining product lines, as well as the dramatically improved capital structure, position us well for supporting our growth plans and creating value for our shareholders in 2008 and beyond."
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