Phoenix Footwear Group is predicting that 2006 second quarter net sales will be over $34 million, more than double the $15.4 million recorded in the second quarter of 2005. The expected increase is from both organic growth and newly acquired business units. The organic growth rate for net sales is estimated to be in the mid 20% range. Altama and Royal Robbins were said to be the leading growth drivers.
In addition, the company expects to swing to profitability for the quarter, generating net earnings in the range of 1 penny to 2 cents per diluted share, not including a one-time severance charge of approximately $800,000. With this charge, the company expects to report a net loss of three cents to five cents per share. The company reported a net loss of 14 cents per share for the same period a year ago.
