Phoenix Footwear Group net sales from continuing operations for Q3
decreased 5% to $26 million from $27.3 million a year ago, reflecting a
25% decrease in the Chambers belt business. Net income reached $11.1
million, or $1.23 a share, thanks to $14.1 million, or $1.57, after-tax
gain from the sale of the Royal Robbins brand. As reported, Royal
Robbins was sold to Kellwoods American Recreation for $38 million. For
Q3 of 2006, net income was $343,000, or 4 cents a share.
The decline in its Chambers, Altama and Trotters businesses was
partially offset by increases in its H.S. Trask, SoftWalk and Tommy
Bahama brands. Management said the sale of Royal Robbins enabled the
company to cut its debt load by more than half.
