Phoenix Footwear Group, Inc. reported final profit for the third quarter of fiscal 2009 was $60,000, or 1 penny per share, compared to a net loss of $2.1 million in the year-ago period.
The company previously announced a preliminary net profit of $310,000 for the third quarter. The final net profit was reflecting an additional charge arising solely from closing transaction costs relating to the company's divestiture of certain discontinued operations.
Net sales for PXG were $5.5 million, down 32% from net sales of $8.0 million a year ago. The company also reported a loss from continuing operations of $1.0 million, or 12 cents per share, compared to a loss of $1.4 million a year ago. Included in this loss is $303,000 in amortized financing exit fees, $180,000 of payroll related expenses for terminated employees, and $115,000 for financial consulting and other fees.
The company reported a funded bank debt balance of $2.6 million at the end of the third quarter, which is a reduction of $5.4 million from the second quarter.
Phoenix also announced that it has entered into a Fifth Amendment to Credit and Security Agreement with Wells Fargo Bank.
