Phoenix Footwear Group Inc. has announced consolidated results for the fourth quarter and full year ended January 1, 2005.

Net sales for the fourth quarter increased 83% totalling $20.7 million compared with $11.3 million for the fourth quarter of 2003. This increase includes $6.9 million of new revenue associated with the Altama brand acquisition, completed during the third quarter of 2004. Excluding Altama, Phoenix's Trotters, SoftWalk, H.S. Trask and Royal Robbins brands generated organic growth of 12.9% during the fourth quarter compared to pro forma net sales for these brands during the prior year quarter. The company's financial results for the fourth quarter of 2004 resulted in a net loss of $624,000 compared to net income of $108,000 for the fourth quarter of 2003. Gross margin for the 2004 fourth quarter was 35.4%, compared to 43.1% for the fourth quarter of 2003.

For the full year ended January 1, 2005, net sales increased 95% totalling $76.4 million versus $39.1 million for the full year 2003. Net income for the full year 2004 was $3.0 million, compared to net income of $941,000 for the full year 2003. Excluding Altama, net sales for Trotters, SoftWalk, H.S. Trask and Royal Robbins brands generated organic growth of 5.5% during the full year 2004 compared to pro forma net sales for these brands during the prior year period. Gross margin for the full year 2004 was 41.3%, compared to 42.5% for the full year 2003.

For the full year 2005 the company expects to report overall revenues of $90 to $95 million.

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