Phoenix Footwear Widens Loss

Phoenix Footwear Group Inc.’s losses mounted during its second quarter ended June 30.

For the period, the Delaware firm, which trades on the Pink OTC markets, lost $470,000, or 6 cents a share, versus a loss of $215,000, or 3 cents, the same period a year ago.

During the quarter, net sales slipped to $3.15 million from $3.2 million.

The firm’s cash balance slid to $27,000 from $41,000 as of Dec. 31, but it has no significant debt.

On July 30, the company entered into a new three-year loan agreement with AloStar Bank of Commerce, an Alabama bank, which provides for up to $7.25 million in borrowing capacity.

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