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.