EXHIBIT 99.1
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FOR IMMEDIATE RELEASE:
OLD TOWN, Maine, March 18, 2003 -- Phoenix Footwear Group, Inc. (Amex: PXG)
today commented on its recent bid for Antigua Enterprises, Inc. (TSX Venture:
ANE). The Company also updated its earnings outlook for 2003.
On January 8, 2003, Phoenix Footwear announced that it had sent a letter to the
Board of Directors of Antigua Enterprises, Inc. in which Phoenix Footwear
offered to acquire Antigua through a tax-free merger. Following this
announcement, Phoenix Footwear engaged in negotiations with Antigua's
management and Board which resulted in improved terms for Antigua's
shareholders. On March 14, 2003 Antigua reported that it entered into an
agreement to sell a controlling interest in the company to Ashley NA, LLC,
rather than merge with Phoenix Footwear. "We are disappointed that Antigua's
Board rejected our offer," stated Mr. Riedman. "We believed our bid to be
superior both strategically and financially. We are currently exploring all of
our options."
The Company also announced that for the 12 months ended December 31, 2003, it
expects to generate earnings, after one-time charges, in a range of $1.10 to
$1.20 per fully diluted share. The Company expects to record non-recurring
charges of approximately $1 million or $0.30 per fully diluted share during the
first half of 2003 associated with the previously announced relocation of the
Company's headquarters, as well as fees and expenses related to the Company's
bid for Antigua Enterprises. Excluding these non-recurring charges, the Company
is expected to report fully diluted earnings per share of approximately $1.40
to $1.50 for the full year 2003.
"Despite the difficult economic environment, we continue to forecast growth in
revenues and profitability in the current year" stated James Riedman, CEO of
Phoenix Footwear. "We expect to generate a 20% to 30% increase in our fully
diluted earnings per share, after one-time charges. This is in line with our
previous guidance on an operating basis. On the top-line, we are continuing to
feel the impact of the retail slowdown in January and February, but we are
encouraged with order trends for the second half of 2003 and we still foresee
revenue growth for the full year."
About Phoenix Footwear Group, Inc.
Phoenix Footwear Group, Inc., based in Old Town, Maine, designs, develops and
markets casual and dress footwear for women and men. The Company's premium
footwear brands include the Trotters(R) and SoftWalk(R) lines. The Company was
ranked by Footwear News as the fastest growing footwear firm during the
three-year period of 1999 to year-end 2001. Formerly known as Daniel Green
Company (Nasdaq: DAGR), Phoenix Footwear Group is now traded on the American
Stock Exchange under the symbol PXG.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to
be covered by the safe harbors created thereby.
Investors are cautioned that all forward-looking statements involve risks and
uncertainty with respect to the matters referred to in this press release,
statements concerning Phoenix Footwear Group's outlook for the future, and
other statements of beliefs, future plans and strategies or anticipated events,
and similar expressions concerning matters that are not historical facts.
Although Phoenix Footwear believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of the
assumptions could be inaccurate, and therefore, there can be no assurance that
the forward-looking statements included in this press release will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such information
should not be regarded as a representation by Phoenix Footwear or any other
person that the objectives and plans of Phoenix Footwear will be achieved.