Rocky Brands, Inc. Announces Follow on Orders of Military Boots
NELSONVILLE, Ohio--(BUSINESS WIRE)-- Rocky Brands, Inc. (Nasdaq: RCKY) today announced that it has received an additional order to produce approximately 45,000 pairs of insulated boots with an approximate value of $3.2 million under the $29 million blanket purchase agreement with the General Services Administration (GSA) that was announced in August 2009. There is $11.3 million remaining under the $29 million blanket purchase agreement. Also, the Company has received an additional order to produce approximately 8,000 pairs of "Hot Weather" boots with an approximate value of $0.5 million under a contract with the U.S. Military that was announced in July 2007. Shipment of these orders is expected to be completed in 2010. All of these boots will be manufactured in the Company's factory in Moca, Puerto Rico.
Mike Brooks, Chairman and Chief Executive Officer, stated, "Expanding sales in our military segment is a key component of our future growth strategy. These additional orders will contribute to the achievement of our growth objectives for 2010 while at the same time help to offset cost increases through better utilization of our company-operated facility in Puerto Rico. We are optimistic that our ability to produce high quality boots for this market will result in further orders from the traditional contract and bid process as well as through our direct sales efforts."
The Company is currently in the process of fulfilling the initial $14.5 million order it received under the $29 million blanket purchase agreement with the GSA that was announced in August 2009.
About Rocky Brands, Inc.
Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky(R), Georgia Boot(R), Durango(R), Lehigh(R), and the licensed brands Michelin(R) and Mossy Oak(R).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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 and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management and include statements in this press release regarding additional orders (paragraph 2). These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the various risks inherent in the Company's business as set forth in periodic reports filed with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2009 (filed March 2, 2010) and quarterly report on Form 10-Q for the period ended March 31, 2020 (filed May 3, 2010). One or more of these factors have affected historical results, and could in the future affect the Company's businesses and financial results in future periods and could cause actual results to differ materially from plans and projections. 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 Company, or any other person should not regard the inclusion of such information as a representation that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.
Source: Rocky Brands, Inc.
Released May 27, 2010
