Rocky Brands to Present at the 12th Annual ICR XChange Conference
Company Announces Consolidation of Operations
NELSONVILLE, Ohio--(BUSINESS WIRE)-- Rocky Brands, Inc. (Nasdaq: RCKY) today announced that the Company will make a presentation at the 12th Annual ICR XChange Conference at The St. Regis Monarch Bay Resort & Spa in Dana Point, California. The presentation is scheduled for Wednesday, January 13, 2010 at 10:30 a.m. Pacific Time. The presentation will be simultaneously broadcast on the Internet and will be available at www.rockybrands.com and http://investor.shareholder.com/icr/2010/eventdetail.cfm?eventid=76123.
The Company also announced that it recently closed fifteen mini warehouses that it operated under its Lehigh retail division and relocated their customer service center to their headquarters in Nelsonville from Nashville. The Company estimates that the annual cost savings from these actions will be approximately $2.0 million. The Company recorded a pre-tax charge of approximately $0.7 million during the fourth quarter in association with the closings and relocation.
Mike Brooks, Chairman and Chief Executive Officer, commented, "Our technology investments over the past several years continue to yield positive savings in our Lehigh division. By developing a viable internet platform to conduct our retail transactions we are now able to fulfill a greater percentage of our retail orders directly from our centralized warehouse. This has allowed us to reduce the number of mobile stores in operation and more recently close several mini warehouses that support those vehicles. We move forward focused on successfully executing our retail strategy and improving the profitability of this division."
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 cost savings (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, 2008 (filed March 3, 2009) and the Company's quarterly report on Form 10-Q for the quarters ended March 31, 2009 (filed May 4, 2009), June 30, 2009 (filed July 31, 2009) and September 30, 2009 (filed October 30, 2009). 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 January 11, 2010
