Rocky Brands, Inc. Announces Second Quarter 2023 Results

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NELSONVILLE, Ohio--(BUSINESS WIRE)-- Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its second quarter ended June 30, 2023.

Second Quarter 2023 Overview

  • Net sales decreased 38.4% to $99.8 million, or $101.4 million on an adjusted basis
    • Wholesale segment sales decreased 45.5%
    • Retail segment revenue decreased 3.6%
  • Gross margin as a percentage of net sales increased 440 basis points to 37.6%
  • Operating income was $2.2 million, or $5.7 million on an adjusted basis
  • Net loss was $2.7 million, or $0.37 per diluted share
  • Inventories decreased 24.1% year-over-year
  • Total debt at June 30, 2023 was down 22.1% compared with June 30, 2022

Jason Brooks, Chairman, President and Chief Executive Officer, said “For the second quarter in a row, our sell-through performance at several of our major wholesale accounts outpaced sell-in as retailers continue to work on aligning overall inventory levels with the current market environment. Consumer response to our brand portfolio remains solid with strong full price selling and recent price increases helping drive a 440-basis point improvement in gross margin. While our year-to-date results were more challenging than anticipated due in part to ongoing industry headwinds, we believe our business is positioned for improvement over the remainder of 2023 based on consumer demand for our products, our current order book and recent conversations with key wholesale partners about their plans for the second half of the year."

Second Quarter 2023 Review

Second quarter net sales decreased 38.4% to $99.8 million compared with $162.0 million in the second quarter of 2022. Wholesale segment sales for the second quarter decreased 45.5% to $71.5 million compared to $131.2 million for the same period in 2022. Retail segment sales for the second quarter decreased 3.6% to $25.1 million compared to $26.0 million for the same period last year. Contract Manufacturing segment sales, which include contract military sales and private label programs, were $3.3 million in the second quarter of 2023 compared to $4.9 million in the prior year period. The decrease in Contract Manufacturing segment sales was due to the expiration of certain contracts with the U.S. Military. Adjusted net sales, excluding returns associated with a supplier related dispute, decreased 37.4% to $101.4 million from the same period a year ago.

Gross margin in the second quarter of 2023 was $37.6 million, or 37.6% of net sales, compared to $53.8 million, or 33.2% of net sales, for the same period last year. The 440-basis point increase in gross margin as a percentage of net sales was driven by higher Wholesale segment gross margins from the realization of pricing actions taken in the second half of 2022, as well as decreases in in-bound logistics costs, and a higher mix of Retail segment sales which carry higher gross margins than the Wholesale and Contract Manufacturing segments.

Operating expenses were $35.4 million, or 35.4% of net sales, for the second quarter of 2023 compared to $48.2 million, or 29.7% of net sales, for the same period a year ago. Adjusted operating expenses were $33.6 million in the current year period after excluding $1.7 million of acquisition related amortization and restructuring costs in the second quarter of 2023. Adjusted operating expenses were $46.0 million in the year ago period after excluding $2.1 million of acquisition related amortization, integration expenses and restructuring costs in the second quarter of 2022. The decrease in operating expenses was driven primarily by a decrease in variable expenses associated with lower sales and improved distribution center efficiencies compared with the year ago period. As a percentage of adjusted net sales, adjusted operating expenses were 33.2% in the second quarter of 2023 compared with 28.4% in the year ago period.

Income from operations for the second quarter of 2023 was $2.2 million, or 2.2% of net sales compared to $5.6 million or 3.5% of net sales for the same period a year ago. Adjusted operating income for the second quarter of 2023 was $5.7 million, or 5.6% of adjusted net sales compared to adjusted operating income of $7.7 million, or 4.8% of net sales a year ago.

Interest expense for the second quarter of 2023 was $5.6 million compared with $4.3 million a year ago. The increase reflected increased interest rates on the senior term loan and credit facility.

The Company reported a second quarter 2023 net loss of $2.7 million, or $0.37 per diluted share compared to net income of $0.9 million, or $0.12 per diluted share in the second quarter of 2022. Adjusted net income for the second quarter of 2023 was $0.0 million, or $0.00 per diluted share, compared to adjusted net income of $2.5 million, or $0.34 per diluted share in the year ago period.

Balance Sheet Review

Cash and cash equivalents were $3.1 million at June 30, 2023 compared to $5.8 million on the same date a year ago.

Total debt at June 30, 2023 was $221.7 million consisting of $91.1 million senior term loan and $133.0 million of borrowings under the Company's senior secured asset-backed credit facility. Compared with June 30, 2022 and December 31, 2022, total debt at June 30, 2023 was down 22.1% and 13.7%, respectively.

Inventories at June 30, 2023 were $218.3 million, down 24.1% compared to $287.8 million on the same date a year ago and down 7.3% compared with $235.4 million at December 31, 2022.

Conference Call Information

The Company's conference call to review second quarter 2023 results will be broadcast live over the internet today, Tuesday, August 1, 2023 at 4:30 pm Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 704-4453 (domestic) or (201) 389-0920 (international). The conference call will also be available to interested parties through a live webcast at www.rockybrands.com. Please visit the website and select the “Investors” link at least 15 minutes prior to the start of the call to register and download any necessary software.

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. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF®, and Ranger®. More information can be found at RockyBrands.com.

Safe Harbor Language

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 retailers’ ongoing alignment of overall inventory levels with the current market environment (Paragraph 2), and the positioning of the Company’s business for improvement over the remainder of 2023 (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, 2022 (filed March 10, 2023) and the quarterly report on Form 10-Q for the quarter ended March 31, 2023 (filed May 10, 2023). 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 inclusion of such information should not be regarded as a representation or warranty by the Company or any other person 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.

 

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

(Unaudited)
 

 

 

June 30,

 

 

December 31,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2022

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,082

 

 

$

5,719

 

 

$

5,802

 

Trade receivables – net

 

 

72,566

 

 

 

94,953

 

 

 

115,794

 

Contract receivables

 

 

2,990

 

 

 

-

 

 

 

-

 

Other receivables

 

 

2,225

 

 

 

908

 

 

 

224

 

Inventories – net

 

 

218,327

 

 

 

235,400

 

 

 

287,817

 

Income tax receivable

 

 

3,494

 

 

 

-

 

 

 

6,360

 

Prepaid expenses

 

 

5,522

 

 

 

4,067

 

 

 

5,216

 

Total current assets

 

 

308,206

 

 

 

341,047

 

 

 

421,213

 

LEASED ASSETS

 

 

9,362

 

 

 

11,014

 

 

 

10,376

 

PROPERTY, PLANT & EQUIPMENT – net

 

 

54,032

 

 

 

57,359

 

 

 

61,352

 

GOODWILL

 

 

47,844

 

 

 

50,246

 

 

 

50,246

 

IDENTIFIED INTANGIBLES – net

 

 

114,019

 

 

 

121,782

 

 

 

124,740

 

OTHER ASSETS

 

 

1,049

 

 

 

942

 

 

 

911

 

TOTAL ASSETS

 

$

534,512

 

 

$

582,390

 

 

$

668,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

61,225

 

 

$

69,686

 

 

$

130,246

 

Contract liabilities

 

 

2,990

 

 

 

-

 

 

 

-

 

Current Portion of Long-Term Debt

 

 

4,625

 

 

 

3,250

 

 

 

3,250

 

Accrued expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

2,791

 

 

 

1,253

 

 

 

4,869

 

Taxes – other

 

 

922

 

 

 

1,325

 

 

 

1,674

 

Accrued freight

 

 

2,491

 

 

 

2,413

 

 

 

2,290

 

Commissions

 

 

844

 

 

 

1,934

 

 

 

1,428

 

Accrued duty

 

 

6,377

 

 

 

6,764

 

 

 

12,144

 

Accrued interest

 

 

2,345

 

 

 

2,822

 

 

 

2,705

 

Income tax payable

 

 

-

 

 

 

1,172

 

 

 

-

 

Other

 

 

5,756

 

 

 

5,675

 

 

 

5,693

 

Total current liabilities

 

 

90,366

 

 

 

96,294

 

 

 

164,299

 

LONG-TERM DEBT

 

 

217,114

 

 

 

253,646

 

 

 

281,365

 

LONG-TERM TAXES PAYABLE

 

 

169

 

 

 

169

 

 

 

169

 

LONG-TERM LEASE

 

 

6,804

 

 

 

8,216

 

 

 

7,636

 

DEFERRED INCOME TAXES

 

 

8,006

 

 

 

8,006

 

 

 

10,293

 

DEFERRED LIABILITIES

 

 

1,325

 

 

 

586

 

 

 

609

 

TOTAL LIABILITIES

 

 

323,784

 

 

 

366,917

 

 

 

464,371

 

SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, no par value;

 

 

 

 

 

 

 

 

 

 

 

 

25,000,000 shares authorized; issued and outstanding June 30, 2023 - 7,354,060; December 31, 2022 - 7,339,011; June 30, 2022 - 7,313,075

 

 

70,400

 

 

 

69,752

 

 

 

68,680

 

Retained earnings

 

 

140,328

 

 

 

145,721

 

 

 

135,787

 

Total shareholders' equity

 

 

210,728

 

 

 

215,473

 

 

 

204,467

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

534,512

 

 

$

582,390

 

 

$

668,838

 
 

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share amounts)

(Unaudited)
 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

NET SALES

 

$

99,822

 

 

$

162,039

 

 

$

210,267

 

 

$

329,063

 

COST OF GOODS SOLD

 

 

62,250

 

 

 

108,288

 

 

 

128,936

 

 

 

212,486

 

GROSS MARGIN

 

 

37,572

 

 

 

53,751

 

 

 

81,331

 

 

 

116,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

35,370

 

 

 

48,155

 

 

 

74,974

 

 

 

97,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

 

2,202

 

 

 

5,596

 

 

 

6,357

 

 

 

18,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE AND OTHER INCOME/EXPENSE – net

 

 

(5,630

)

 

 

(4,323

)

 

 

(10,294

)

 

 

(8,230

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(LOSS) INCOME BEFORE INCOME TAX EXPENSE

 

 

(3,428

)

 

 

1,273

 

 

 

(3,937

)

 

 

10,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX (BENEFIT) EXPENSE

 

 

(713

)

 

 

353

 

 

 

(823

)

 

 

2,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME

 

$

(2,715

)

 

$

920

 

 

$

(3,114

)

 

$

8,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(LOSS) INCOME PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.37

)

 

$

0.13

 

 

$

(0.42

)

 

$

1.13

 

Diluted

 

$

(0.37

)

 

$

0.12

 

 

$

(0.42

)

 

$

1.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,354

 

 

 

7,313

 

 

 

7,350

 

 

 

7,310

 

Diluted

 

 

7,354

 

 

 

7,389

 

 

 

7,350

 

 

 

7,400

 
 

Rocky Brands, Inc. and Subsidiaries

Reconciliation of GAAP Measures to Non-GAAP Measures

(In thousands, except share amounts)

(Unaudited)
 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET SALES, AS REPORTED

 

$

99,822

 

 

$

162,039

 

 

$

210,267

 

 

$

329,063

 

ADD: RETURNS RELATING TO SUPPLIER DISPUTE

 

 

1,542

 

 

 

-

 

 

 

1,542

 

 

 

-

 

ADJUSTED NET SALES

 

$

101,364

 

 

$

162,039

 

 

$

211,809

 

 

$

329,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD, AS REPORTED

 

$

62,250

 

 

$

108,288

 

 

$

128,936

 

 

$

212,486

 

LESS: SUPPLIER DISPUTE INVENTORY ADJUSTMENT

 

 

(181

)

 

 

-

 

 

 

(181

)

 

$

-

 

ADJUSTED COST OF GOODS SOLD

 

$

62,069

 

 

$

108,288

 

 

$

128,755

 

 

$

212,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS MARGIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS MARGIN, AS REPORTED

 

$

37,572

 

 

$

53,751

 

 

$

81,331

 

 

$

116,577

 

ADJUSTED GROSS MARGIN

 

$

39,295

 

 

$

53,751

 

 

$

83,054

 

 

$

116,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES, AS REPORTED

 

$

35,370

 

 

$

48,155

 

 

$

74,974

 

 

$

97,785

 

LESS: ACQUISITION-RELATED AMORTIZATION

 

 

(692

)

 

 

(782

)

 

 

(1,456

)

 

 

(1,564

)

LESS: ACQUISITION-RELATED INTEGRATION EXPENSES

 

 

-

 

 

 

(132

)

 

 

-

 

 

 

(397

)

LESS: RESTRUCTURING COSTS

 

 

(1,034

)

 

 

(1,201

)

 

 

(1,034

)

 

 

(1,201

)

ADJUSTED OPERATING EXPENSES

 

$

33,644

 

 

$

46,040

 

 

$

72,484

 

 

$

94,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED OPERATING INCOME

 

$

5,651

 

 

$

7,711

 

 

$

10,570

 

 

$

21,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE AND OTHER INCOME – net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE AND OTHER INCOME, AS REPORTED

 

$

(5,630

)

 

$

(4,323

)

 

$

(10,294

)

 

$

(8,230

)

LESS: GAIN ON SALE OF BUSINESS

 

 

-

 

 

 

-

 

 

 

(1,341

)

 

 

-

 

ADJUSTED INTEREST EXPENSE AND OTHER INCOME/EXPENSE – net

 

 

(5,630

)

 

 

(4,323

)

 

 

(11,635

)

 

 

(8,230

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME, AS REPORTED

 

$

(2,715

)

 

$

920

 

 

$

(3,114

)

 

$

8,258

 

TOTAL NON-GAAP ADJUSTMENTS

 

 

3,449

 

 

 

2,115

 

 

 

2,872

 

 

 

3,162

 

TAX IMPACT OF ADJUSTMENTS

 

 

(717

)

 

 

(487

)

 

 

(600

)

 

 

(690

)

ADJUSTED NET INCOME (LOSS)

 

$

17

 

 

$

2,548

 

 

$

(842

)

 

$

10,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME PER SHARE, AS REPORTED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

$

(0.37

)

 

$

0.13

 

 

$

(0.42

)

 

$

1.13

 

DILUTED

 

$

(0.37

)

 

$

0.12

 

 

$

(0.42

)

 

$

1.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED NET INCOME (LOSS) PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

$

-

 

 

$

0.35

 

 

$

(0.11

)

 

$

1.47

 

DILUTED

 

$

-

 

 

$

0.34

 

 

$

(0.11

)

 

$

1.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

 

7,354

 

 

 

7,313

 

 

 

7,350

 

 

 

7,310

 

DILUTED

 

 

7,354

 

 

 

7,389

 

 

 

7,350

 

 

 

7,400

 

Use of Non-GAAP Financial Measures

In addition to GAAP financial measures, we present the following non-GAAP financial measures: "non-GAAP adjusted net sales", "non-GAAP adjusted net cost of goods sold," "non-GAAP adjusted operating expenses," "non-GAAP adjusted operating income," "non-GAAP adjusted interest and other income," "non-GAAP adjusted net (loss) income," and "non-GAAP adjusted net (loss) income per share." Adjusted results exclude the impact of items that management believes affect the comparability or underlying business trends in our consolidated financial statements in the periods presented. We believe that these non-GAAP measures are useful to management and investors and other users of our consolidated financial statements as an additional tool for evaluating operating performance. We believe they also provide a useful baseline for analyzing trends in our operations.

Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. See "Reconciliation of GAAP Measures to Non-GAAP Measures" accompanying this press release.

 

Non-GAAP adjustment or measure

  

Definition

  

Usefulness to management and investors

Returns relating to supplier dispute

  

Returns relating to supplier dispute consist of returns on product produced by a manufacturing supplier.

  

We excluded these returns for calculating certain non-GAAP measures because these returns are inconsistent in size with our normal course of business and are unique to the on-going dispute with the manufacturing supplier. These adjustments facilitate a useful evaluation of our current operating performance and comparison to past operating performance and provide investors with additional means to evaluate net sales trends.

Supplier dispute inventory adjustment

  

Supplier dispute inventory adjustment consists of an inventory adjustment to cost of goods sold for product produced by a manufacturing supplier.

  

We excluded this inventory adjustment to cost of goods sold for calculating certain non-GAAP measures because this adjustment is noncustomary and is unique to the on-going dispute with the manufacturing supplier. This adjustment facilitates a useful evaluation of our current operating performance and comparison to past operating performance and provides investors with additional means to evaluate net cost of goods sold trends.

Acquisition-related amortization

  

Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as brands and customer relationships acquired in connection with the acquisition of the performance and lifestyle footwear business of Honeywell International Inc. Charges related to the amortization of these intangibles are recorded in operating expenses in our GAAP financial statements. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years.

  

We excluded amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the valuation of our acquisition. These adjustments facilitate a useful evaluation of our current operating performance and comparison to past operating performance and provide investors with additional means to evaluate cost and expense trends.

Acquisition-related integration expenses

  

Acquisition-related integration expenses are expenses including investment banking fees, legal fees, transaction fees, integration costs and consulting fees tied to the acquisition of the performance and lifestyle footwear business of Honeywell International Inc.

  

We excluded acquisition-related expenses for purposes of calculating certain non-GAAP measures because the charges do not accurately reflect our current operating performance and comparisons to past operating results and provide investors with additional means to evaluate cost trends.

Restructuring Costs

  

Restructuring costs represent severance expenses associated with headcount reductions following the integration of the acquired performance and lifestyle footwear business of Honeywell International Inc in 2022 and the sale of Servus in 2023.

  

We excluded restructuring costs for purposes of calculating non-GAAP measures because these costs do not reflect our current operating performance. These adjustments facilitate a useful evaluation of our current operations performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends.

Gain on Sale of Business

  

Gain on sale of business relates to the sale of the brand Servus. This includes the disposal of non-financial assets and corresponding expenses relating to the sale of the brand along with assets held at our Rock Island manufacturing facility.

  

We excluded the disposition of non-financial assets and related expenses for purposes of calculating certain non-GAAP measures because the gain does not accurately reflect our current operating performance and comparisons to past operating results and provide investors with additional means to evaluate cost trends.

 

Company Contact:
Tom Robertson
Chief Operating Officer
(740) 753-9100

Investor Relations:
Brendon Frey
ICR, Inc.
(203) 682-8200

Source: Rocky Brands, Inc.

Released August 1, 2023