ROCKY BRANDS, INC. |
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Company Contact:
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Jim McDonald | |
Chief Financial Officer | ||
(740) 753-1951 | ||
Investor Relations:
|
Integrated Corporate Relations, Inc. | |
Brendon Frey/Chad Jacobs | ||
(203) 682-8200 |
September 30, 2007 | December 31, 2006 | September 30, 2006 | ||||||||||
Unaudited | Unaudited | |||||||||||
ASSETS: |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ | 2,707,273 | $ | 3,731,253 | $ | 2,327,977 | ||||||
Trade receivables-net |
81,279,819 | 65,259,580 | 81,054,978 | |||||||||
Other receivables |
1,064,827 | 1,159,444 | 987,939 | |||||||||
Inventories |
85,081,978 | 77,948,976 | 87,710,315 | |||||||||
Deferred income taxes |
3,902,775 | 3,902,775 | 133,783 | |||||||||
Income tax receivable |
2,743,633 | 3,632,808 | 10,873 | |||||||||
Prepaid expenses |
1,494,045 | 1,581,303 | 2,320,048 | |||||||||
Total current assets |
178,274,350 | 157,216,139 | 174,545,913 | |||||||||
FIXED ASSETS-net |
25,233,363 | 24,349,674 | 24,245,710 | |||||||||
DEFERRED PENSION ASSET |
53,866 | 13,564 | 1,563,639 | |||||||||
IDENTIFIED INTANGIBLES & GOODWILL |
61,548,322 | 61,979,659 | 62,844,903 | |||||||||
OTHER ASSETS |
2,618,442 | 2,796,776 | 2,815,654 | |||||||||
TOTAL ASSETS |
$ | 267,728,343 | $ | 246,355,812 | $ | 266,015,819 | ||||||
LIABILITIES AND SHAREHOLDERS EQUITY: |
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CURRENT LIABILITIES: |
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Accounts payable |
$ | 15,514,243 | $ | 10,162,291 | $ | 16,290,173 | ||||||
Current maturities-long term debt |
318,024 | 7,288,474 | 7,282,374 | |||||||||
Accrued expenses: |
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Taxes-other |
571,718 | 552,782 | 255,598 | |||||||||
Other |
6,150,386 | 3,643,503 | 3,606,520 | |||||||||
Total current liabilities |
22,554,371 | 21,647,050 | 27,434,665 | |||||||||
LONG TERM DEBT-less current maturities |
122,438,442 | 103,203,107 | 120,040,154 | |||||||||
DEFERRED INCOME TAXES |
17,009,025 | 17,009,025 | 13,477,939 | |||||||||
DEFERRED LIABILITIES |
335,534 | 368,580 | 379,144 | |||||||||
TOTAL LIABILITIES |
162,337,372 | 142,227,762 | 161,331,902 | |||||||||
SHAREHOLDERS EQUITY: |
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Common stock, no par value; 25,000,000 shares authorized; issued and outstanding September 30, 2007 - 5,488,293; December 31, 2006 - 5,417,198; September 30, 2006 - 5,405,098 |
53,897,100 | 53,238,841 | 52,723,651 | |||||||||
Accumulated other comprehensive loss |
(916,463 | ) | (993,182 | ) | | |||||||
Retained earnings |
52,410,334 | 51,882,391 | 51,960,266 | |||||||||
Total shareholders equity |
105,390,971 | 104,128,050 | 104,683,917 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
$ | 267,728,343 | $ | 246,355,812 | $ | 266,015,819 | ||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
NET SALES |
$ | 82,308,547 | $ | 78,114,725 | $ | 202,763,235 | $ | 192,937,394 | ||||||||
COST OF GOODS SOLD |
53,030,023 | 45,998,535 | 123,477,571 | 111,831,955 | ||||||||||||
GROSS MARGIN |
29,278,524 | 32,116,190 | 79,285,664 | 81,105,439 | ||||||||||||
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES |
25,108,505 | 22,606,038 | 70,222,025 | 65,166,515 | ||||||||||||
INCOME FROM OPERATIONS |
4,170,019 | 9,510,152 | 9,063,639 | 15,938,924 | ||||||||||||
OTHER INCOME AND (EXPENSES): |
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Interest expense |
(2,943,139 | ) | (2,883,656 | ) | (8,786,060 | ) | (8,295,285 | ) | ||||||||
Other-net |
131,365 | 73,056 | 95,364 | 131,518 | ||||||||||||
Total other-net |
(2,811,774 | ) | (2,810,600 | ) | (8,690,696 | ) | (8,163,767 | ) | ||||||||
INCOME BEFORE INCOME TAXES |
1,358,245 | 6,699,552 | 372,943 | 7,775,157 | ||||||||||||
INCOME TAX EXPENSE/(BENEFIT) |
209,000 | 2,480,000 | (155,000 | ) | 2,878,000 | |||||||||||
NET INCOME |
$ | 1,149,245 | $ | 4,219,552 | $ | 527,943 | $ | 4,897,157 | ||||||||
NET INCOME PER SHARE |
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Basic |
$ | 0.21 | $ | 0.78 | $ | 0.10 | $ | 0.91 | ||||||||
Diluted |
$ | 0.21 | $ | 0.76 | $ | 0.09 | $ | 0.88 | ||||||||
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING |
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Basic |
5,484,923 | 5,400,647 | 5,472,233 | 5,386,254 | ||||||||||||
Diluted |
5,594,707 | 5,553,028 | 5,590,879 | 5,588,616 | ||||||||||||