| ROCKY BRANDS, INC. | ||||
| Company Contact: | Jim McDonald | |||
| Chief Financial Officer | ||||
| (740) 753-1951 | ||||
| Investor Relations: | Integrated Corporate Relations, Inc. | |||
| Brendon Frey/Chad Jacobs | ||||
| (203) 682-8200 |
| March 31, 2008 | December 31, 2007 | March 31, 2007 | ||||||||||
| Unaudited | Unaudited | |||||||||||
ASSETS: |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ | 4,407,629 | $ | 6,537,884 | $ | 1,776,893 | ||||||
Trade receivables — net |
56,189,187 | 65,931,092 | 58,953,715 | |||||||||
Other receivables |
947,296 | 674,707 | 1,222,207 | |||||||||
Inventories |
79,841,429 | 75,403,664 | 71,831,189 | |||||||||
Deferred income taxes |
1,952,536 | 1,952,536 | 3,902,775 | |||||||||
Income tax receivable |
607,910 | 719,945 | 3,079,485 | |||||||||
Prepaid expenses |
3,049,971 | 2,226,920 | 1,873,910 | |||||||||
Total current assets |
146,995,958 | 153,446,748 | 142,640,174 | |||||||||
FIXED ASSETS — net |
23,943,273 | 24,484,050 | 23,897,559 | |||||||||
IDENTIFIED INTANGIBLES & GOODWILL |
36,361,267 | 36,509,690 | 61,841,219 | |||||||||
OTHER ASSETS |
2,099,762 | 2,284,039 | 2,443,355 | |||||||||
TOTAL ASSETS |
$ | 209,400,260 | $ | 216,724,527 | $ | 230,822,307 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
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CURRENT LIABILITIES: |
||||||||||||
Accounts payable |
$ | 12,801,456 | $ | 11,908,902 | $ | 12,782,486 | ||||||
Current maturities — long term debt |
331,411 | 324,648 | 7,294,702 | |||||||||
Accrued expenses: |
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Taxes — other |
807,557 | 516,038 | 510,935 | |||||||||
Other |
5,859,974 | 5,421,083 | 5,014,352 | |||||||||
Total current liabilities |
19,800,398 | 18,170,671 | 25,602,475 | |||||||||
LONG TERM DEBT — less current maturities |
93,768,649 | 103,220,384 | 82,567,824 | |||||||||
DEFERRED INCOME TAXES |
12,951,828 | 13,247,953 | 17,009,025 | |||||||||
DEFERRED LIABILITIES |
1,217,206 | 360,928 | 312,542 | |||||||||
TOTAL LIABILITIES |
127,738,081 | 134,999,936 | 125,491,866 | |||||||||
SHAREHOLDERS’ EQUITY: |
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Common stock, no par value; |
||||||||||||
25,000,000 shares authorized; issued and
outstanding March 31, 2008 - 5,508,278; December
31, 2007 - 5,488,293;
March 31, 2007 - 5,466,543 |
54,144,545 | 53,997,960 | 53,649,754 | |||||||||
Accumulated other comprehensive loss |
(1,561,145 | ) | (1,051,232 | ) | (967,609 | ) | ||||||
Retained earnings |
29,078,779 | 28,777,863 | 52,648,296 | |||||||||
Total shareholders’ equity |
81,662,179 | 81,724,591 | 105,330,441 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 209,400,260 | $ | 216,724,527 | $ | 230,822,307 | ||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2008 | 2007 | |||||||
NET SALES |
$ | 60,484,716 | $ | 61,657,024 | ||||
COST OF GOODS SOLD |
34,535,051 | 35,576,338 | ||||||
GROSS MARGIN |
25,949,665 | 26,080,686 | ||||||
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES |
23,061,487 | 22,322,941 | ||||||
INCOME FROM OPERATIONS |
2,888,178 | 3,757,745 | ||||||
OTHER INCOME AND (EXPENSES): |
||||||||
Interest expense |
(2,406,671 | ) | (2,498,845 | ) | ||||
Other — net |
(18,592 | ) | (42,995 | ) | ||||
Total other — net |
(2,425,263 | ) | (2,541,840 | ) | ||||
INCOME/(LOSS) BEFORE INCOME TAXES |
462,915 | 1,215,905 | ||||||
INCOME TAX EXPENSE/(BENEFIT) |
162,000 | 450,000 | ||||||
NET INCOME/(LOSS) |
$ | 300,915 | $ | 765,905 | ||||
NET INCOME/(LOSS) PER SHARE |
||||||||
Basic |
$ | 0.05 | $ | 0.14 | ||||
Diluted |
$ | 0.05 | $ | 0.14 | ||||
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
||||||||
Basic |
5,507,839 | 5,457,556 | ||||||
Diluted |
5,526,479 | 5,594,930 | ||||||