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ROCKY
BRANDS, INC.
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Company
Contact:
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Jim
McDonald
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Chief
Financial Officer
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(740)
753-1951
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Investor
Relations:
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ICR,
Inc.
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Brendon
Frey/Chad Jacobs
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(203)
682-8200
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March
31, 2009
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December
31, 2008
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March
31, 2008
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Unaudited
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Unaudited
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ASSETS:
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CURRENT
ASSETS:
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Cash
and cash equivalents
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$ | 3,321,903 | $ | 4,311,313 | $ | 4,407,629 | ||||||
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Trade
receivables – net
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47,488,146 | 60,133,493 | 56,189,187 | |||||||||
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Other
receivables
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1,806,231 | 1,394,235 | 947,296 | |||||||||
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Inventories
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78,432,082 | 70,302,174 | 79,841,429 | |||||||||
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Deferred
income taxes
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2,167,966 | 2,167,966 | 1,952,536 | |||||||||
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Income
tax receivable
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1,440,697 | 75,481 | 607,910 | |||||||||
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Prepaid
expenses
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2,137,625 | 1,455,158 | 3,049,971 | |||||||||
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Total
current assets
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136,794,650 | 139,839,820 | 146,995,958 | |||||||||
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FIXED
ASSETS – net
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24,316,954 | 23,549,319 | 23,943,273 | |||||||||
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IDENTIFIED
INTANGIBLES & GOODWILL
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30,883,011 | 31,020,478 | 36,361,267 | |||||||||
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OTHER
ASSETS
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4,005,577 | 2,452,501 | 2,099,762 | |||||||||
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TOTAL
ASSETS
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$ | 196,000,192 | $ | 196,862,118 | $ | 209,400,260 | ||||||
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LIABILITIES
AND SHAREHOLDERS' EQUITY:
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CURRENT
LIABILITIES:
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Accounts
payable
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$ | 10,443,348 | $ | 9,869,948 | $ | 12,801,456 | ||||||
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Current
maturities – long term debt
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488,271 | 480,723 | 331,411 | |||||||||
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Accrued
expenses:
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Taxes
- other
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508,430 | 641,670 | 807,557 | |||||||||
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Other
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5,376,723 | 4,261,689 | 5,859,974 | |||||||||
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Total
current liabilities
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16,816,772 | 15,254,030 | 19,800,398 | |||||||||
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LONG
TERM DEBT – less current maturities
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85,710,049 | 87,258,939 | 93,768,649 | |||||||||
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DEFERRED
INCOME TAXES
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9,438,921 | 9,438,921 | 12,951,828 | |||||||||
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DEFERRED
LIABILITIES
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3,995,754 | 3,960,472 | 1,217,206 | |||||||||
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TOTAL
LIABILITIES
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115,961,496 | 115,912,362 | 127,738,081 | |||||||||
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SHAREHOLDERS'
EQUITY:
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Common
stock, no par value;
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25,000,000
shares authorized; issued and outstanding March 31, 2009 - 5,547,215;
December 31, 2008 - 5,516,898; March 31, 2008 - 5,508,278
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54,380,256 | 54,250,064 | 54,144,545 | |||||||||
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Accumulated
other comprehensive loss
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(3,142,331 | ) | (3,222,215 | ) | (1,538,049 | ) | ||||||
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Retained
earnings
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28,800,771 | 29,921,907 | 29,055,683 | |||||||||
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Total
shareholders' equity
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80,038,696 | 80,949,756 | 81,662,179 | |||||||||
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TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
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$ | 196,000,192 | $ | 196,862,118 | $ | 209,400,260 | ||||||
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Three
Months Ended
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March
31,
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2009
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2008
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NET
SALES
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$ | 50,064,561 | $ | 60,484,716 | ||||
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COST
OF GOODS SOLD
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29,972,073 | 34,535,051 | ||||||
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GROSS
MARGIN
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20,092,488 | 25,949,665 | ||||||
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SELLING,
GENERAL AND
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ADMINISTRATIVE
EXPENSES
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19,946,128 | 23,061,487 | ||||||
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INCOME
FROM OPERATIONS
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146,360 | 2,888,178 | ||||||
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OTHER
INCOME AND (EXPENSES):
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Interest
expense
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(1,773,930 | ) | (2,406,671 | ) | ||||
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Other
– net
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(124,566 | ) | (18,592 | ) | ||||
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Total
other - net
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(1,898,496 | ) | (2,425,263 | ) | ||||
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INCOME/(LOSS)
BEFORE INCOME TAXES
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(1,752,136 | ) | 462,915 | |||||
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INCOME
TAX EXPENSE/(BENEFIT)
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(631,000 | ) | 162,000 | |||||
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NET
INCOME/(LOSS)
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$ | (1,121,136 | ) | $ | 300,915 | |||
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NET
INCOME/(LOSS) PER SHARE
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Basic
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$ | (0.20 | ) | $ | 0.05 | |||
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Diluted
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$ | (0.20 | ) | $ | 0.05 | |||
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WEIGHTED
AVERAGE NUMBER OF
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COMMON
SHARES OUTSTANDING
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Basic
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5,546,541 | 5,507,839 | ||||||
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Diluted
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5,546,541 | 5,526,479 | ||||||