| 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
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(203)
682-8200
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March
31, 2010
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December
31, 2009
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March
31, 2009
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||||||||||
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Unaudited
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Unaudited
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|||||||||||
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ASSETS:
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||||||||||||
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CURRENT
ASSETS:
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||||||||||||
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Cash
and cash equivalents
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$ | 3,517,629 | $ | 1,797,093 | $ | 3,321,903 | ||||||
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Trade
receivables – net
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39,994,342 | 45,831,558 | 47,488,146 | |||||||||
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Other
receivables
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1,216,568 | 1,476,643 | 1,806,231 | |||||||||
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Inventories
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53,123,111 | 55,420,467 | 78,432,082 | |||||||||
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Deferred
income taxes
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1,475,694 | 1,475,695 | 2,167,966 | |||||||||
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Income
tax receivable
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420,150 | - | 1,440,697 | |||||||||
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Prepaid
expenses
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2,036,965 | 1,309,138 | 2,137,625 | |||||||||
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Total
current assets
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101,784,459 | 107,310,594 | 136,794,650 | |||||||||
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FIXED
ASSETS – net
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22,540,705 | 22,669,876 | 24,316,954 | |||||||||
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IDENTIFIED
INTANGIBLES
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30,519,994 | 30,516,910 | 30,883,011 | |||||||||
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OTHER
ASSETS
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2,817,110 | 2,892,683 | 4,005,577 | |||||||||
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TOTAL
ASSETS
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$ | 157,662,268 | $ | 163,390,063 | $ | 196,000,192 | ||||||
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LIABILITIES
AND SHAREHOLDERS' EQUITY:
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CURRENT
LIABILITIES:
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||||||||||||
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Accounts
payable
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$ | 8,916,985 | $ | 6,781,534 | $ | 10,443,348 | ||||||
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Current
maturities – long term debt
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520,067 | 511,870 | 488,271 | |||||||||
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Accrued
expenses:
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||||||||||||
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Taxes
- other
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468,119 | 440,223 | 508,430 | |||||||||
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Income
Tax Payable
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- | 26,242 | - | |||||||||
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Other
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6,425,516 | 5,226,749 | 5,376,723 | |||||||||
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Total
current liabilities
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16,330,687 | 12,986,618 | 16,816,772 | |||||||||
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LONG
TERM DEBT – less current maturities
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46,225,039 | 55,079,776 | 85,710,049 | |||||||||
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DEFERRED
INCOME TAXES
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9,071,639 | 9,071,639 | 9,438,921 | |||||||||
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DEFERRED
LIABILITIES
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3,824,702 | 3,774,356 | 3,995,754 | |||||||||
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TOTAL
LIABILITIES
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75,452,067 | 80,912,389 | 115,961,496 | |||||||||
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SHAREHOLDERS'
EQUITY:
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||||||||||||
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Common
stock, no par value;
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||||||||||||
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25,000,000
shares authorized; issued and outstanding March
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||||||||||||
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31,
2010 - 5,605,537; December 31, 2009 - 5,576,465;
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||||||||||||
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March
31, 2009 - 5,547,215
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54,801,424 | 54,598,104 | 54,380,256 | |||||||||
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Accumulated
other comprehensive loss
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(3,127,193 | ) | (3,217,144 | ) | (3,142,331 | ) | ||||||
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Retained
earnings
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30,535,970 | 31,096,714 | 28,800,771 | |||||||||
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Total
shareholders' equity
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82,210,201 | 82,477,674 | 80,038,696 | |||||||||
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TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
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$ | 157,662,268 | $ | 163,390,063 | $ | 196,000,192 | ||||||
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Three
Months Ended
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||||||||
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March
31,
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||||||||
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2010
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2009
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NET
SALES
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$ | 56,078,986 | $ | 50,064,561 | ||||
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COST
OF GOODS SOLD
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37,322,137 | 29,972,073 | ||||||
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GROSS
MARGIN
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18,756,849 | 20,092,488 | ||||||
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SELLING,
GENERAL AND
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||||||||
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ADMINISTRATIVE
EXPENSES
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18,024,687 | 19,946,128 | ||||||
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INCOME
FROM OPERATIONS
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732,162 | 146,360 | ||||||
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OTHER
INCOME AND (EXPENSES):
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Interest
expense
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(1,644,591 | ) | (1,773,930 | ) | ||||
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Other
– net
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36,685 | (124,566 | ) | |||||
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Total
other - net
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(1,607,906 | ) | (1,898,496 | ) | ||||
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LOSS
BEFORE INCOME TAXES
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(875,744 | ) | (1,752,136 | ) | ||||
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INCOME
TAX BENEFIT
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(315,000 | ) | (631,000 | ) | ||||
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NET
LOSS
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$ | (560,744 | ) | $ | (1,121,136 | ) | ||
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LOSS
PER SHARE
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||||||||
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Basic
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$ | (0.10 | ) | $ | (0.20 | ) | ||
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Diluted
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$ | (0.10 | ) | $ | (0.20 | ) | ||
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WEIGHTED
AVERAGE NUMBER OF
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||||||||
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COMMON
SHARES OUTSTANDING
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||||||||
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Basic
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5,603,125 | 5,546,541 | ||||||
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Diluted
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5,603,125 | 5,546,541 | ||||||