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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
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(203)
682-8200
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June
30, 2010
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December
31, 2009
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June
30, 2009
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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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$ | 3,166,143 | $ | 1,797,093 | $ | 2,865,461 | ||||||
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Trade
receivables – net
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40,782,470 | 45,831,558 | 44,454,476 | |||||||||
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Other
receivables
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1,182,335 | 1,476,643 | 1,924,195 | |||||||||
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Inventories
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61,811,667 | 55,420,467 | 79,286,477 | |||||||||
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Deferred
income taxes
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1,475,695 | 1,475,695 | 2,167,966 | |||||||||
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Income
tax receivable
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325,493 | - | 2,413,523 | |||||||||
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Prepaid
expenses
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1,876,888 | 1,309,138 | 1,983,480 | |||||||||
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Total
current assets
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110,620,691 | 107,310,594 | 135,095,578 | |||||||||
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FIXED
ASSETS – net
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22,436,535 | 22,669,876 | 23,777,945 | |||||||||
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IDENTIFIED
INTANGIBLES
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30,512,822 | 30,516,910 | 30,769,248 | |||||||||
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OTHER
ASSETS
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2,112,475 | 2,892,683 | 3,609,296 | |||||||||
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TOTAL
ASSETS
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$ | 165,682,523 | $ | 163,390,063 | $ | 193,252,067 | ||||||
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LIABILITIES
AND SHAREHOLDERS' EQUITY:
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CURRENT
LIABILITIES:
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Accounts
payable
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$ | 13,415,750 | $ | 6,781,534 | $ | 8,504,099 | ||||||
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Current
maturities – long term debt
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528,434 | 511,870 | 495,976 | |||||||||
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Accrued
expenses:
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Taxes
- other
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535,101 | 440,223 | 502,032 | |||||||||
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Income
Tax Payable
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- | 26,242 | - | |||||||||
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Other
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4,931,764 | 5,226,749 | 4,504,202 | |||||||||
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Total
current liabilities
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19,411,049 | 12,986,618 | 14,006,309 | |||||||||
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LONG
TERM DEBT – less current maturities
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36,370,863 | 55,079,776 | 87,023,125 | |||||||||
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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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3,875,048 | 3,774,356 | 4,056,184 | |||||||||
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TOTAL
LIABILITIES
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68,728,599 | 80,912,389 | 114,524,539 | |||||||||
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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
June
30, 2010 - 7,406,787; December 31, 2009 - 5,576,465;
June
30, 2009 - 5,547,215
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68,931,586 | 54,598,104 | 54,384,172 | |||||||||
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Accumulated
other comprehensive loss
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(3,037,242 | ) | (3,217,144 | ) | (3,062,448 | ) | ||||||
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Retained
earnings
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31,059,580 | 31,096,714 | 27,405,804 | |||||||||
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Total
shareholders' equity
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96,953,924 | 82,477,674 | 78,727,528 | |||||||||
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TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
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$ | 165,682,523 | $ | 163,390,063 | $ | 193,252,067 | ||||||
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Three
Months Ended
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Six
Months Ended
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June
30,
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June
30,
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|||||||||||||||
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2010
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2009
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2010
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2009
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NET
SALES
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$ | 55,223,054 | $ | 51,188,615 | $ | 111,302,040 | $ | 101,253,176 | ||||||||
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COST
OF GOODS SOLD
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36,123,970 | 33,470,943 | 73,446,107 | 63,443,016 | ||||||||||||
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GROSS
MARGIN
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19,099,084 | 17,717,672 | 37,855,933 | 37,810,160 | ||||||||||||
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SELLING,
GENERAL AND
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ADMINISTRATIVE
EXPENSES
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16,163,354 | 18,119,173 | 34,188,041 | 38,065,301 | ||||||||||||
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INCOME/(LOSS)
FROM OPERATIONS
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2,935,730 | (401,501 | ) | 3,667,892 | (255,141 | ) | ||||||||||
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OTHER
INCOME AND (EXPENSES):
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Interest
expense
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(2,121,552 | ) | (1,936,490 | ) | (3,766,143 | ) | (3,710,420 | ) | ||||||||
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Other
– net
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3,432 | 158,023 | 40,117 | 33,457 | ||||||||||||
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Total
other - net
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(2,118,120 | ) | (1,778,467 | ) | (3,726,026 | ) | (3,676,963 | ) | ||||||||
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INCOME/(LOSS)
BEFORE INCOME TAXES
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817,610 | (2,179,968 | ) | (58,134 | ) | (3,932,104 | ) | |||||||||
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INCOME
TAX EXPENSE/(BENEFIT)
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294,000 | (785,000 | ) | (21,000 | ) | (1,416,000 | ) | |||||||||
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NET
INCOME/(LOSS)
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$ | 523,610 | $ | (1,394,968 | ) | $ | (37,134 | ) | $ | (2,516,104 | ) | |||||
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INCOME/(LOSS)
PER SHARE
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Basic
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$ | 0.08 | $ | (0.25 | ) | $ | (0.01 | ) | $ | (0.45 | ) | |||||
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Diluted
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$ | 0.08 | $ | (0.25 | ) | $ | (0.01 | ) | $ | (0.45 | ) | |||||
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WEIGHTED
AVERAGE NUMBER OF
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COMMON
SHARES OUTSTANDING
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Basic
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6,535,812 | 5,547,215 | 6,072,045 | 5,546,880 | ||||||||||||
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Diluted
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6,557,289 | 5,547,215 | 6,072,045 | 5,546,880 | ||||||||||||