This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Rocky Brands, Inc. Announces Third Quarter Fiscal 2011 Results

Rocky Brands, Inc. (Nasdaq: RCKY) today announced financial results for its third quarter ended September 30, 2011.

Third quarter 2011 net income improved to $5.2 million or $0.70 per diluted share versus net income of $4.7 million or $0.63 per diluted share in the year ago period. Net sales were $71.0 million versus net sales of $74.8 million a year ago. The decrease in sales was due to reduced sales under military contracts and the discontinuation of the Dickies license which expired December 31, 2010. This was partially offset by increased sales from continuing operations.

David Sharp, President and Chief Executive Officer, commented, “We experienced growth in several areas of our wholesale business during the third quarter. Western sales increased 11% on higher demand for both Durango and Rocky branded product. Our hunting category was also up versus a year ago while gains in our Georgia Boot brand helped to partially offset the loss of the Dickies license in our work segment. We were particularly pleased with the performance of our commercial military business. This sales initiative has surpassed initial expectations as the product line has quickly gained traction within the military community. With regard to our retail division, operating profit improved meaningfully on slightly lower sales compared to a year ago as we continue to benefit from higher gross margins and reduced expenses. We are optimistic about the current pace of our overall business and continue to be excited about the longer-term growth strategies we are developing for our brands.”

Third Quarter Review

Net sales for the third quarter were $71.0 million compared to $74.8 million a year ago. Wholesale sales for the third quarter were $60.2 million compared to $59.4 million for the same period in 2010. Retail sales for the third quarter were $10.3 million compared to $11.0 million for the same period last year. Military segment sales for the third quarter decreased to $0.4 million compared to $4.3 million in the same period in 2010.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs