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Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its fourth quarter and fiscal year ended December 31, 2011.
Fourth Quarter 2011 Income and Sales
The Company reported fourth quarter net income of $0.3 million, or $0.04 per diluted share, including a one-time, non-operational charge of $3.7 million, net of tax, associated with the termination of its defined benefit pension plan (as disclosed in our third quarter earnings release dated October 26, 2011). Excluding the charge, net income was $3.9 million, or $0.52 per diluted share versus net income of $3.0 million, or $0.41 per diluted share, for the fourth quarter of 2010. (See below for a reconciliation of fourth quarter 2011 income per diluted share on a GAAP basis to a non-GAAP basis.)
Fourth quarter net sales were $64.0 million versus net sales of $66.7 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. Fourth quarter included military segment sales of $0.4 million versus $1.8 million in the fourth quarter a year ago and no sales from the discontinued Dickies license versus $1.9 million in the prior year. These decreases were partially offset by increased sales from other product lines in our wholesale business.
Fiscal Year 2011 Income and Sales
The Company reported net income of $8.3 million, or $1.11 per diluted share, for fiscal year 2011, including the $3.7 million, net of tax, charge associated with the termination of the defined benefit pension plan record in the fourth quarter. Excluding this charge, fiscal year 2011 net income was $12.0 million, or $1.60 per diluted share versus net income of $7.7 million, or $1.14 per diluted share, for fiscal year 2010. (See below for a reconciliation of fiscal year 2011 income per diluted share on a GAAP basis to a non-GAAP basis.)