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Rocky Brands, Inc. Announces Fourth Quarter And Fiscal 2012 Results

Stocks in this article: RCKY

Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its fourth quarter and fiscal year ended December 31, 2012.

Fourth Quarter 2012 Income and Sales

The Company reported fourth quarter net income of $2.5 million, or $0.34 per diluted share compared with net income of $0.3 million, or $0.04 per diluted share in the fourth quarter of 2011. The fourth quarter of 2011 included a one-time, non-operational charge of $3.7 million, net of tax, associated with the termination of its defined benefit pension plan. Excluding the charge, fourth quarter 2011 net income was $3.9 million, or $0.52 per diluted share. (See below for a reconciliation of fourth quarter 2011 income per diluted share on a GAAP basis to a non-GAAP basis). Fourth quarter 2012 net sales were $58.0 million versus net sales of $64.0 million a year ago.

Fiscal Year 2012 Income and Sales

The Company reported net income of $8.9 million, or $1.18 per diluted share, for fiscal year 2012, compared with net income of $8.3 million, or $1.11 per diluted share, for fiscal 2011. Excluding the aforementioned charge, fiscal year 2011 net income was $12.0 million, or $1.60 per diluted share. (See below for a reconciliation of fiscal year 2011 income per diluted share on a GAAP basis to a non-GAAP basis). For fiscal year 2012, net sales were $228.3 million versus net sales of $239.6 million in fiscal year 2011.

Military Contract

The Company also announced it has received an order to fulfill a contract to the U.S. Military to produce “Hot Weather” combat boots. The first year of the contract includes a minimum purchase amount of $3.0 million and a maximum of $15.0 million. Shipment of the boots is expected to begin in March 2013. The contract includes an option for four additional years with the same terms.

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