Income from operations was $3.8 million, or 7.2% of net sales, compared to 2.9 million, or 5.3% of net sales, in the prior year period.
Interest expense decreased $1.8 million to $0.3 million for the second quarter of 2011 versus $2.1 million for the same period last year which included one-time fees of approximately $0.9 million, pre-tax, associated with the early repayment of a portion of the Company's senior term loan. Excluding the one-time fees from a year ago, the decrease is attributable to lower interest rates as the result of the new $70 million revolving credit facility signed in October 2010.
The Company's funded debt was $39.5 million at June 30, 2011 versus $36.9 million at June 30, 2010. Inventory increased 20.4% to $74.4 million at June 30, 2011 compared with $61.8 million on the same date a year ago. The increase in inventory was primarily the result of an increase in cost per unit.
Rocky Brands Inc is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky, Georgia Boot, Durango, Lehigh, and the licensed brands Michelin and Mossy Oak.
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