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Rocky Brands posts Q1 results
25 Apr '08
3 min read
Rocky Brands Inc announced financial results for its first quarter ended March 31, 2008.
For the first quarter of 2008, net sales decreased to $60.5 million, or 1.9% versus net sales of $61.7 million in the first quarter of 2007.
Net income was $0.3 million versus net income of $0.8 million and diluted earnings per share were $0.05 compared to diluted earnings per share of $0.14 a year ago.
It is important to note that the first quarter of fiscal 2007 included a one-time, after-tax reimbursement of expenses from the military of $0.4 million, or $0.07 per diluted share.
Mike Brooks, Chairman and Chief Executive Officer, commented, “Our first quarter results were in-line with our internal forecasts.
In light of the challenging retail environment here in the U.S. we are encouraged by our recent performance particularly the double digit sales increase for our Lehigh retail business, as well as the continued market share gains for our licensed brand Dickies.
We are also pleased with our progress toward controlling production costs and believe we are on track to deliver improved profitability this year.
We move ahead focused on achieving our near-term objectives and committed to better positioning our Company for long-term sales and earnings growth.”
First Quarter Results:
Net sales for the first quarter decreased to $60.5 million compared to $61.7 million a year ago. The decrease was attributable toa decline in wholesale sales offset by increases in retail sales and sales to the U.S. military.
For the first quarter of 2008, net sales decreased to $60.5 million, or 1.9% versus net sales of $61.7 million in the first quarter of 2007.
Net income was $0.3 million versus net income of $0.8 million and diluted earnings per share were $0.05 compared to diluted earnings per share of $0.14 a year ago.
It is important to note that the first quarter of fiscal 2007 included a one-time, after-tax reimbursement of expenses from the military of $0.4 million, or $0.07 per diluted share.
Mike Brooks, Chairman and Chief Executive Officer, commented, “Our first quarter results were in-line with our internal forecasts.
In light of the challenging retail environment here in the U.S. we are encouraged by our recent performance particularly the double digit sales increase for our Lehigh retail business, as well as the continued market share gains for our licensed brand Dickies.
We are also pleased with our progress toward controlling production costs and believe we are on track to deliver improved profitability this year.
We move ahead focused on achieving our near-term objectives and committed to better positioning our Company for long-term sales and earnings growth.”
First Quarter Results:
Net sales for the first quarter decreased to $60.5 million compared to $61.7 million a year ago. The decrease was attributable toa decline in wholesale sales offset by increases in retail sales and sales to the U.S. military.
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