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Rocky Brands Q4'08 operating results in-line with expectations
20
Feb '09
Rocky Brands Inc announced financial results for its fourth quarter and year ended December 31, 2008.

Fourth Quarter Results:
For the fourth quarter of 2008, net sales were $66.0 million versus net sales of $72.5 million in the fourth quarter of 2007. For the fourth quarter, the Company reported a net loss of $2.2 million, or ($0.41) per diluted share, versus a net loss of $23.6 million, or ($4.31) per diluted share for the fourth quarter of 2007.

Results for the fourth quarter of 2008 include non-cash charges of $3.0 million, net of tax benefits, or ($0.54) per diluted share, for the write-down of the Lehigh and Gates trademarks. Results for the fourth quarter of 2007 include a non-cash charge of $23.5 million, net of tax benefits, or ($4.29) per diluted share, for goodwill impairment.

Excluding these charges, the Company reported net income of $0.7 million, or $0.13 per diluted share in the fourth quarter of 2008, compared to a net loss of $0.1 million, or ($0.02) per diluted share in the fourth quarter of 2007. A reconciliation of income per diluted share on a GAAP basis to income per diluted share excluding the non-cash impairment charges is shown below.

Full Year 2008 Results:
For the full year 2008, net sales decreased 5.7% to $259.5 million versus net sales of $275.3 million in 2007. For the full year 2008, the Company reported net income of $1.2 million, or $0.21 per diluted share, compared to a net loss of $23.1 million, or ($4.22) per diluted share in 2007. Results for fiscal 2008 include non-cash charges of $3.0 million, net of tax benefits, or ($0.54) per diluted share, for the write-down of the Lehigh and Gates trademarks. Results for fiscal 2007 include a non-cash charge of $23.5 million, net of tax benefits, or ($4.30) per diluted share, for goodwill impairment.

Excluding these charges, the Company reported net income of $4.1 million, or $0.75 per diluted share in 2008, compared to net income of $0.4 million, or $0.08 per diluted share in 2007.

Mike Brooks, Chairman and Chief Executive Officer, commented, “Our operating results for the fourth quarter were in-line with our expectations and represent a nice finish to a solid year for our Company. Given the difficult economic conditions and the challenging consumer retail environment, we are pleased by the progress we made improving the productivity of our company throughout 2008.

This included: lowering our operating expenses nearly $9 million, or 9%; improving our wholesale gross margin 180 basis points through increased manufacturing efficiencies and more favorable sales transaction terms; and better inventory management. This allowed us to report a dramatic increase in net income despite a modest sales decline. It also allowed us to reduce borrowings under our credit facility during the year resulting in a $2.3 million, or 20% decrease in annual interest expense payments and a $15.8 million, or 15% decline in our debt levels from a year ago.”


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