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Rocky Shoes & Boots registers record revenues in Q3

27
Oct '05
Hunting clothes seller Rocky Shoes & Boots Inc announced the third quarter revenues and earnings for 2005.

For the three months ended September 30, 2005, net sales increased 88.0 percent to a record $94.1 million compared to $50.1 million for the corresponding period a year ago. Net income rose to a record $6.5 million versus net income of $4.9 million and diluted earnings per share increased to $1.15 versus $0.98 last year.

For the nine months ended September 30, 2005, net sales increased 122.5 percent to a record $221.1 million compared to net sales of $99.4 million for the nine months ended September 30, 2004. Net income rose to a record $10.4 million versus net income of $6.4 million a year ago, and diluted earnings per share increased to $1.86 versus $1.30 for the corresponding period last year.

On January 6, 2005, Rocky Shoe & Boots Inc completed the acquisition of EJ Footwear Group. The results for the three month and nine month period ended September 30, 2005 represent the performance of the consolidated company, while the year ago results reflect Rocky Shoes & Boots on a stand-alone basis.

Third Quarter Results
Net sales for the third quarter increased 88.0 percent to $94.1 million compared to $50.0 million a year ago. The third quarter results reflect the acquisition of EJ Footwear, which contributed $43.8 million in revenue during the three month period ended September 30, 2005.

Gross profit in the third quarterof 2005 increased to $34.1 million, or 36.2 percent of sales, from $16.0 million or 32.0 percent of sales, for the same period last year. The 420 basis point increase was primarily due to sales of EJ Footwear product which carry a higher gross margin than Rocky products.


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