Printer Friendly

ROCKY SHOES AND BOOTS, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS

 NELSONVILLE, Ohio, Sept. 10 /PRNewswire/ -- Rocky Shoes and Boots, Inc. (NASDAQ-NMS: RCKY) today announced net sales of $10,925,449 for the three months ended June 30, 1993, an increase of 13 percent compared to the same period a year ago. Higher sales were realized in each of the company's major product categories. Net income was $295,378 for the three months ended June 30, 1993 compared to $840,768 last year. Net income per share was $0.10 versus $0.37 for the fourth quarters of Fiscal 1993 and 1992, respectively. The weighted average number of common shares and equivalents outstanding for the three months ended June 30, 1993 increased 29 percent over the same period a year ago as a result of the company's February 1993 initial public offering.
 The company initiated implementation of a modular manufacturing process in its Nelsonville, Ohio, and Aguadilla, Puerto Rico, facilities during the fourth quarter of Fiscal 1993. Changes in the configuration of factory equipment combined with significant employee training resulted in a temporary adverse impact on gross margin for the three months ended June 30, 1993. Gross margin was $2,210,680, or 20.2 percent of net sales, for the fourth quarter of Fiscal 1993 versus $2,226,157, or 23.0 percent of net sales for the same period of Fiscal 1992. By the end of the quarter, positive benefits were being realized from these actions and further improvements are expected in Fiscal 1994.
 During the fourth quarter of Fiscal 1993, the company retired in full all outstanding subordinated debentures. Pursuant to the early extinguishment of the debentures, the company recognized an extraordinary loss of $148,400, which is net of related income taxes of $76,448, and represents $0.05 cents per share. In addition, the company changed its method of accounting for income taxes in the fourth quarter of Fiscal 1993 by adopting the provisions of SFAS No. 109, effective July 1, 1992. The cumulative effect of this change in accounting principle increased Fiscal 1993 net income by $134,000, or $0.04 per share.
 For the 12 months ended June 30, 1993, net sales rose 27 percent to $41,204,993 compared to $32,503,961 the previous year. Net income was $1,753,091 for Fiscal 1993 versus $1,623,165 for Fiscal 1992, an increase of 8 percent. Net income per share was $0.60 and $0.72 for the 12 months ended June 30, 1993 and 1992, respectively. The weighted average number of common shares and equivalents outstanding for the twelve months ended June 30, 1993, rose 29 percent to 2,899,840 compared to 2,250,000 the previous year.
 Mike Brooks, chairman and chief executive officer, commented, "During the fourth quarter of Fiscal 1993, we substantially completed the company's planned conversion to a modular manufacturing process. These efforts represent a management decision to prepare the company for significant future growth and improved profitability. Positive operating and financial contributions are already being achieved which we believe will enhance Fiscal 1994 performance."
 Rocky Shoes and Boots, Inc. designs, develops, manufactures and markets premium quality men's and women's footwear. It is marketed through several distribution channels, primarily under the registered trademark, ROCKY(R).
 ROCKY SHOES & BOOTS
 FINANCIAL HIGHLIGHTS
 Three Months Ended Three Months Ended
 June 30, 1993 June 30, 1992
 Net Sales $10,925,449 $9,677,174
 Gross Margin 2,210,680 2,226,157
 Net Income 295,378 840,768
 Net Income Per Share $0.10 $0.37
 Weighted Average Number of
 Common Shares and
 Equivalents Outstanding 2,910,660 2,250,000
 Twelve Months Ended Twelve Months Ended
 June 30, 1993 June 30, 1992
 Net Sales $41,204,993 $32,503,961
 Gross Margin 8,951,194 7,298,732
 Income before Extraordinary
 Loss and Cumulative Effect
 of Change in Accounting
 Principle 1,767,491 1,623,165
 Extraordinary Loss, Net of
 Income Taxes of $76,448 (148,400) ---
 Income Before Cumulative Effect
 of Change in Accounting
 Principle 1,619,091 1,623,165
 Cumulative Effect of Change in
 Accounting Principle 134,000 ---
 Net Income $1,753,091 $1,623,165
 Per Share Information:
 Income Before Extraordinary
 Loss and Cumulative Effect of
 Change in Accounting Principle $ 0.61 $ 0.72
 Extraordinary Loss, Net of
 Income Taxes $(0.05) ---
 Cumulative Effect of Change in
 Accounting Principle $ 0.04 ---
 Net Income $ 0.60 $ 0.72
 Weighted Average Number of
 Common Shares and Equivalents
 Outstanding 2,899,840 2,250,000
 June 30, 1993 June 30, 1992
 Working Capital $21,146,206 $ 5,714,243
 Total Assets 38,528,322 25,559,149
 Total Shareholders' Equity 21,594,365 6,047,327
 -0- 9/10/93
 /CONTACT: David Fraedrich, executive vice president and CFO, Rocky Shoes and Boots, Inc., 614-753-1951/
 (RCKY)


CO: Rocky Shoes and Boots, Inc. ST: Ohio IN: HOU SU: ERN

AR -- CL013 -- 0837 09/10/93 15:18 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 10, 1993
Words:818
Previous Article:CHURCHILL DOWNS REPORTS FIRST HALF REVENUES, EARNINGS INCREASE
Next Article:WARNER BROS. RECORDS PREMIERES ON COMPUSERVE MUSIC VENDOR FORUM
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters