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ROCKY SHOES AND BOOTS, INC. REPORTS RECORD FIRST QUARTER RESULTS

 NELSONVILLE, Ohio, Oct. 27 /PRNewswire/ -- Rocky Shoes and Boots, Inc. (NASDAQ-NMS: RCKY) today announced record net sales of $13,011,465 for the three months ended Sept. 30, 1993, from $11,341,757 for the same period one year ago, an increase of 14.7 percent. Net income increased 76.1 percent to $971,280 for the first quarter of fiscal 1994 versus $551,496 last year.
 Income per share before cumulative effect of change in accounting principle was $0.25 for the three months ended Sept. 30, 1993, compared to $0.19 for the same period in 1992. The company successfully completed an initial public offering in February 1993 which increased the weighted average number of common shares and equivalents outstanding by 72.5 percent compared to the prior year.
 Additional benefits were realized during the three months ended Sept. 30, 1993, from further implementation of a modular manufacturing process in two of the company's facilities. Gross margin rose to $3,380,042, or 26.0 percent of net sales, for the first quarter of fiscal 1994 from $2,253,389, or 19.9 percent of net sales for the comparable period a year ago. The company anticipates that full implementation of modular manufacturing in 1994 will result in positive contributions to long-term performance.
 Mike Brooks, chairman and chief executive officer, stated, "Results for the first quarter of fiscal 1994 provide solid evidence of the company's recent investments in infrastructure and an improved manufacturing process. These efforts will enable us to meet growing consumer demand for ROCKY(R) branded products with increased operating efficiencies."
 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 AND BOOTS, INC.
 FINANCIAL HIGHLIGHTS
 Three Months Ended Three Months Ended
 Sept. 30, 1993 Sept. 30, 1992
 Net Sales $13,011,465 $11,341,757
 Gross Margin 3,380,042 2,253,389
 Income From Operations 1,403,225 788,659
 Income Before Cumulative
 Effect of Change in
 Accounting Principle 971,280 417,496
 Cumulative Effect of Change
 in Accounting Principle --- 134,000
 Net Income $ 971,280 $ 551,496
 Primary Earnings Per Share:
 Income Before Cumulative
 Effect of Change in
 Accounting Principle $ 0.25 $ 0.19
 Cumulative Effect of Change
 in Method of Accounting
 for Income Taxes --- $ 0.06
 Net Income $ 0.25 $ 0.25
 Weighted Average Number of
 Common Shares and
 Equivalents Outstanding 3,880,790 2,250,000
 Sept. 30, 1993 June 30, 1993
 Working Capital $26,745,148 $21,146,206
 Total Assets 43,605,252 38,528,322
 Total Shareholders' Equity 22,565,645 21,594,365
 -0- 10/27/93
 /CONTACT: David Fraedrich, executive vice president and CFO, of Rocky Shoes and Boots, 614-753-1951/
 (RCKY)


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

AR-KL -- CL011 -- 7190 10/27/93 10:37 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
Words:488
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