Business
Rocky Brands, Inc. Announces 2019 Fourth Quarter and Full Year 2019 Results
Fourth Quarter Revenue Increased 12.1% to $75.3 Million Fourth Quarter Diluted Earnings Per Share Increased 41.7% to $0.68 2019 Year-End Cash and Cash
About this update from Rocky Brands, Inc.
[{"type":"text","content":"\nFourth Quarter Revenue Increased 12.1% to $75.3 Million\n\n\nFourth Quarter Diluted Earnings Per Share Increased 41.7% to $0.68\n\n\n2019 Year-End Cash and Cash Equivalents Increased 52.5% to $15.5 Million \n\n NELSONVILLE, Ohio--(BUSINESS WIRE)--\nRocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its fourth quarter and year ended December 31, 2019.\n\n\nFourth Quarter 2019 Sales and Income\n\n\nFourth quarter net sales increased 12.1% to $75.3 million versus net sales of $67.2 million in the fourth quarter of 2018. Fourth quarter net income increased 41.0% to $5.1 million, or $0.68 per diluted share, compared to $3.6 million, or $0.48 per diluted share in the year ago period.\n\n\nFiscal Year 2019 Sales and Income\n\n\nFor fiscal year 2019, net sales increased 7.0% to $270.4 million versus net sales of $252.7 million in fiscal year 2018. Net income increased 20.0% to $17.5 million, or $2.35 per diluted share, for fiscal year 2019, compared with a net income of $14.6 million, or $1.95 per diluted share, for fiscal 2018. Adjusted net income for fiscal 2019 was $16.9 million, or $2.27 per diluted share, compared to an adjusted net income of $14.0 million, or $1.88 per diluted share in 2018. (See below for a reconciliation of GAAP financial measures to non-GAAP financial measures).\n\n\n“Our fourth quarter performance represents a fantastic finish to a record year of profitability for Rocky Brands, Inc.,” said Jason Brooks, President and Chief Executive Officer. “Throughout 2019, we successfully executed our key initiatives, fueling strong momentum in our Rocky, Georgia Boot and Durango brands and robust growth of our retail segment. Our recent results highlight our progress as fourth quarter retail sales increased 26% driven by both our Lehigh CustomFit safety shoe program and direct-to-consumer ecommerce channels, while wholesale sales improved 7% led by strong gains in our work, western and commercial military categories. The significant improvement in earnings for both the fourth quarter and full year underscores our continued progress enhancing gross margins through segment mix, increased manufacturing efficiencies and improved full priced selling, which has allowed us to make additional investments in people, resources and marketing programs to support sustained top-line growth. We feel good about the ...